EOS Transaction Of 1 Million Tokens (Worth $3.61 Trillion) Debunked By New York Block Producer
EOS Block Producer Dismisses Fears After A Recent Transaction Worth Over $3 Trillion USD Was Made
After a very large transaction made with 1 trillion EOS tokens was spotted by Whale Alert, the whole EOS community was very scared. 1 trillion EOS tokens are worth around $3.61 trillion USD, so a lot of people were concerned because the transaction was so huge.
It was made by a user named “f***hacker.x” and it actually failed because of the sheer size being greater than the current supply of EOS tokens. At the moment, EOS is trading at $3.61 SUD and it has a market cap of “only” $3.2 billion USD.
The community was considerably scared by the implications of such a weird transaction but the EOS block producer EOS New York has affirmed that the big transaction was made to test a new feature of EOS which will be known as a “deferred transaction”. This kind of feature will allow the user to make transactions which will be larger than the ones possible before.
According to EOS New York, this new kind of transaction creates a deferred transaction that can only be determined when the request is submitted. This means that you can, theoretically, try to send more money than you have, but obviously, the transaction will end up in failure because you actually lack the funds.
Nobody Knows Why The Transaction Was Done
The mystery that will remain is why someone tried to make this transaction. Was it all a test as EOS New York seems to think so? Probably. It is normal to try and push the boundaries while testing new technology.
In any case, a transaction made without the necessary funds will always fail, so there is no reason to be alarmed.
EOS is currently worth around $3.61 USD and it the 5th largest token in the market by market cap. Its volume in the last 24 hours was $1.583.046.905 USD.
Recently, the network has suffered a severe loss as a consensus failure among its 21 block producers has made the network lose 2.9 million EOS token (more than $10 million USD) to a hacker. After that, criticism has emerged of its governance system, as some people argue that it is fully decentralized and that it is not safe enough.