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Cryptocurrency has its biggest problem ever: Is EOS a blockchain or a cloud service?

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Whiteblock research report indicates that EOS technical structure resembles that of cloud service built for computation and is not a true blue blockchain.

Research activity by cryptocurrency benchmarking firm called ‘Whiteblock’ appears to have overturned the amazing performance of EOS token on its head.  Their research report indicates that EOS technical structure resembles that of cloud service built for computation and is not a true blue blockchain which includes a fundamental matrix for key metrics such as “imputation.”

EOS has been a blockchain protocol that has been taking cryptocurrency community by storm, in the past several months.  It had reached the evaluation of nearly 4 billion US dollars in the space of a few months based on its EOS token and the RAM market which focused on being centralized service providers.

 

ConsenSys orders research

The apparent research was officially commissioned by one of the key players in the cryptocurrency space – ConsenSys. The company is engaged in developing the virtual currency ecosystem and has been influencing the startup space with its uniquely positioned investment to encourage worthy projects from seeing the light of the day and in the long term creating the ideal crypto-based solutions for mass adoption.

Whiteblock research was commissioned to encourage the creation of a written format or framework for developing a base layer blockchain protocol.

White block study which is available with Hard Fork states that the benchmarking organization (whiteblock) engaged in practical testing as well as experimenting on the EOS platform in controlled laboratory conditions.  A comprehensive and objective model of EOS was developed after considering its design, performance, the economics it offered and the overall participation of the black blockchain community in the evolution of the EOS token.

The evaluator found that Ethereum and Bitcoin ways are far different from those practiced on EOS especially in the context of validation of block and the accumulation of rewards. There was no proof-of-work concept in the blockchain of the emerging protocol, and everyone could become the contributor and built the network. The default control to select the process transactions (Block producers) was retained by EOS. The method adopted for such selection was a complicated ‘voting process’ and is commonly known as the Proof-of-Stake method.

The elections are complicated and begin with the assumption that every token has one equivalent vote. Hence, EOS users with more ownership have a stronger presence in the voting system, and eventually, control the working of the network.

Whiteblock’s research included building an EOS model and running the exact software. The blocks which were produced by this experiment was found to have the same functions as the block producer on the mainnet itself.  As part of creating the lab environment, the provisional nodes on the controlled test environment and configuration allowed the measurement of the behavior and the ‘deterministic manner.’

The first test was apparently completed in September and in the past two months, Whiteblock was able to establish that that EOS was only a cloud service provider working to develop computational power and had the blessings of block producers to achieve success via the shortcut – Vote of Stake and overlook the very essence of Blockchain Proof of work and immutability.

#Breaking News

Alert: Bithumb Hacked, Millions Worth of Cryptocurrency Stolen

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BitHumb, the largest cryptocurrency exchange of South Korea has been hacked for the second time for a huge number of EOS and XRP coins.

Just days after the DragonEx exchange got hacked, BitHumb, the largest cryptocurrency exchange of South Korea has been hacked for the second time for a huge number of EOS and XRP coins.

The Bithumb exchange was also hacked last year which led to around $30 million of cryptocurrencies being stolen. The exchange was able to recover only $14 million of the same and had shut down its deposit and withdrawals for months after the hack.

 

Bithumb Hacked: Yet Again

According to Dovey Wan, the founding partner of Primitive Ventures who cite information from local blockchain analytics firms and cyber-security firms, the EOS wallet of the Bithumb exchange was hacked yesterday (Friday) i.e. 29th March 2019, which has led to around 3 million EOS being stolen. 3 million EOS according to current market price are valued at around $12.5 million.


From an initial look at the wallet, it appears that the hot wallet of the exchange was hacked and not its cold wallet.


There has not been any official announcement from the exchange regarding the hack, however, analysts are believing that the hack took place because around 3 million EOS were transferred to different cryptocurrency exchanges such as Huobi, Changelly, KuCoin, CoinSwitch and EXMO. However, around 63 percent of the hacked funds are still in the wallet of the hacker.

According to CoinDesk Korea, Rohan from the EOSauthority team is pretty sure that the private keys of Bithumb was stolen. Also Bithumb has shut down the deposits and withdrawals on the platform stating the reason as “in order to provide more stable service”.

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#Explained

Brief: What is EOS?

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EOS operates on a completely different set of rules than other blockchain projects because it uses a system known as a delegation test.

EOS operates on a completely different set of rules than other blockchain projects because it uses a system known as a delegation test. While competitors such as Ethereum can be regarded as a global computer, EOS is more like a global operating system. As such, EOS has been designed not to require any form of cryptocurrencies to participate or interact with the EOS blockchain. If EOS is able to divert all such problems from their original location, they could give them the advantage they need to find their place in the blockchain.

How is EOS different?

