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The Lack of Transparency on the Delay of EOS Mainnet Launch Triggers a Fright

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EOS

Given the surge of blockchain platforms, a secure and anonymous platform like EOS is a difficult find. Founded in 2017, the EOS blockchain runs on smart contracts and is widely recognized for its decentralized applications. This hyped-up currency has gained a great momentum recently and credit goes to its ingenious development team, Block.one.  After a year-long promotional effort, the Mainnet of EOS was scheduled to launch on June 1. The Block.one team, that launched the ICO a year ago, has raised a striking $4 billion in the process.

As per the latest updates, a “no-go” was announced for the Mainnet release following the Block Producer’s vote which was held on 6th June. With the BP vote refusing to give a green light, a new vote is scheduled by the team, which would occur after the security firms prepare an audit. While the long-anticipated release of EOS Mainnet has been pushed further after the BP vote, the chance of receiving an approval for the launch in the next vote seems faint, and if David Moss’s words are to be considered, the next vote on Thursday is most likely to be a “no-go” as well.

What is the Status of the Launch?

As per the instructions released by the executives, all EOS tokens were frozen on June 1 to prepare the token-holders for the official EOS network launch. The EOS Mainnet Launch Group, also known as EMLG, was responsible for the smooth transition into the new network. A little ahead of the June 1, critical vulnerabilities surfaced in the EOS network, as per the reports published by a Chinese cybersecurity firm. Being aware of the critical vulnerabilities, EOS team issued a statement in favor of the launch: “Media has incorrectly reported a potential delay in the release of EOSIO V1 due to software vulnerabilities. Our team has already fixed most and is hard at work with the remaining ones. EOSIO V1 is on schedule; please stay tuned to our EOSIO channels for official information.”

Although the team has assured the investors that most of the bugs have been fixed, it is still not clear which bugs have been rectified and which ones are yet to be corrected. In any case, the vulnerabilities in the systems are causing the delay of the EOS Mainnet launch, validating the Chinese Security firm’s prediction that the bugs in the system could delay the network’s launch.

The recent reports reveal that the EMLG team has been putting massive efforts to resolve the vulnerabilities. Depending on the significance, every vulnerability has been identified and labeled with a designator ranging from P0 to P4. While the P0 designator stands for bugs constituting a blocker, requiring a quick fix, the P4 designator has been slammed as an issue that would be fixed in the future.

The Unresolved Issues

After the news of critical vulnerabilities surfaced on the web, the EOS Github page notified that around 620 bugs and other security issues are still unresolved.  At the first glance, resolving the issue seems like a mammoth task. However, with the team making relentless efforts to eliminate the problem, over 1,400 issues had been during the development process. At any rate, the most daunting problem at the moment is the fact that block producers are striving to run the code, which is provided to the users, while the network is still not live.  With developers working on the bugs, more issues are likely to come up in the development process. Also, Block.one’s decision to stay away from the process has raised concerns among the investors. Nevertheless, if investor groups, block developers, and EOS followers collaborate to endure the long process of trial and error, EOS’s Mainnet might witness tremendous success, opening new doors in the realm of cryptocurrency.

Lack of Clarity Continues to be Major Concern

One of the striking features that made EOS stand out from the crowd is its unique model the team has developed for the proper regulation of the blockchain system. The ERC-20 token-holders had converted their EOS tokens on the EOSIO platform on June 2 and the native EOS token holders are responsible for the management of the ecosystem. However, as the EOS Github page and other sources suggested, many bugs and critical vulnerabilities are yet to be resolved.

In the official statement issued by the EMLG, the team has opted to withhold information on the bugs. In the absence of sufficient clarity on the current status, it has become difficult to determine how much time it will take to fix the issues. Right after reporting that the most critical vulnerabilities have been resolved by the team, EOS started a Bug Bounty Campaign. With the team releasing updates on the resolved bugs, questions can be raised regarding the necessity of the bounty campaign. The only thing that is certain at the moment is that the EMLG decides to announce the exact launch date for some reason, while the new update is scheduled to take place within the next 24 hours.

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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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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