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EOS follows the successful footsteps of Ethereum, placing itself as the Top 5 cryptocurrencies amidst the competition. EOS addresses many scalability issues of the blockchain technology, focusing as a platform for the development of decentralized applications (dApps). In order to compete with mainstream payments tools such as Paypal and Visa, blockchains need to process transactions at faster speeds.
In the article on globalcoinreport - Ali Qamar, discusses how EOS and Ethereum shares similarities to become a decentralized space of the future. Both blockchains moves away from the traditional Proof-of-Work mining to a Delegated Proof-of-Stake consensus mechanism. This could be the soultion of the bottlenecks created by existing blockchains.
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Launching the EOS blockchain
EOS raised $4 billion in its ICO to launch their blockchain on 2nd June, where a snapshot of the Ethereum token allocation was taken and frozen before the official launch. It would take a couple of days before the EOS blockchain becomes live.
"Things are going about as we expected. A few road bumps, no show-stopping problems. I'm expecting the [blockchain] to be live in the next couple of days," Kyle Samani of Multicoin Capital, one of EOS's most prominent endorsers, told CoinDesk.
Source: Coindesk - Bradly Dale
Private keys should be kept safe as GreyNoise Intelligence has identified someone scanning the nodes of EOS to look for the existence of any vulnerability. It is to be noted from this perspective that someone is looking for exploitable bugs by delving into GitHub. However, they have left empty-handed after a week-long try. If someone makes a mistake, they may be lucky. Source: journaltranscript - jason abbott
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EOS Price Increases by 16 Percent
Since 2 June, EOS prices have gone up by 16 percent, reaching $14.49. The results of the ICO was a total of 42000 ETH raised that reflected the EOS price at $12.32. Source: cryptovest - Christine Masters. We are however unclear if the dencentralized community for EOS would be able to maintain the blockchain and roll out updates quickly.
EOS has already seen some tokens stolen due to a scam on Block.one, the parent company of EOS ICO. Millions of dollars were stolen after the email support for block.one was hacked, sending out scams to its investors to key in their private keys to get free tokens. Source: abcrypto - Arjun B.
Investors of cryptocurrencies are advised to exercise discretion and not to fall into traps where online hackers make a huge sum off your savings.