Hackers show how powerful computers can cheat Bitcoin and blockchain, giving users full control of their money.
So when someone owns Bitcoin, what they really have is the private key to unlock a specific address on the blockchain. As the largest digital currency, bitcoin encapsulates all major cryptocurrency and blockchains – such as decentralization and transparency and, of course, distribution – is the embodiment of a functional symbolic economy.

Many feared that Bitcoin could go if miners, a large part of any cryptocurrency that could work, decided to give up Bitcoin because of the increasing difficulties and losses in profitability.
Large coins such as Bitcoin are not afraid of an attack of 51 %, because every attacker with the vast majority of hashish would have been more motivated to simply mine all the blocks and get Bitcoin instead of attacking, especially given the price of their theft.

Although Ethereum wanted to address the scalability issue in Bitcoin, the number of transactions it supports per second remains very low compared to the current demand for IOT power for a smart economy.
From improving fungibility to reducing transaction costs to zero, EOS promises to help users achieve the goals they have always wanted. Whether you’re new to cryptocurrency, have been in the niche for some time, the guide opens the eyes to get EOS, start trading in markets and learn more about it. Many people who join the EOS network are interested in exchanging coins for other cryptocurrencies or even fiat coins. The proof of the stakes will make the whole mining process virtual and replace miners with validators.

First, anyone who owns cryptocurrency on a blockchain integrated into EOS software can select block manufacturers through a continuous voting system. EOS operates on a proprietary model in which users own and are entitled to capitalize on their share, rather than having to pay for each transaction.

 

How to buy EOS?

Binance which is the largest cryptocurrency exchange is limited to cryptocurrency, so we cannot buy EOS directly with US dollars or euros. It is advisable to own other cryptocurrencies such as Bitcoin or Ethereum before you use the exchange, but it is possible to convert your dollars or euros into EOS.

 

EOS is a very ambitious project, which can completely change the way cryptocurrency is viewed.

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#Explained

Explained: What is EOS, How to invest in EOS?

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Investing in EOS is quite risky but might be profitable in the long term. Investors are advised to spend only a tiny portion of their digital portfolio.

Eos uses a consensus mechanism ( DPoS ) to delegate the test of the parties, which enables EOS coin owners to select the producers of the blocks through a continuous voting system. Many new projects are launching their cryptocurrencies on the EOS blockchain and are also carrying out airdrops of their chips to the EOS holder.

 

How is EOS different?

One of the main points of EOS is the delegation of the security and governance model. With well – known blockchains such as Ethereum and Bitcoin, data mining evidence is how transactions are verified, the network is secured, and new coins are added to the circumference. A representative of the EOS Delegated will give 20 “Witnesses” the power to confirm the transaction and receive new EOS coins. EOS blockchain system enables the development of decentralized commercial applications or dapps on the EOS platform.

Eos is a relatively new entrant in the cryptocurrency market, but the new boy on the block could be ready to make waves and change the world of cryptocurrency as we know it. Eos is the cryptocurrency of the internet protocol, an enterprise established by Blockchain. Unlike other cryptocurrency networks, which enable users to take a stake in mining, EOS has released all their coins in a year-long ICO, with a total distribution of approximately 1 billion coins.

 

EOS Blockchain

Anyone who wants to develop decentralized applications using the EOS blockchain must have some EOS to manage network requirements. Block manufacturers must publish the capacity of the three blocks, first purchasing server time with EOS chips. Unlike other blockchain projects, which charge transaction fees for people, EOS allows access to its blockchain resources based on their EOS shareholdings.

Block manufacturers have the right to determine which transactions are confirmed in the blockchain, in addition to the possibility of making changes to the EOS or source code. While Ethereum and EOS are very popular because of their efforts to take advantage of the capabilities of blockchain technology, they are also very different. Eos, on its part, relies on delegated stake proofs that eliminate a large part of the challenges facing the Ethereum network.

 

How to invest in EOS

Eos can be traded on a large number of cryptocurrencies, so compare the features of many EOS listed platforms before choosing the right one for your needs.

Eos can be traded against a number of fiat and cryptocurrency, so take some time to find an exchange that offers your currency pair. As the EOS major net is still in its early days, there are currently only a limited number of EOS coin portfolios.

To purchase assets such as EOS, you are recommended to first buy Ethereum or Bitcoin and then enter it into an exchange where you can exchange bitcoin or ethereum for emerging currencies such as EOS. There are also several exchanges allow you to purchase EOS chips directly with fiat currency ( i. e. Dollars, Euros, etc. ).

 

Should you invest in EOS?

Ian Grigg, a Block One partner, writes: “direct users of a Blockchain, such as EOS, are entrepreneurs and developers who write contracts to implement distributed applications or DApps. If you believe that EOS can be one of the leading platforms for corporate and small businesses in the blockchain, the value of EOS might dramatically increase.

As a result, investing in EOS is quite risky but might be profitable in the long term, and investors are advised to spend only a small portion of their total digital portfolio in altcoins such as EOS.

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