Every crypto person identifies EOS as The Biggest ICO project ever existed. After all, EOS bagged around $4 billion from its investors for the launch of its unique and unprecedented Mainnet. But since the Mainnet went live, EOS is known as the Big Let-down project by some critics and analysts. Every crypto enthusiast who once placed his trust in this ICO has had his fair share of disappointments ever since the Mainnet was launched. The famed blockchain halted transactions throughout its network on 16th June that resulted in a crash. The crash took place when the Mainnet had been live for merely 48 hours. In this article, we shall find out what caused the EOS blockchain halt and its result on the crypto space.
Crash Caused by an Identified Bug; Transactions Halted
At 9:56 UTC the reports started emerging regarding all activities getting paused while all the transactions got frozen throughout the EOS network. people who have been following EOS closely must’ve heard of all the technical issues which have deeply affected the EOS blockchain. Although, EOS team quickly identified the apple of discord and guaranteed their users that they’ve been alerted and working on a software fix to mend the situation. The EOS development team tied the problem to a bug which caused all their transactions coming to a standstill. In order to apply the fix to get rid of the bug, team EOS developers had to pause the EOS Mainnet. After some time of stopping Mainnet, EOS creators Block.one reported that the bug which caused all the issues was present in the code responsible for the handling of delayed transactions.
Controversy Regarding Centralisation:
Not too long ago, EOS was caught up in another heated issue regarding its centralization. Ever since its Mainnet launch, EOS has been acting as a magnet for such issues and controversies. In the very beginning, the Mainnet was checked for its vulnerabilities and the results by 360 Security came out as shocking. To solve its technical discrepancies and make up for its hype, EOS also launched a bug bounty in which a developer successfully made $120,000 in a week by reporting several technical problems and bugs present on the platform. Many pointed fingers towards EOS’ apparent centralization and called out its shortcomings as a decentralized project. People accused EOS of its centralization because they felt that some nodes hold the deciding and power factor within EOS blockchain.
Analyst’s Take on EOS Mainnet:
With these ongoing issues being raised and solved frequently, EOS has slowly become a blockchain project that makes people wary. But it’s not the only project which has been struggling since its launch. Analysts believe that the main reason behind EOS buggy platform lies in its expansion and vastness. Being one of the largest and most successful ICO which gathered unrivaled hype from the crypto community is barely 2-3 days old and still has a long way to go. In the meantime, it’s platform is getting ready and being perfected to be user-friendly, fast and of course secure for people who once trusted EOS with their money and their data. Furthermore, it’s really important to consider the crypto market’s situation before pointing fingers on just one blockchain project.
Will EOS be Able to Obliterate Competition?
Dubbed as the Ethereum killer throughout their ICO days, EOS has been named as the best of a successful Initial coin offering in the history of cryptocurrencies. Similar to Ethereum, EOS was created to be a platform for creating and launching decentralized applications or DApps. But the EOS team has long claimed to have triumphantly achieved the feature of interchain operability which Ethereum lacks. But it’s still too early for anyone to comment whether EOS will be able to compete with thousands of pre-existing DApps built on Ethereum or not.
Current Market Position
Due to Bitcoin’s dip, all cryptocurrencies are currently experiencing extreme bearish trends and are unable to shake off the negative sentiments lying in their way. Given the current situation, EOS is presently ranked as the 5th largest crypto in the world. According to the data on CoinMarketCap, the individual price of EOS is stuck at $10.33 which is decreasing at a negative trend of 3.56%. at the time of writing, the total market capitalization of EOS is close to $9.26 billion. Additionally, EOS is still under the process of transitioning to Mainnet at some exchanges hence, its 24-hour volume has reached to $463 million worth of EOS.
Final Thoughts:
Even after coming across several difficulties, EOS hasn’t backed down yet and their goal of becoming an Ethereum successor is still intact. Now it is up to their technical performance and community’s support that make things work out the way team EOS wants. At this point, we can only wait for the crypto markets to take a positive turn and see how EOS Mainnet performs in the future.
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
The post EOS Blockchain Crash: Reasons and Consequences appeared first on Global Coin Report.
Globalcoinreport.com/ is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
