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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

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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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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Top 3 Coins to Buy Before They Go Big

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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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