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Peaks and Lows of the EOS (EOS) Main Net Launch

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EOS managed to collect over $4 billion over the course of a single year while trying to fund the most anticipated project in its history called Block.one. Block.one is a stepping stone for the launching of the main net of EOS currency, which would mark the beginning of a new era for EOS and the team behind this crypto. However, the team seemed to have been delaying the main net launch as the moment when the launching was originally scheduled got near. That is how a voting session took place in order to decide when will the long-anticipated EOS main net be launched? Here is what the voters decided.

Voting, and the EOS Main Net Launch

There were a couple of voting sessions taking place in order to decide who will represent a group of Block producers within the EOS main net, as well as when will the main net be launched.

The first voting session that took place was soon marked invalid for certain technical reasons, so even though the launching of the EOS main net got a green light, another round of voting took place in the EOS community.

The second voting session was then successfully conducted, followed by being marked as valid. However, the main net launch didn’t happen even then because the launching failed to meet the previously agreed upon point that would enable the initial action of having the main net released for the public use.

The leader of the voting group stated for New York Telegram that the voting that took place in order to vote for a date of the main net launch was a complete chaos that led to more confusion that is already revolving around this occasion.

He also added that they need to come up with a protocol that would enable a less chaotic voting session.

Deciding on such a huge thing can be a source of indescribable pressure; however, the voting just needed to be done properly, which in the end happened.

The voting took place once again, so it was announced yesterday on June 9th that the voters were able to submit their votes again, which resulted in having a definite green light for the launching of the main net. The release of the EOS network officially took place yesterday on June 9th.

However, it is yet not clear to the public in which way the Block producers will be chosen as well as what their roles would exactly be.

For now, it is known that the Block producers stand for block miners, so it is evident that one of their roles would be validating transactions, which is one of the crucial points of the on-platform operations when it comes to blockchain-based ecosystems.

The chosen block producers will, of course, get to be paid for their services and contributions and their payments will be given out in form of inflated EOS units.

There should be a total of 21 block producers and all EOS holders will get a chance to vote for or against the candidates that are entering the voting rounds in order to earn a spot of a block producer on EOS main net.

The block producers should be voted any time now as the voting is scheduled to take place after the main net launch.

Although the main net launch of EOS was wrapped up in tension and chaos, mostly due to voting, that isn’t all the bad that happened to EOS community prior to the launching of the main net.

EOS and the Phishing Email

One of the definite peaks of this entire story is the fact that EOS main net finally got launched; however one of the greatest lows that marked the launching of this network was a case of a phishing scam email.

Apparently, there was a lot of criticism coming from the public due to this email although the scam had nothing to do with EOS and its technology – EOS was proved not to b guilty for the vulnerability caused by the phishing scam.

During the investigation of this case, it was discovered that the phishing scam took place and raised tension due to a hacked Zendesk account.

Alongside with the phishing email scam, EOS suffered in media sue to having its main net launching being delayed due to several security concerns as expressed by a company based in China that was able to spot these issues in the first place.

That is why the team couldn’t have the main net launched before June 9th when the network was finally launched. In order to be able to make the main net public, the team behind Block.one had to go over all these issues while fixing the found bugs in accordance with the security reports.

However, despite all the difficulties that the team has met along the way, it has become official news that the EOS main net has been finally launched. This achievement makes a massive goal on the roadmap of the fifth-best currency, so we can expect to see new victories coming from the team EOS.

Luckily for the main net users, the team has managed to successfully polish up the entire system while removing the bugs that were delaying the initial launching of the network.

EOS’ Performance

With the plummeting market, we can see a great portion of currencies dropping against the dollar. That is how EOS has dropped by over -14% in the last 24 hours while being traded at the price of 12.25$ despite the main net launch that took place just a day before.

However, EOS will most certainly get a chance to collect the fruits of the main net launch in the following months.

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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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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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