FREE BITCOIN

Gamble as you want,

your wife will never find out!

First p2p bitcoin betting platform!

Guess Bitcoin’s trend and win!

Clever enough to guess

Bitcoin price?

EOS Mainnet Launched: Behind the Scenes - Global Coin Report
Connect with us

Blogs

EOS Mainnet Launched: Behind the Scenes

Published

on

EOS Mainnet
READ LATER - DOWNLOAD THIS POST AS PDF

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.

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 Pexels

Blogs

Top 3 Crypto Trends That Might Go Big in Q2 2019

Published

on

crypto trends
READ LATER - DOWNLOAD THIS POST AS PDF

So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

Continue Reading

Blogs

The Crypto Space Once Again Divided Over Bitcoin SV

Published

on

Bitcoin SV
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

Continue Reading

Blogs

Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

Continue Reading

Elite