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Barely Two Days after EOS Mainnet Launch and the Network Hits a Roadblock

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EOS has an estimated market capitalization of $9.235 billion making it the 5th largest cryptocurrency according to data from CoinMarketCap. Created and managed by Block.one (an open source software publishing organization) this Blockchain and cryptocurrency project boasts of having one of the biggest ICO events ever. EOS managed over $4 bln in its recently completed ICO, building up a  hype about the coin that led up to the launch of its Mainnet last week.

However, after the 15 percent, positive vote threshold was achieved, validating the EOS Mainnet Blockchain network on June 14th, the Mainnet gravy train hit an unexpected roadblock that was first reported by Block Producers (BP) on the new EOS Mainnet Blockchain network. The network freeze came about only after 48 hours of the Mainnet going live. Multiple reports indicated that the EOS Mainnet had paused while Block Producers (equivalent to miner on Bitcoin’s network) worked with standby nodes to fix the problem.

What caused the freeze?

Although the Mainnet launch was proceeding as expected with over 21 Block Producers getting voted into the Mainnet, various reports from Block Producers indicated error messages and frozen chains while processing new blocks to the network.

One of the main Blockchain Producers by the name of EOSUK, posted a tweet indicating various BPs with unresponsive Application Programming Interfaces(APIs). According to EOSUK, a DDoS attack on the network could have been a probable cause.

However, in about an hour after the freeze, ‘Top 21 Block Producers’ and standby nodes were able to respond with a status update on Steemit indicating a “method to unpause the chain.” This method, they claimed, had been formulated and was “currently underway” at the time.

According to the Mainnet Status page on Telegram, a patch had been released with ongoing verification by Block Producers and standby nodes. Eventually, the Mainnet freezing problem was solved even as the network remained unavailable to the public.

At the moment, reports indicate that Block.one is currently at work on a software patch that will help BPs upgrade their nodes and fix the problem so as to reopen the network to the public.

How has EOS performed with these developments?

Well, even after a couple of hours of the EOS Mainnet network launching, the expected spike in price was not seen as much. Furthermore, the freeze on the network introduced concerns among the EOS community but the market responded only mildly with a steady drop in EOS’ price.

All throughout last week, however, the overall market has been fluctuating with a steady decline and EOS’ price has been no exception. EOS’s price currently sits around the $10 mark with a decline in value by about 3% in the last 24 hours.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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