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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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After a Tumultuous 2018 for Crypto and the Birth of Stablecoins, Here is what to Expect in 2019

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2018 was the year of the bear run and the stablecoin. So what does 2019 hold for the crypto world? While it is impossible to tell what exactly will happen in 2019, one can make a good guess. Here are the five likely scenarios that will play out in 2019 for crypto:

Tether Will Lose Traction

For years, there have been issues raised about how legit Tether is. Despite this, it has remained a popular stablecoin in the crypto world.

However, rival stablecoins such as Coinbase, Circle, and Gemini could offer a challenge. This will erode the monopoly that it has enjoyed in the past. Even if Tether does not shutter as Basis did at the end of 2018, it will most likely not be as dominant.

Facebook Will Mint The WhatsApp Crypto

Facebook has been interested in creating a payments platform for years. The effort started in 2014 when it poached David Marcus of PayPal.

Marcus became the head of messaging products at the company. However, he was picked to head the company’s blockchain project in 2018, which is still shrouded in mystery. Recent reports indicate that he might launch a WhatsApp-based remittance service in India. After a rough period in 2018, the company could use a win in 2019.

The Regulators Will Go After Big Fish

The SEC will take on the major players in crypto in 2019. For instance, it might decide that XRP is unregistered security.

If that happens, Ripple could be hit with huge fines. It might also decide to shut down an exchange for not adhering to anti-money laundering laws. Besides that, celebrities who have used their star power to pump ICs might be in trouble.

The Bitcoin ETF Gets Approved

As the crypto world evolves, it could help the stage for a BTC traded fund also called an ETF. After the bubble burst, investors that are more reasonable are joining the crypto world.

Right now, a firm called Bakkt, created by those behind the NYSE wants to launch a BTC futures market. This could help to improve liquidity in the crypto world. Thus far, it is known that an SEC commission is seeking to have the BTC ETF approved. Before that, a VanEck might or might not be approved next month. It is worth noting how that works out.

The Bear Run Persists

The crypto world has been in a bear run since they reached a high in 2017. Right now, various factors such as volatility in the equity market, a possible economic recession, and global geopolitics might reduce appetite for crypto assets for now.

However, there is a bit of disagreement on this. Some experts believe that prices might bounce back soon. Others believe that crypto prices have not hit their low yet.

Summary

There is a lot of agreement and disagreement over whether these predictions will happen. However, there is quite good evidence to support them if you look at the crypto world right now. It is also worth noting that this is a young industry and anything is possible.

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Bitcoin

Dan Hedl: Satoshi’s Bitcoin Vision was a Viable Banking Alternative, not a New Visa for Payments

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The former Blockchain executive and a cryptocurrency veteran, Dan Hedl, has said that Satoshi Nakamoto, the creator of bitcoin, wanted bitcoin to be an “alternative to banks”, and not a “new visa.”

In a series of tweets on January 14, Hedl took up an argument with other cryptocurrencyenthusiasts who believe that the idea of Bitcoin was to be a currency for payments.

He argued that those who have this mere belief haven’t quite understood bitcoin’s full implications from Satoshi’s vision, which is clearly shown in Bitcoin Whitepaper. In his main tweet, he said that:

“Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.”

World Needed An Alternative Bank, Not Another Visa

In 2008 when bitcoin whitepaper was published, it happened that there was a financial crisis the same year. During that time, many had lost their trust in Banks, so it was perfect timing for bitcoin to be popularized. According to Hedl, Nakamoto has cleverly planted a seed at the right timing.

Hedl also noted that:

“How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let’s start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph: ‘The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.’”

Hedl believes that bitcoin is largely a store of value and not an alternative to payment networks such as MasterCard and Visa.

In a tweet, Hedl noted that:

“The world didn’t need a new VISA; they needed an alternative to banks.”

When it comes to capacity, though, bitcoin will outdo payment processing networks like MasterCard and Visa, especially through the Lightning Network, which allow transactions to be processed off-chain.

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Ford and LG to Use IBM’s Hyperledger Fabric Blockchain to Track Supply Chains to End Child Labor

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IBM will be working in order to improve the supply chain in the metals industry using the Hyperledger Fabric as a blockchain platform. The intention is to track cobalt that is mined in the Democratic Republic of Congo until it reaches a car maker plant. Another project will also be tracking metals from Mexico until they reach the Ford Motor Company plant.

The first project will start with a 1.5 ton of cobalt that will be mined in the Democratic Republic of Congo. After it, it will be transported to China, where it will be refined. In Korea, it will be used to create a battery and it will be used in the United States as a battery for an electric car. However, everything will be tracked using IBM’s blockchain.

With this pilot, each company will be checking that the material has been treated with the standards followed by the Organization for Economic Cooperation and Development (OECD). The information was shared by IBM’s general manager for global industrial products, Manish Chawla.

On the matter, Chawla commented:

“Blockchain is the most effective technology to provide real-time access to all the due diligence processes, provide visibility to the supply chain from the miners to the market. Our role in IBM is that we are bringing people together for this project and developing the platform.”

Although the intention is to improve the supply chain and have better control over the products handled there is still going to be needed human intervention. There will be inspectors controlling that the mines work properly and following international standards.

Currently, if there are workers that are working in bad conditions, the employee will be recording this on the system and the RCS Global headquarters will be alerted. In this way, they can inform the mine that the batch that they will deliver does not meet the international guidelines.

If everything goes as expected, the employee will just print a code bar that allows other companies and parties in the supply chain to confirm that this batch was mined according to international regulations.

Using blockchain technology the process will be easier. The initial monitoring will take place at the mining site. RCS employees will not have to be there full-time. Instead, everything will be auditing information provided by the management of the mine. Barcode tags will be used for assets on the blockchain and audits and other reports will be stored using an IBM server.

Each of the participants will be working as validators having their own nodes. As more companies join this pilot and program, the will have the possibility to have their node supported by IBM.

At the same time, using Hyperledger technology, customers will be able to protect their information. Companies will be able to share the information they have with third-party partners such as NGOs. In the future, and if the project succeeds, other companies could join such as automakers or electronics manufacturers.

IBM is also working with other companies such as the Canadian startup called MIneHUb Technologies, Goldcorp, Wheaton Precios Metals and many others, including ING Bank.

Back in 2018, IBM and other mining companies and refiners started to work together to leverage blockchain technology and improve the mining industry in different countries in Africa.

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