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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

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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