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EOSIO, EOS’s new Main Net is here at last. How is it?

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EOS

EOS’ new Main Net is finally online, and it’s created a lot of excitement. It’s made EOS’ cryptocurrency value increase dramatically, traders have an eye on it, and the crypto community is paying attention to see how things develop. So, how is it going? Is it delivering on all its promises?

Well, at this point, things have not been developing as planned at all. It’s had its fair share of issues. Some of them are fixed, but that didn’t help the official release to go live in time. But the fact remains the Main Net is online now, and it’s been a success, and that’s what matters most, at least for supporters, at this particular stage.

The Issues

It’s never good news when a very hyped new blockchain Main Net meets so many difficulties just as it is barely beginning. The initial issues were unrelated to the technology itself. 

The first one was a phishing email campaign orchestrated using a hacked Zendesk account. It is already solved, but it took some time, and it triggered some criticism along the way.

Even before that, the Main Net release was delayed several times. A Chinese digital security firm was able to point out some vulnerabilities in the new blockchain a few weeks ago. 

There’s nothing wrong with that, cryptographic technology is tough to get right, and the whole point in crypto-based technology is security, so delaying the launch to deal with those issues is, indeed, the right choice.

Another audit by another firm found a few bugs as well in the last weeks. It seems these bugs were minor issues and are addressed already for the most part because the audit reported them.

There’s another issue that has nothing to do with technology but also bears some serious consideration. It’s the EOS “constitution.” It’s a set of rules written unilaterally by Block.one (the organization behind EOS and EOSIO). The central idea in blockchain technology is decentralization so that no single participant can have undue influence over the whole process.

In this context, an official constitution makes little sense as it gives one single organization (Block.one) the power to dictate the proper behavior for every other participant in the blockchain. It creates a central authority within a system that is supposed to have none. 

It could become a problem for many users not because the system doesn’t work but because some of the advantages and guarantees in decentralization become lost. We will have to see how the community reacts to the constitution.

There’s good news too

While all those challenges are real, there’s plenty of good news too. The website reports that the Main Net is officially launched. This is a huge deal for the EOS project, as it will enable it to be independent of Ethereum and become its own thing. It’s created considerable expectations in users, investors, crypto observers and the community in general and living up to such expectations is going to be quite hard. If some other audit discovers a new vulnerability, the backlash will be spectacular, as it should be.

Right now the network is still running the “launch sequence” which will need something like two days to complete correctly. After that the EOS Main Net Launch group will hold a validation round and, if it’s all working correctly, the network will become public.

Once the launch is completed, there will be a voting round to determine the first twenty-one block producers (its halfway done already at the time of press). Voting isn’t free; it costs 150m tokens to cast a vote. And that is the last step. After the block producers are selected, EOSIO is supposed to be ready to go at last and deliver on all the promises it’s made.

The crypto is valued at $11.1801 per token at present, with 11% increase in price within last 24 hours (the increase in EOS value has to do with market trend too, and not just its Main Net launch completion). Don’t be fooled by the hype; still, EOSIO is only getting started, and it has a very long way to go. But it’s a fascinating time for EOS fans. Wait a bit before you place a bet.

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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.

Image courtesy of Pxhere.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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.”

Mr. Yamagata has been…

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