News

EOS MainNet Freezes Just 48 Hours After Its Launch

The EOS MainNet has experienced a significant setback just two days after its launch, according to reports on Twitter, Telegram and steemit platforms, exchange activities have been halted on the EOS blockchain and transactions have been frozen across the network. The EOS platform has been offline and the application programming interfaces (APIs) stopped responding since the bug in the MainNet caused an unexpected network freeze.
EOS Blockchain Bug
According the tweet by EOS Authority, a bug triggered the network freeze of the platform and halted the transactions on the blockchain. This has led to the indefinite pausing of the EOS MainNet which was recently launched. An update post on the issue also revealed that a bug vulnerability had been identified and the block producers were notified on the problem. In order to avoid further damage, 21 block producers on the blockchain MainNet decided to immediately turn off their nodes and create a network data back-up for the EOS blockchain. The back-up will guarantee and ensure continuity once operations and normal services are resumed. The EOS authority announced via Twitter that:

“At 09:56 UTC (1 hour ago) we had an alert with transactions frozen on the EOS network globally. All the BPs are aware. We are all on a call with the other BPs to identify and resolve this issue. No timelines yet. #eosio #mainnet”

Interestingly, the news about the network freeze had an immediate effect on the price of EOS tokens as it reduced by five percent. The EOS team also wrote on Telegram that “Root cause was due to how deferred transactions were handled.” Once this bug is identified and fixed, there will be a software upgrade to the EOS platform. The release of the patch will be tagged 1.0.5 after which the 21 block producers will perform an update to their nodes.
Often referred to as the most controversial Initial Coin Offering (ICO), EOS has always been a center of controversy since it started. The EOS ICO is the highest funded ever after it gathered over $4 billion before its launch. The EOS blockchain has always had technical issues and bugs, the EOS MainNet was finally launched on June 14, 2018, after it had repeatedly been postponed. According to Coinmarketcap rankings, the EOS token currently occupies the 5th position on the log.
Before now, a China-based cybersecurity company, Qihoo 360, had previously observed several vulnerabilities in the EOS blockchain, these vulnerabilities were fixed immediately, and the company got paid. In an attempt to prevent a similar occurrence of bugs in their network, the EOS team put up a bounty program recently, offering a prize to anyone who could discover flaws in their blockchain platform. The bounty prize was whopping $10,000 per bug found and a Dutch hacker, Guido Vranken, was able to earn over $120,000 for discovering about 11 vulnerabilities in the blockchain. This bounty program was also initiated to ensure that the EOS platform becomes more secure for its users and clients. This new EOS MainNet freeze has proven that these previous attempts to prevent security glitches in the blockchain platform have not been enough.

Related posts
BanksBitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsUSAxbtusd

Bitcoin Retakes $57K As Hundreds Of US Banks Prepare To Offer Crypto Trading And Custody To Clients

Bitcoin has recouped the losses from recent sell-off after news that the world’s oldest cryptocurrency is soon coming to hundreds of United States banks. Data from CoinMarketCap shows that bitcoin is hovering at $57,091.36 at press time, with 5.47% daily…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTJamie DimonjpmorganNewsxbtusd

My Clients Care About Bitcoin, I Don’t: JPMorgan CEO Jamie Dimon

The trajectory that bitcoin has seen over the last decade has been nothing if not interesting. There was a time where it was popular among top financial executives to denounce bitcoin and declare it is a scam or fraud at…
CoinbasecryptocurrencyCryptocurrency NewsFeaturedNews

How Coinbase is Driving the Crypto Market to the Richest Fintech Hands

Not every cryptocurrency proponent is a fan of the giant exchange platform Coinbase. But if sentiments are kept aside, it is crystal clear that the platform is leading the cryptocurrency market into some of the richest hands the industry will…