EOS Blockchain Back Up and Running Again After Yesterday’s ‘Pause’
On the 16th of June, 2018, EOS blockchain, was launched but soon faced some technical issues which made it to go offline immediately.
But within 5 hours of fixing the bug, on the 17th of June, EOS came back online and resumed its operations. This news was in fact supported by the EOS network monitor.
What is EOS?
EOSIO is a cryptocurrency token and blockchain that claims to operate as a smart contract platform for the deployment of decentralized applications and decentralized autonomous corporation.
EOS aims to become a decentralized operating system supporting industrial-scale applications, with claims to eliminate transaction fees and also conduct millions of transactions per second.
On the 1st of June, 2018, EOS had completed its ICO (Initial Coin Offering), which was almost a year long. It raised an approximate of about $4 billion, which in return made it the largest ICO in the entire world, till date.
According to CoinMarketCap, EOS has a market cap of nearly $9.4 billion and thus makes it the 5th largest in the entire cryptocurrency world.
In the past 24 hours to press time, the EOS cryptocurrency is trading at $10.53 which is just shy about 0.5 %.
Details on the EOS delay –
On the 16th, multiple sources had reported about the issue with the EOS’s Mainnet or the blockchain which had led to Freezing of the network operations, in less than just 48 hours after EOS officially went live.
As known, the EOS blockchain went live in less than a week’s time after the voted EOS block producers (BPs) candidates went live on the 9th of June which was a Saturday.
A Telegram channel which was dedicated to tracking the status of EOS’s Mainnet, had reported on the 16th, that following the pause, EOS Block Producers (BPs) and “many Standby Nodes” had a conference call to detect and fix the issue. About four to five hours after the pause, the Telegram channel reported that the Mainnet was now live.
Jackson Paler who is the creator of Dogecoin as well as a well-known crypto commentator, had tweeted after the pause, on the 16th, about the well-funded EOS protocol as well as the community that supports it by saying,
“So the #EOS blockchain was taken offline for 5 hours just days after launch due to a bug – until a centralized company (http://block.one ) issued a patch to block producers.
…and this software had $4B in funding. Making it hard to not be critical folks.”
The EOS New York had replied to this tweet as shown.
And clearly, the EOS network monitor is now showing that the EOS block producers (BPs), (who are the equivalent of miners on the Bitcoin blockchain), are indeed “producing right now.”