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The EOS mainnet is less than a week old but already the much-vaunted blockchain has ran into a spate of issues ranging from the minor to the critical. Teething problems with new blockchains are to be expected, but the numeracy of these, coupled with a series of other anomalies, have had EOS critics scratching their heads and developers on the defensive.
There’s Never a Dull Day in EOS Land
The EOS soap opera has made for compelling viewing in recent weeks. The level of hype and funds invested in the project meant a soft launch was never going to be possible. Satoshi appears to have launched bitcoin alone, with zero fanfare and the world oblivious. EOS, on the other hand, has launched following a year-long $4 billion raise, having excited half of the crypto community and the alarmed the other half.
The most recent issue was a bug which caused block production to stop over the weekend, forcing a conference call between Block.one, EOS’ developers, and the 21 block producers tasked with running the network. The cause of the problem appears to have been an error in the latest build, obliging EOS to resort to an earlier version of the code. This raises the question of how much testing is being performed on new code; it looks like Block.one is issuing updates that have not been thoroughly tested, forcing them to fix problems as they occur on the mainnet.
Features, Bugs, and Anomalies
While unfortunate, bugs are to be expected when an entirely new blockchain launches, and bitcoin and ethereum weren’t without their issues in the early days either. But there are troublesome aspects of EOS that are there by design, and whose presence is harder to explain. There’s the high amount of tokens that must be staked by developers, for instance, in order to run EOS dapps. The amount payable ranges according to the amount of network resources the dapp requires. Had Crypto Kitties been running on EOS at the height of the dapp’s popularity, it’s been suggested that the amount of tokens required to operate it would have ran into the millions of dollars.
And then there’s the complexity of creating an EOS wallet. Creating an account calls for obtaining the assistance of an existing account-holder. Without their input, it’s impossible for any newcomer to join the EOS ecosystem. In time, EOS dapps should make account creation easier, but until then, the public blockchain operates more like a closed system, with participants reliant on the support of other EOS holders to get the ball rolling.
Attaining the 15% quorum of votes to launch the network also proved to be a sticking point. Token holders were required to vote via a process that included entering their private keys. Due to the risk of being tricked by fake EOS dapps, most token holders chose not to vote, leaving the voting process stuck for days at below the 15% threshold.
EOS Oddities Have Failed to Dampen Market Enthusiasm
Despite all the drama, glitches, and oddities of EOS, the market has remained bullish on Dan Larimer’s blockchain. With so many token holders invested in the project, the community is willing EOS to succeed no matter what, and no amount of negativity – or FUD as the acronym goes – will be allowed to prevail. Even when a major bug was discovered in EOS prior to launch, followed by the hasty creation of a bounty program and the discovery of several more bugs, the market shrugged the problems off.
The enthusiasm for all things EOS can partially be attributed to the need for a fast and scalable blockchain. Even the network’s most ardent supporters will concede that EOS isn’t perfect, but given the alternatives – a sluggish ethereum and a handful of untested and unused blockchains – there seems little choice but to pray Block.one can prevail. With each passing drama, the pro and anti EOS brigades become more firmly entrenched in their positions. No other blockchain in the history of cryptocurrency has proven to be so polarizing. Whatever the future holds for EOS, it certainly won’t be dull.
Do you think EOS can shrug off these early setbacks and overtake ethereum as the number one blockchain for dapps? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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Crypto markets keep experiencing mixed signals since last Sunday’s drop, BTC and ETH in the green
This week in crypto, the SEC finally decided that Ethereum is not a security, Bitcoin’s price drop is revealed (allegedly) to be due to Bitcoin future contracts expiring, and more in the Hodler’s Digest
The EOS blockchain is live again, after “pausing” operations June 16
Crypto markets see mix of red and green this Saturday, with all of the top 10 coins by market cap experiencing a slight decline
The EOS blockchain has ground to a halt after an apparent bug in the mainnet software caused the network to pause unexpectedly and indefinitely. According to a post from EOS New York published on behalf of the top 21 block producers and standby nodes, the mainnet unexpectedly paused at 9:56 UTC, after which block producers
The post Breaking: EOS Blockchain Grinds to Halt as Software Bug Freezes Transactions appeared first on CCN
Less than 48 hours after its launch, EOS mainnet faces a system failure, which block producers are working to correct
Ethereum is not a security, former Chief Strategist to President Trump buying into Bitcoin, Coinbase Index Fund launch, and more in our latest price analysis
Kyle Samani, a managing partner at cryptocurrency hedge fund Multicoin Capital, believes the majority of the top cryptocurrencies could be considered securities, given SEC Director William Hinman’s statement on Thursday. In a 17-part tweet, Samani discussed the guidelines issued by the Securities Exchange Commission (SEC) on June 14. Hinman, the head of the SEC’s division … Continued
The post Half of Top 10 Cryptocurrencies May Be Securities: Crypto Hedge Fund Executive appeared first on CCN
The EOS mainnet has officially gone live after the 15 percent - or 150 mln - positive vote threshold was hit yesterday, June 14
To say it’s been a bumpy start for the EOS blockchain might just be the understatement of the year. The voting process was long and winded, experiencing many unexpected delays, but it’s finally complete. The votes are in, and EOS is officially live.EOS Blockchain Voting System
The 21 block producers have finally been elected, but it was a slow start to get there. If you’re unclear about EOS block producers, you can check out our break down.
