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EOS MainNet Faces its First Glitch

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EOS
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The newly-launched EOS MainNet faced its first technical glitch on June 16th, which resulted in a complete halt of the MainNet. Luckily, the bug was resolved after several hours, and the network is now back and is functioning as expected.

EOS MainNet returns after a small break

Soon after the Block Producers elections, the MainNet of EOS, which was recently launched, started experiencing its first problems. Due to a certain bug, the entire network was forced to a stop, with the community being asked to downgrade to a previous version, after shutting down all of the nodes.

With the nodes being on standby, the block producers held a conference call during which they tried to resolve the issue. The meeting took almost an hour, during which the members decided that the nodes needed to be disabled, despite the fact that they were still backing up the important data.

Their progress was regularly updated on Telegram channel by the name of Mainnet Status, and one of the updates stated that the issue might be caused by the method of handling the deferred transactions. Luckily, one group soon found what was causing the problem, and have immediately started working on a fix, which was implemented five hours later, when the chain finally returned.

Blockchain goes through a rough start

Despite the fact that the team behind the blockchain responded quickly and efficiently, and that the problem was taken care of after only a few hours, many were disappointed by this performance. Several posts on Reddit stated that the team did not do a proper work while testing the MainNet, and that EOS is still a long way away from becoming the “Ethereum killer” that everyone was expecting.

Some users supported the team through their posts and tweets, saying that the team did manage to resolve the issue quite quickly. Many other major companies took days to fix their bugs, while EOS’ got back on track after only a couple of hours.

Regardless, this is not the best start for a crypto project of this size, since this bug led to a downtime that probably disabled thousands of transactions. Such a bad start only adds bad impression that was already there, since the launch already took almost two weeks to make sure that the blockchain is functional and stable.

Some critics even blame the decision to let the community take the reins. Still, the network is up and running again, but there are obviously issues that have yet to be discovered and fixed. This was also hinted at several days before the official launch on June 14th, when the developers prepared more than $100,000 for bug bounty claims.

Despite all of this, EOS still has a lot of supporters and believers in its community. Even though the start was not the best, there is yet hope that the blockchain’s issues will be properly handled, without further incidents.

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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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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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