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Reasons Why EOS Could be the Best Investment Despite Ongoing Scrutiny

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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.

Closing Thoughts

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.

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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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