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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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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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coins
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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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