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EOS Blockchain Crash: Reasons and Consequences - Global Coin Report
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EOS Blockchain Crash: Reasons and Consequences

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EOS Mainnet
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Every crypto person identifies EOS as The Biggest ICO project ever existed. After all, EOS bagged around $4 billion from its investors for the launch of its unique and unprecedented Mainnet. But since the Mainnet went live, EOS is known as the Big Let-down project by some critics and analysts. Every crypto enthusiast who once placed his trust in this ICO has had his fair share of disappointments ever since the Mainnet was launched. The famed blockchain halted transactions throughout its network on 16th June that resulted in a crash. The crash took place when the Mainnet had been live for merely 48 hours. In this article, we shall find out what caused the EOS blockchain halt and its result on the crypto space.

Crash Caused by an Identified Bug; Transactions Halted

At 9:56 UTC the reports started emerging regarding all activities getting paused while all the transactions got frozen throughout the EOS network. people who have been following EOS closely must’ve heard of all the technical issues which have deeply affected the EOS blockchain. Although, EOS team quickly identified the apple of discord and guaranteed their users that they’ve been alerted and working on a software fix to mend the situation. The EOS development team tied the problem to a bug which caused all their transactions coming to a standstill. In order to apply the fix to get rid of the bug, team EOS developers had to pause the EOS Mainnet. After some time of stopping Mainnet, EOS creators Block.one reported that the bug which caused all the issues was present in the code responsible for the handling of delayed transactions.

Controversy Regarding Centralisation:

Not too long ago, EOS was caught up in another heated issue regarding its centralization. Ever since its Mainnet launch, EOS has been acting as a magnet for such issues and controversies. In the very beginning, the Mainnet was checked for its vulnerabilities and the results by 360 Security came out as shocking. To solve its technical discrepancies and make up for its hype, EOS also launched a bug bounty in which a developer successfully made $120,000 in a week by reporting several technical problems and bugs present on the platform. Many pointed fingers towards EOS’ apparent centralization and called out its shortcomings as a decentralized project. People accused EOS of its centralization because they felt that some nodes hold the deciding and power factor within EOS blockchain.

Analyst’s Take on EOS Mainnet:

With these ongoing issues being raised and solved frequently, EOS has slowly become a blockchain project that makes people wary. But it’s not the only project which has been struggling since its launch. Analysts believe that the main reason behind EOS buggy platform lies in its expansion and vastness. Being one of the largest and most successful ICO which gathered unrivaled hype from the crypto community is barely 2-3 days old and still has a long way to go. In the meantime, it’s platform is getting ready and being perfected to be user-friendly, fast and of course secure for people who once trusted EOS with their money and their data. Furthermore, it’s really important to consider the crypto market’s situation before pointing fingers on just one blockchain project.

Will EOS be Able to Obliterate Competition?

Dubbed as the Ethereum killer throughout their ICO days, EOS has been named as the best of a successful Initial coin offering in the history of cryptocurrencies. Similar to Ethereum, EOS was created to be a platform for creating and launching decentralized applications or DApps. But the EOS team has long claimed to have triumphantly achieved the feature of interchain operability which Ethereum lacks. But it’s still too early for anyone to comment whether EOS will be able to compete with thousands of pre-existing DApps built on Ethereum or not.

Current Market Position

Due to Bitcoin’s dip, all cryptocurrencies are currently experiencing extreme bearish trends and are unable to shake off the negative sentiments lying in their way. Given the current situation, EOS is presently ranked as the 5th largest crypto in the world. According to the data on CoinMarketCap, the individual price of EOS is stuck at $10.33 which is decreasing at a negative trend of 3.56%. at the time of writing, the total market capitalization of EOS is close to $9.26 billion. Additionally, EOS is still under the process of transitioning to Mainnet at some exchanges hence, its 24-hour volume has reached to $463 million worth of EOS.

Final Thoughts:

Even after coming across several difficulties, EOS hasn’t backed down yet and their goal of becoming an Ethereum successor is still intact. Now it is up to their technical performance and community’s support that make things work out the way team EOS wants. At this point, we can only wait for the crypto markets to take a positive turn and see how EOS Mainnet performs in the future.

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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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Top 3 Crypto Trends That Might Go Big in Q2 2019

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crypto trends
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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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