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.
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.
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
TRON Partnership Involves Cloud Computing
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.
— Justin Sun (@justinsuntron) October 12, 2018
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.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
Tron (TRX) sees the biggest spike in daily transactions on its network, 600k
Nano Coin News Reports Unmatched Deposit Speed
TRON Partnership Involves Cloud Computing
Don't Miss2 weeks ago
Exclusive: Ripple (XRP) to be exhibited at SWIFT’s Sibos conference
Altcoins1 week ago
TRON TRX: A Perfect Way To Bring Games To Blockchain
Altcoins1 week ago
Electroneum (ETN) on the rise, can it make to highest market cap coins?
Altcoins2 weeks ago
Why is xRapid not bringing XRP price up?
Don't Miss1 week ago
Exclusive: Singapore to develop Ripple (XRP)-powered invoice trading platform
Altcoins2 weeks ago
You think Tron (TRX) looks good? It’s even better
Altcoins1 week ago
Moeda Loyalty Points (MDA) Up Over 300% This Week – But Why?
Altcoins4 days ago
Electroneum (ETN) investors can have a broad smile on their face