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

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EOS
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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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