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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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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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