For a while, the voting process was stalled. 15% of all tokens in the system needed ...
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Former Trump advisor Steve Bannon is planning on entering crypto, saying if it weren’t for the White House, he would’ve done it sooner
The EOS mainnet has still not gone live, but it’s inching closer to activation now that the block producer voting threshold has reached two-thirds of the required participation. As CCN reported, blockchain development company Block.one released the first version of the EOSIO software on June 2 at the conclusion of its yearlong initial coin offering
The post EOS Mainnet Now Two-Thirds of the Way to Activation appeared first on CCN
Can you pinpoint the prices bottom? Check our latest price analysis to find out
Bearish momentum appears to be accelerating across the cryptocurrency markets following the failure of BTC to hold above the long-term ascending trendline dating back to July 2017. As of this writing, the BTC markets appear to be falling to test support at the $6,000 USD area after forming a large descending triangle. The leading alternative cryptocurrency markets are following suit, with all of the top ten cryptocurrency markets having lost approximately 10% against USD in the last 24 hours.
Bitcoin Breaks Below Symmetrical Triangle
It has been a rough week for the BTC market so far, with the price of bitcoin having lost roughly 15% in the last four days. The accelerating selling pressure can be attributed to bitcoin’s failure to break above the long-term symmetrical triangle comprised of an ascending trendline running from July 2017, and a descending trendline connecting the all-time of $20,000 to the local high of $10,000.
As of this writing, the immediate price action shows BTC trading for approximately $6,300 after producing a small bounce following a sharp drop down to $6,100. The bitcoin markets are yet to retest the prior local support area of roughly $6,600. In breaking below the symmetrical triangle, BTC has formed a descending triangle, with current price action testing the $6,000 resistance area for the third time this year.
Many trades are inferring from current price action that the short to medium term outlook may have a bearish bias – as BTC has broken below a key long-term ascending trendline, and have broken below the local low produced during April.
Bitcoin Cash Tests Major Trendline
The BCH markets are currently trading for approximately $815 after making a third point of contact with a descending trendline from the all-time price high and breaking below the $1,000 area for the third time in 2018 on Monday.
The price of BCH has lost 23.5% in the last four recent days, with current price action approaching the support-line of a large symmetrical triangle spanning the entirety of the market’s history. Immediate price action appears to be readying for a modest bounce off the key price area of approximately $775 – which shows confluence with the breakout area from November 2017, in addition to comprising February’s low. A bounce off this area would also comprise a fourth point of contact with the long-term ascending trendline dating back to the first week of BCH trading.
Whilst the Bitcoin Cash markets are not bucking the bearish trend, should the current support area hold, BCH could produce a higher low – which, after May’s bounce, posted a higher top than was produced in February, would comprise a confluence of notable bullish signals.
However, even if BCH is able to bounce off the approximately $750 area, it remains to be seen as to whether the market will be able to break above the large symmetrical triangle which appears to be guiding recent price action. BCH has also been highly correlated with BTC in recent months, suggesting that if BTC continues to bleed, it is highly likely that BCH will follow suit. A break below the year-long ascending trendline would likely signal further bearish action.
Ethereum Forms Symmetrical Triangle
Ethereum has lost approximately 20% in the last four days, with the price of ETH falling from approximately $600 to roughly $465 as of this writing. ETH is testing the support-line of large symmetrical triangle formation stemming from the market’s all-time price high of roughly $1,400, with current price action making a fifth point of contact with the ascending trendline dated from late-May 2017.
As with many other markets, even if Ethereum is able to bounce off the long-term ascending trendline, it is unlikely that the ETH markets will produce significant recovery unless Ethereum is able to break above large symmetrical triangle in which price action is currently trending.
EOS Drops by 55% in 6 Weeks
After rallying to produce a record high of approximately $23 at the start of May, the EOS markets have since produced heavy losses of over 55% in six weeks, including a drop of nearly $30% in last four days. As of this writing, the price of EOS is testing support at roughly $10.
Throughout June, EOS has maintained its position as the fourth most traded cryptocurrency by 24-hour volume.
Do you think that the markets are set to produce further bearish action in the short term? Join the discussion in the comments section below!
Images courtesy of Shutterstock, Trading View
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The post Markets Update: Crypto Markets Tests Key Support Levels appeared first on Bitcoin News.
The EOS mainnet launch has stalled, as fewer than one-third of the tokens required to activate the platform have been staked by their owners. The mainnet technically launched on June 10 — more than a week after Block.one released version 1.0 of the EOSIO software — but the platform cannot be fully activated until 150
The post EOS Mainnet Launch Stalls as Too Few Users Stake Their Tokens appeared first on CCN