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EOS MainNet Still Not Live and All the Reasons Why

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EOS gained special attention once it managed to push Litecoin down to the sixth spot on the global coin ranking list while taking over its originally long-held place as the fifth-best coin in accordance with its market capitalization that now counts over 9.6 billion dollars. However, what came with even radical anticipation is the launching of the EOS mainnet.

The network encountered several problems during the initial launching and prior to the launching of its main net, starting from troubles revolving around voting for the release of the main net to having EOS holders not being enough tech-oriented to be able to follow up with the entire token transition without having the appropriate tools for voting block producers either. All in all, it seems that the past couple of days came as chaotic for EOS.

The most chaotic moment maybe belongs to the case where many holders are not sure about the reason why EOS main net still didn’t go live. In that spirit, here are all the reasons, technical and circumstantial, for not having the EOS mainnet live at this point.

EOS MainNet Launch: Dead, but Alive?

Although it may sound like a Walking Dead episode, many EOS holders might have the feeling that EOS mainnet is quite dead although alive, which is a completely wrong impression.

The fact is that the main net is still not going live for its users, but it is also the case that the main net was successfully launched two days ago, on June 10th. After the third voting session successfully took place, EOS holders voted EOS main net launch to happen on the mentioned date, as it was eventually at 13:00 UTC.

However, due to the fact that the block producers are still waiting to be voted, EOS main net won’t be able to go live until that happens.

That means that the holders first need to vote their block producers while choosing 21 block producer that would make an essential addition to the operational power of the EOS network.

The block producers that are yet to be voted in order to officially take their places on the EOS network are all presented to their voters, however, some developers that remained faithful to EOS, making contribution to the chain prior to being chosen as candidates for block producers, are not sure who some of the top block producer candidates are, stating that there seem to be a case of making favorites while presenting developers unknown to the EOS community as potential block producers.

In the opinion of some of the candidates, some EOS holders might be disappointed in this case so they are hesitating with staking their tokens in order to vote, which additionally postpones the moment when the network will go live.

EOS Network Not to Go Live until Block Producers are Chosen

The fact is that the newly launched main net won’t go live until the block producers are voted.

All EOS holders have the right to vote, and their right is powered up by the number of tokens that they chose to stake in the voting hub. The greater the amount of tokens is staked by a single holder, the greater voting power that voter will have.

It has been stated by the EOS team that there need to be 150 million tokes staked in order for the voting to be completed and announced as valid, which means that EOS is ”only ” 150 million tokens away from being marked as live and ready to use.

However, it seems that the voters have only staked around 30 million tokens, with the first 10 million being staked during the first day of the main net launching. The reason why the network needs 150 million tokens in order to vote who the block producers would be, is because there need to be 15% of the tokens staked in the voting hub.

The importance of this voting is massive since the chosen block producers will operate the same way the block miners do, so their job would be crucial for efficiency and effectiveness of the new EOS main net.

There is a problem with this voting as well, which prevents the main net to be launched as soon as possible.

EOS Holders Are Not Sure How to Vote

What might be the biggest problem besides the fact that EOS needs five times more the amount of EOS they currently have is the fact that those holders that can be categorized as non-technical users or not particularly tech savvy are not sure how to vote.

Apparently, at the beginning when the voting for block producers have been announced as the ultimate goal that needs to be completed in order for the main net to go live, EOS voters could only vote by directly using the command line, which was pretty hard for the part of the voters that is not particularly tech-oriented.

Although there are a couple of tools for voting that appeared after the voting was announced, there are still a lot of voters waiting to have these tools confirmed and approved by the EOS team, while also probably waiting for more precise directions on how to vote.

EOS’ Performance

While the market seems to be greatly divided at this moment with one part dropping and the other part of the cryptos going up with different growth rates, EOS seems to be in the team “red”.

After the latest change that took place in the last 24 hours, EOS has gone down by -1.69% against the dollar, which means that EOS can be traded at the price of 10.82$ per one unit.

EOS tokens are currently in the transition between the previous chain and the new main net, while also waiting for EOS holders to stake their tokens towards fulfilling the goal of 150 million EOS units staked for the voting of block producers.

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Bitcoin

Cardano [ADA/USD] Technical Analysis: Interim bullish push imminent; bears yet to show mercy on long haul

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Cardano [ADA] seems to be getting a bullish push in the short-term, even as the bearish trend in the medium to long-term seems to not fade away. There seems to be no respite from the bear attack in the long-term as the downward trend in price is still going strong.

ADA, the ninth largest cryptocurrency in the world, is currently trading at $0.0759, after going down at -1.19% over the last day. It has a market cap of $1.97 billion, with a 24-hour trade volume of $18.02 million.

1-hour:

Source: Trading View

Source: Trading View

On the one-hour graph, a strong downtrend can be seen from $0.0827 to $0.0806, and then further to $0.0788 between October 15 to October 21, 2018. Another downward movement can be seen from $0.0786 to $0.0774 on October 22, 2018.

An upward drift in prices can be seen from October 16 to October 22, 2018, from $0.0749 to $0.0787. A short-term upward trend was seen on October 22, 2018, from $0.0770 to $0.0773.

The Awesome Oscillator chart shows green bars emerging after a string of red bars. This is a clear indicator of a bullish market.

The Parabolic SAR chart shows the dots aligned under the candlesticks, indicating a bullish market.

The RSI chart shows the token recovering from an oversold position slowly, with the buying and selling pressure evening each other out.

