Connect with us

Blogs

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

Published

on

EOS
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

Blogs

How Can Foreigners Get Loans in Singapore

Published

on

loans for foreigners in Singapore
READ LATER - DOWNLOAD THIS POST AS PDF

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

Continue Reading

Altcoins

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

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

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,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Press Release