The EOS hype never seems to go down, whether it’s the speculation of EOS functioning like a centralized bank or getting the first place as the most promising blockchain project according to a Chinese government-backed crypto list. It’s wrong to think that due to its previously exposed vulnerabilities and other technical issues, EOS might be having a hard time. The team behind EOS also known as the 4 billion ICO is doing whatever it takes to keep EOS platform problem and risk-free, secure and easy-to-use. Global hackathons are being held by the team to promote fixes for their platform’s technical issues. The EOS community is still unsatisfied with these events but after the release of Chinese crypto list, its slowly regaining their trust in EOS.
- EOS Community Worried About the Lack of Decentralisation
Although EOS has been globally acclaimed for its technology, previously exposed vulnerabilities have dealt quite a blow to its performance. Experts have been asking questions regarding its security, protocol etc. Presently, EOS has been under accusations for functioning as a centralized governance. Block.one which has supported EOS project all through its ICO is no longer a part of its current operation. EOS has now taken a rather centralized approach towards protocol governance that has raised numerous questions and surrounded the entire project by controversies. As a result of this, some users have started encouraging the idea of moving out of EOS.
- EOS Shuts Down 27 Accounts and Catches Fire
The increasing disbelief in EOS decentralized protocol may be linked to widespread phishing scams going rampant during the migration operation when EOS protocol shifted from being an ERC20 token to having its own mainnet. In order to handle the alarming breach of security and EOS core, arbitration forum released an Emergency Measure of Protection Order (E.C.A.F). As per this order, all 27 of EOS block producers immediately froze transactions and it will remain so unless the E.C.A.F. directs them to do otherwise. The strangest part of this event was that according to the E.C.A.F, the order was issued because all seven accounts committed a violation of EOS constitution. According to the reports, 21 block producers have disabled seven accounts. The controversy regarding centralization in EOS started because of the decision to freeze seven accounts due to their involvement in a phishing scam. It was decided unanimously even though, the Block producers and E.C.A.F. do not have the right to make such decision under the rules of consultation with the Rules of Arbitration of the International Chamber of Commerce. As the debate goes on, EOS constitution and Block producer’s actions have raised critical arguments regarding its decentralized protocols within the crypto community.
- About the First Chinese Crypto List
The Chinese government released the first crypto list on 17th May which contained 28 top cryptocurrencies under inspection. Different currencies are included on this list based on three criteria, technology, application and innovation. This project is controlled by China’s Electronic Information Industry Development Department. The list’s results shocked most crypto enthusiasts because it crowned Ethereum at the 1st place while giving Bitcoin 13th place. Steem followed Ethereum being second on the list. NEM’s XEM secured the last i.e. 28th place. Experts believe that Bitcoin’s continued low performance and Weiss ratings for this year might have influenced the results of Chinese crypto evaluation.
- EOS Leading All Cryptos According to the Second List
According to the second round which was held quite recently, the global Public Chain Technology Evaluation Index listed EOS at the top leaving Ethereum behind. The results prove that according to China’s first-class domestic experts and scholars, EOS has the potential to lead the markets and give rise to an innovative revolution in the crypto space. EOS was highlighted in the recent index because of its unparalleled technological supremacy, advantages in transaction confirmation, network throughput, and transaction fee. All of these attributes make it worthy of the first place and outperform smart contracts and DApp giant, Ethereum. It shows that the Chinese government is more interested in the technical aspect of cryptocurrencies than its financial worth.
- Current Market Position of EOS
Despite the growing controversies around EOS, it has undoubtedly proven to be one of the most advantageous blockchain projects. Achieving top ratings on Chinese official crypto rating list indicates that with time people are getting convinced of its huge potential and technical advancements. Currently, EOS is ranked as the 5th biggest cryptocurrency of the world. Its individual price at the time of writing is close to $7.88 which is going up at a rate of 4% according to the data on CoinMarketCap. The total market capitalization is approximately $7 billion and around $1.215 billion worth of EOS has exchanged hands in the last 24 hours.
Even though the EOS constitution and its block producer’s actions are being heavily argued at the moment by the crypto community, it does not affect the fact that EOS has become a truly influential blockchain project which is leading the way in crypto space with its innovation. It’s important to note that the current situation is temporary and the EOS team is trying to achieve transparency and total security of the platform from malicious scammers and hackers. EOS is sure to reach greater heights once Bitcoin price is bullish again.
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
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
Hodium Presents a Compelling Opportunity for Outsized Investment Returns
I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018. It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants. Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse. The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.
As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha. In that regard, it’s similar to traditional financial markets. I can remember trading during my high school days. It was the late 90s and right in the middle of the dot.com boom. Eventually, however, the euphoria fades away and reality hits hard. Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.
Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques. The professionals employed by hedge funds are the best of the best and have spent years honing their craft. That is why they’re able to make the millions of dollars that they normally…
eToroX adds Dash, USDC, USDT and 5 new stablecoins
Revealed: The Mental Skills Required to Be a Successful Trader
MATCH GOING PREMIER LEAGUE FANS WILL SPEND £1.3BN TO SUPPORT THEIR CLUB THIS SEASON, UP 31% SINCE 2014/15
Featured news2 weeks ago
New Tax Guidance & Crypto – What You Need to Know
Trade2 weeks ago
eToro Launches CopyTrader for U.S. Users
Bitcoin2 weeks ago
New Tendencies of Bitcoin Gambling
Altcoins2 weeks ago
Can Libra help the crypto industry to reach new heights?
featured1 week ago
Cryptocurrency, Online Gambling, and Regulation: One of the Three Can’t Stay
Altcoins1 week ago
CoinFlip Scores Big with BRD Wallet Partnership
Featured news1 week ago
Why is Crypto Futures Trading So Easy Today?
Hot Updates7 days ago
SFUNDING – The Leading Utility Blockchain platform