1-day:

Source: Trading View

Source: Trading View

According to the one-day graph, the strong downtrend in the long-term seems to be robust between June 4 to October 22, 2018, from $0.226 to $0.181, further to $0.078.

An upward trend is seen from September 18 to October 7, 2018, from $0.063 to $0.081, and between October 15 to October 22, 2018, from $0.071 to $0.077.

The Fisher Transform chart shows the Fisher line moving uphill, crossing the trigger line. This indicates a bullish trend.

The MACD chart shows the moving average line on a downward drift, crossing the trigger line. This indicates a bearish market.

The Chaikin Money Flow chart shows the current value at -0.118. This indicates that money is flowing out of the market. This is a clear indicator of a bearish market.

However, an upwards drift seems to be emerging, pointing at a temporary bullish trend.

Conclusion:

In the short-term, if the prices are to move up as indicated by Parabolic SAR and Awesome Oscillator, the immediate resistance will be $0.078. If it is broken, the next resistance will be at $0.0806.

If the prices move down as predicted by RSI, the supports will be at $0.0767 and $0.0759.

In the long-term, if the prices are to go down as predicted by MACD and Chaikin Money Flow, the supports will be at $0.070 and $0.063.

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Bitcoin

Litecoin [LTC/USD] Technical Analysis: The bear continues to plunder the market

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Litecoin [LTC], the 7th largest cryptocurrency that was created by Charlie Lee to provide compatibility and support to Bitcoin has not been doing well in the market, of late. The coin was booming earlier this year but has now slumped lower than ever to move sideways.

At the time of writing, LTC dumped by 1.77% in the cryptocurrency market. It is trading at $52.34 with a market cap of over $3 billion and a 24-hour trading volume of $267.4 million.

1-hour:

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the timeframe of 1-hour LTC candlesticks, the support is set at $53.02. The downtrend line from $60.7 to $53.9 is likely to form a descending triangle with the support. Hence, the market for Litecoin appears to be downwards.

The MA line in the MACD indicator touched the signal for a bullish crossover but strung back down to run underneath it. This is suggestive of a slump in the LTC price trend.

Next, the RSI is also betting on a bear market for the cryptocurrency, currently taking a downhill walk to flash warning for a drop in price.

The Klinger Oscillator made a bullish crossover a while back but is currently crashing, suggesting a bad price trend for Litecoin.

1-day:

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the 1-day scenario, the candlesticks appear to be experiencing a downward trend in the Litecoin market. Since May, the coin has broken multiple supports, including one at $53.3 and another at $51.7. Currently, the support is set at $53.2 and might act as the baseline for the descending triangle likely to be formed by the resistance line ranging from $179.1 to $54.3.

The Parabolic SAR is bullish on the LTC market wherein the dots are currently dancing below the candlesticks, uplifting the price trend of the coin.

The Chaikin Money Flow was in a balanced space for a while but is currently below the 0-line, crashing further down.

The Awesome Oscillator is also in the red-zone, flashing a danger sign for the cryptocurrency.

Conclusion:

The technical analysis can be concluded by assuming a bearish trend for the Litecoin market since most of the indicators are evident in siding with a negative prediction. However, the Parabolic SAR in the 1-day timeframe looks positive of the situation, against all odds.

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Bitcoin

Bitcoin [BTC] can disrupt centralized banking and financial institutions, says Andreas M Antonopoulos

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During a Q&A session, Andreas M Antonopoulos, the Author of Mastering Bitcoin and a well-known Bitcoin influencer, spoke about whether Bitcoin [BTC]’s price plays a significant role in its adoption. He also spoke about whether Bitcoin can disrupt the governments, financial system and reduce corruption if the cryptocurrency’s value does not greatly increase in value relative to goods and services including fiat currencies.

Antonopoulos stated that cryptocurrencies can disrupt centralized banking and financial institutions. This is because of the “mere fact” that cryptocurrencies exist as an exit system, a “safety vault” and as a “safe haven”, he said. Moreover, he said that the increase in Bitcoin’s price is not going to be the prominent player in bringing about the change. Whereas, Bitcoin being used by people in order to escape from oppressive governments who are stealing their citizen’s money will be a catalyst to bring about the change.

The author said:

“…it’s not values that makes it useful it’s utility that makes it valuable. So it’s the other way around so Bitcoin will increase in value if it’s useful and it doesn’t need to increase in value in order to be useful that’s confusing cause and effect”

Antonopoulos further spoke about Bitcoin’s real-world use-case for the unbanked. The author was questioned about why there were only 4 billion people using banks around the globe; whether it was due to improper identity proof, people’s lack of trust in the current financial system or if it was cost-effective for banks to not have branched in rural areas.

The Bitcoin influencer stated it was because of all the 3 above-mentioned reasons – lack of identity proof, access to banking facilities and distrust in the financial system. He further added that the total number of people around the world who do not have the ability to open a bank account was quite “shocking”. He went on to say that even if these people had access to the financial systems they would end up facing several restrictions, including the withdrawal and deposit limit.

Antonopoulos said:

“So even though the numbers are somewhere between two and a half billion and four billion people who have zero access to banking so cash based entirely, there’s also another two billion people who have access to banking but that access is severely restricted so they have access to perhaps one currency with very few choices they can’t change currencies…”

He further added:

“so it’s not really their money so all of this great sum of people who are either unbanked completely or under banked is one of the things that I think we may be able to solve with Bitcoin and other cryptocurrencies in the long run”

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