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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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Blogs

What Changes May the Crypto Space Experience in 2019

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crypto
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After the crypto hype of 2017, a lot of newly-arrived crypto enthusiasts were caught off-guard by the price crash and bear market that took over in 2018. One month after another, investors were waiting for things to change, and for another bull run to take place. Unfortunately, this did not happen in 2018, and while the year’s final days were seemingly stable, the rally everyone wanted to see has failed to arrive.

However, crypto investors remain optimistic, with many of them hoping to see some changes arrive in 2019. There are rather great expectations of this year, especially since the last one failed to deliver. However, many are interested in what exactly is to be expected in this year, which is what we will talk about today.

Bitcoin ETF approval

The US SEC’s decision regarding Bitcoin ETFs was one of the most anticipated events throughout 2018. Sadly, the decision constantly got delayed, and the SEC never actually provided an answer. The last delay has pushed the decision into 2019, and it is now expected to arrive on February 27.

Historically, the SEC was never ready to approve Bitcoin ETF, and many believe that the delays came due to the fact that the market was not ready for then in 2018. This is backed by the fact that the SEC rejected multiple application throughout the year. VanEck and SolidX…

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Reasons Why 2019 May Be A Great Year For Crypto

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crypto
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The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.

The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.

With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.

1) Bearish market to loosen its grip

The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…

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3 Coins with the Largest Potential in 2019

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coins
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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

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