June 23, 2024

EOS Network Is Crashing, Sends Crypto World Into A Frenzy

Cryptocurrencies are still battling to make it out of the woods and into the domain of mass public acceptance. However, setbacks are appearing with all things. Many have decried Cryptocurrencies as mere fads, the latest trinket of the modern world, a desperate attempt to foil a time-honored system; however, the growth of the currencies amongst everyday people and businesses seem to say otherwise. The scale of adoption has been enough to show up many of the negative comments, but today’s events may not be helping this situation at all. Earlier it was announced that the EOS network, one of the primary trading platforms, has crashed.

Promises And More Promises

When the EOS network was initially released, developers announced that this platform would be user-friendly and make use of processes to ensure that all actions happened quickly and efficiently. However, it was reported that for five hours on June the 16th, the EOS network went down due to a bug. Now, as every seasoned member of the software community will tell you, bugs happen; however, the appearance of the bug and the requisite downtime has caused many to have doubts over EOS’ capabilities.

Initial Criticisms

Multiple parties now believe that the EOS network will now not be able to effectively support all the sub-applications that are supposed to exist within its platform. Many critics have stated that the disappointment with EOS stems from the developers agreeing to provide many, many things that were not handled flawlessly. Besides, the fact that no test site or incremental release of the platform was offered has been another sore point for the Crypto community.

The issue was rectified by a quick release from Block.One which was quickly downloaded by the users of EOS, the release is at present acting as a band-aid to the issue. Meanwhile, many believe that there are far more bugs that are set to appear in the future, with some twitter influences commenting that the EOS network was only live for one day before it succumbed to a bug within the system.

How The Problem Began

The issue began once the EOS system managed to garner more votes than the minimum number required on their site – which is 15% to be precise, at the time of writing a total of 21.9% of votes had been garnered on the EOS network. One of the main stumbling block issues is that tokens for Cryptocurrencies are even kept secure within other exchanges, and few trading platforms allow for voting to take place.

Other criticisms of the site are that you cannot create an account for yourself on EOS. Instead, you must ask a pre-established user to create an account for you. Also, the signup is not free; people must pay $3 to set up the account. Also, purchasing EOS is not an attractive option, as it can’t be moved to an offsite wallet. Add to that, the fear of the EOS platform not being secure against potential threats, and we have a recipe for low adoption overall. This is terrible as EOS is an open-source, collaborative site that sought to push the boundaries within the Cryptocurrency world and unfortunately, this doesn’t seem to be going to well.

Previous «
Next »

Leave a Reply

Your email address will not be published. Required fields are marked *