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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
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