EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise
This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the best, commented Block.One CEO on Binance’s research “Decentralisation, governance and EOS – a lost case?”
EOS continues to experience “degraded performance levels” on Coinbase, reported cryptocurrency exchange on Feb. 22. As a result, the exchange has temporarily suspended sending EOS while receiving EOS on the platform will be delayed.
The EOS network is currently experiencing degraded performance levels. EOS sends have been temporarily disabled and receives may be delayed. Buys and sells of EOS within Coinbase are functioning normally. We’ll keep you posted as service returns to normal. https://t.co/p91KykCnsE
— Coinbase Support (@CoinbaseSupport) February 21, 2020
Buys and sells of EOS on Coinbase, meanwhile are “functioning normally.”
It has been the third time this month that EOS had an issue on the exchange. On Feb. 14, Coinbase first announced delayed EOS withdrawal requests but the incident was soon resolved and the exchange stated, “We are actively monitoring this issue.”
The two days after the incident, there was yet again delays encountered in EOS send/receives which has been resolved the same day again. Coinbase wrote at that time,
“We are currently working through a backlog of outgoing EOS transactions. Customers sending EOS from Coinbase to an external address may experience a delay before the transaction appears on the blockchain. Deposits, buys, and sells are unaffected by this incident.”
The most recent one has been on Feb. 19, when the San Francisco-based degraded performance with send and receives to be delayed. The exchange implemented a fix and is currently investigating the issue.
However, out of all the cryptocurrencies, EOS still got the sign of “Major Outage” beside it on the Coinbase website.
No blockchain is cartel resistant, but EOS’s is Best – Brendan Blumer
Amidst this, Binance released a research report on “Decentralisation, governance and EOS – a lost case?”
In its report, Binance shares how the eight largest cryptocurrency by market cap of $3.88 billion, which was also the largest ICO recorded with USD 4.1 billion raised in a year-long ICO that ended in July 2017, has been labeled as “a victim of its governance,” where largest holders have “all the power.”
Taking a look at its governance, the report assesses that it lacks mechanisms to avoid or structure the process of vote trading. The incentive structure actually promotes selfish acts and individual parties have the influence to drastically change votes, states the report. It also found that two-thirds of the block producers (BPs) have the worst performance among the 21 BPs.
Blender Blumer, the CEO of Block.One, the company behind EOS countered this with, “All blockchains are voting machines where votes can be bought, whether by hardware + electricity or token ownership, therefore none are cartel resistant and all have control groups that can change anything. EOS simply better aligns interests between holders and operators.”
#EOS is built on the most advanced technology, the most aligned framework, and the most robust governance. I believe #2020 will highlight this.
— Brendan Blumer (@BrendanBlumer) February 21, 2020
Moreover, its problems are aggravated by a number of other issues like changed block rewards, low voter turnouts, little transparency, 1-token-30 votes system, and little resistance to Sybil attacks.
“No blockchain is cartel resistant, but EOS is aligned,” is what Blumer had to say about this.
You’re correct. Our cartel is continuously elected by token holders and can be changed at anytime, as opposed to being bought in ways that favor scale and government subsidised electricity, while simultaneously destroying the environment without increasing performance
— Brendan Blumer (@BrendanBlumer) February 19, 2020
Update From Block.One:
A Block.one spokesperson reached out to us to provide a little more clarity on the issues and give an update to all of our readers:
Recently, Coinbase temporarily halted EOS token withdrawals and deposits, citing concerns about the performance of the EOS Network, which is based on Block.one's EOSIO software.
Descriptions of a “degraded” EOS network performance are not accurate. The EOS network transfers and confirmation times are operating as normal. Working closely with Coinbase, we have identified scalability issues with the integration between the EOSIO software and their required tools that monitor all economic activity of supported digital assets.
Because the EOS network is performing an increasingly large number of transactions daily, Coinbase's integration with EOSIO software requires an update in order to keep pace with the velocity of the EOS Network transactions. Block.one expects to release an update to EOSIO software that will allow Coinbase to simplify their integration and better service their requirements to monitor all economic activity of supported digital assets. This update is scheduled to be released in the coming weeks, and in the meantime, Block.one and Coinbase are working together to optimize the configuration and performance of the existing integration solution.