By
Temitope Olatunji
April 18th, 2024
An unexpected bug made EOS mainnet pause its operations, and though the EOS chain was resumed, this situation has undermined confidence among users.
At the press time, EOS price makes $10.28, which is extremely close to a psychological mark of $10.00, showing the value loss of 2.57% during the recent 24-hour period.
Nevertheless, the lowest price that EOS has been recently traded at is $9.08 observed back on June 13. Currently, the coin’s market cap makes $9,2 bln, while the daily trading volume constitutes $560 mln, which is three times lower than that on June 14, according to the CoinMarketCap.
EOS is a platform for data storage and hosting aimed at its distribution using blockchain tech. It was developed by startup called Block.one, which team managed to raise over $4 billion during a year-long initial coin offering to create open-source software.
It was officially launched on June 14 after a long preparatory process that included testing and voting. As it was previously informed by CoinSpeaker, exactly by that day the project had managed to acquire the minimum votes required for its network to go live.
For some period of time there were even talks about feasibility of this platform launch, as initially, it was planned to launch the platform 12 days earlier, on June 2, but the team failed to do it. Later, after a live-stream vote wherein users voted for launching the network, EOS Mainnet was technically to be launched, but at that moment (June 9) the team couldn’t choose appropriate block producers.
Block producers perform their operations in the framework of EOS’s delegated proof of stake. Their functions can be compared to the functions of Bitcoin miners who secure proof-of-work systems. At the moment of the platform’s launch, there were 291 block producers on the voting page.
Later on, just a few days before EOS official launch, one well-known Chinese internet security research informed the project’s team about discovered critical bugs on the EOS producer node. As we remember, the problem was that the private key of super nodes could be stolen by hackers and used for controlling content of newly created blocks, which created an opportunity to implement malicious contracts into new blocks and, thus, get control of the entire network with all the nodes.
Nevertheless, despite all the aforementioned challenges, the platform went live last week making users think that all the difficulties are in the past.
But, on June 16, due to technical issues the platform had to pause its operations. In other words, less than 48 hours after official launch some problems with the EOS Mainnet led to network operations “freezing”.
When the blockchain was paused, all active EOS block producers started a conference to help identify and solve the problem. After almost five hours the block producers discovered the reason of the issue, the bug was fixed and the platform was re-started.
The #EOS Mainnet is live again and no data (irreversible transactions) are lost. Excellent response from block producers and block one to find the root cause & fix within a few hours.
— EOS Authority (@EOSauthority) June 16, 2018
Though EOS reacted rather quickly, users still feel disappointment about that almost 5-hour pause and express their dissatisfaction, blaming the project team for poor testing.