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EOS Mainnet Launched: Behind the Scenes

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EOS Mainnet
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The hype behind the launch of EOS Mainnet has finally subdued a little after it went live over the weekend. The mission has finally been accomplished. The voting went live on 6th June 2018. For the blockchain to be considered live and thriving, “15% percent of all tokens must stake a vote for a Block Producer Candidate. This process could take hours to days.” (EOS official release on medium.com) Established in 2017, the EOS cryptocurrency was developed as an ERC20 token. The release of the mainnet will be a major shift. The platform of EOS has already challenged Ethereum in many ways. As of now, EOS (EOS) is ranked 5th on the coinmarketcap.com list based on its market cap.

EOS is designed to support dApps or decentralized applications as well as smart contracts. The advantage over Ethereum is that the EOS platform is capable of handling a much higher throughput at a lower latency, 5000 per second as against 15 per second on the Ethereum blockchain. Instead of proof of work mechanism used by Ethereum, EOS has a proof of stake consensus mechanism. It is much easier to scale than the proof of work mechanism. The transaction costs on the EOS blockchain will be much lower as there can only be 21 EOS block producers at a time. However, this can be a huge problem if all the miners are in one jurisdiction. The block producers will then have to be continuously rotated to solve this issue. It has also been pointed out by some critics that the large miners may be able to speed up the process by buying votes.

Behind the delay of EOS Mainnet Launch

Initially, the EOS mainnet was scheduled to be released on 1st June 2018. During the long promotional period of nearly a year, the Block.one team had raised $4 billion. So, what’s the reason behind the delay of EOS mainnet release? After the Block Producer’s voting started, it was seen that the Block Producers were a little reluctant to give the green signal. The news about the discovery of some critical vulnerabilities and certain security issues also contributed to the delay. Nearly 620 bugs had been discovered and operated on. Depending on the degree of vulnerability, they had been labeled with a designator ranged from P0 to P4. The P0 designators were solved almost immediately while the P4 designators were slated for a fix in the future. EOS had started a Bug Bounty Campaign soon after the bugs were discovered. The EMLG team had put in massive efforts to resolve the bugs and other vulnerabilities.

The Voting

To complete the mainnet launch, the validator candidates had formed a coalition called EOS Mainnet Launch Group or EMLG. The votes were held every 24 hours such as to decide whether the mainnet should be released or not. And, the decision always hangs between ‘go’ and ‘no-go’. The decision would be settled when 2/3 + 1 block producers voted for ‘go’, that is, 15% of the tokens were staked on a group.

Finally, on 9th June, the voting process achieved a unanimous ‘go’. This led to the release of the EOS Mainnet on 10th June, at 13:00 UTC, with random validators unless the delegates received sufficient votes.

Price Analysis

The news of CoinRail hack, a South Korean crypto exchange, had resulted in some major drops in the prices of major cryptocurrencies like Bitcoin, Ethereum, EOS, Ripple etc. EOS had experienced a drop by nearly 14.72% after the hack. The hype about the mainnet launch and the ultimate release is already having a positive effect on the price of the crypto coin. At the time of writing, as per as coinmarketcap.com, the price of EOS (EOS) shows approximately $11.29 USD (0.21%). The market cap is approximately $10,117,438,150 USD while the volume (24h) is over $1,215,550,000 USD. (As of 12th June 2018) From past experiences, the cryptocurrency market had revived after even some major hacks. The CoinRail exchange had just experienced a small period of turbulence. The cryptocurrencies will hopefully easily recover from this and EOS has many new things to look forward to as a result of the Mainnet launch.

Despite all the vulnerability issues and criticism from the media from a delay in the launch date of the Mainnet, EOS has ultimately managed to successfully release it. It’s a huge mark on the roadmap of EOS, one of the top-5 cryptocurrency. The EOS enthusiasts eagerly await new developments on the EOS platform that will also lead to a better performance in the market.

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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

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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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

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SonicX
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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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