EOS $4 Billion ICO Blockchain Backup & Running after ‘Bug Freeze’ Two Days After Mainnet Launch
All Block Producers (BPs), along with the Block.One team are working on the mishap and have been providing constant updates on their progress.
After the BPs elections, the EOS Mainnet faced a technical failure yesterday which led to a pause in the Mainnet. The entire community was quickly asked to close all nodes and move to version 1.0.3.
The fix was released by Block.One on GitHub and has been verified by Block Producers and Standby nodes. At 14:48 UTC yesterday. The blockchain was launched and the company issued a statement summarizing the entire error correction process. The statement was published in English, Chinese and Korean by the Block Producers.
A Telegram channel dedicated to tracking the status of EOS Mainnet reported yesterday that, after the break, Block Producers and Many Standby Nodes had a conference call to detect and resolve the problem. About four hours later, the Telegram channel reported that the Mainnet was live.
The EOS network monitor currently shows the work of the EOS Block Producers (BP), which would be the equivalent of the miners in the Bitcoin blockchain, and shows them producing right now, press time.
The blockchain was activated just a week after the candidates to become EOS BP voted to start on Saturday, June the 9th.
On June the 1st, EOS completed its initial coin offering (ICO) after a year of raising approximately $4 billion to become the largest ICO in the world to date.
EOS is currently the 5th largest cryptomarket, with a market capitalization of $9.4 billion dollars, according to CoinMarketCap.
The currency is being trader around $10.53 dollars, a little over 0.5 percent in the last 24 hours.
Not much surprises me in crypto, but you'd think after raising $4B over 365 days $EOS would be a bit better prepared
— Rob "Crypto Bobby" Paone (@crypto_bobby) June 16, 2018
The EOS screwup is not 'normal growing pains'. Not having a testnet is gross incompetence. Even if they deploy a testnet, they have lots more gross incompetence waiting in the wings which hasn't had the chance to become visible yet. https://t.co/RKVMTjb7uC
— Bram Cohen (@bramcohen) June 17, 2018
This will be an ongoing story as the EOS blockchain, despite raising $4 billion dollars and being valued at over $9.5 billion, is new and will likely experience more hiccups and hurdles to overcome but one might be very worried about the fact it took a mere 2 days before a major obstacle surfaces on top of the fact that bug bounties and vulnerabilities were found just days before all of the mainnet activation happened.