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

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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.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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