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EOS faces 6 major problems, according to new study

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Despite its status as a top 10 token, the crypto community’s confidence in EOS has been relatively low since the launch of the mainnet back in 2018. A recent report has identified six major technical and governance problems that the network faces.

EOS makes use of a proof-of-stake (PoS) protocol, as opposed to the proof-of-work (PoW) mining systems that are used by most major coins. It is currently the most high-profile crypto network to use PoS, although Ethereum (ETH) may be pivoting towards this sometime in 2019. EOS is also one of Ethereum and Tron (TRX)’s major rivals for dApp development.

These unique features led many to see significant potential in EOS, and the network tops the monthly blockchain rankings released by China’s Center for Information and Industry Development (CCID) almost every time.

However, there have been many security issues and other flaws since the launch of the mainnet, and the EOS team has paid out more to developers in bug bounties than any other network.

This latest report from Chinese media outlet ODaily has broken down the issues that EOS faces into six main points. The first two problems that the network needs to confront are related to the supernode mechanism. The report questions the fairness of the election system for the 21 ‘super-nodes’ that act as block producers, and also suggests that profitability is relatively low for all other nodes.

Other problems are related to the “status quo of rights allocation” between BPs and the ECAF (EOS Core Arbitration Forum), as well as the network’s RAM issues and CPU usage. Furthermore, as with other dApp-focused blockchains, the eco-system is relatively limited, with simplistic gambling-based platforms like EOSBet and EOSDice dominating the network. Finally, the report reiterates how many security vulnerabilities have been identified with EOS.

Source. chepicap

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EOS

Top 7 Best EOS Wallets for storing tokens and collecting airdrops – 2019 Edition

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Designed as a scalable and user-friendly version of Ethereum, EOS is a blockchain platform for the development of decentralized applications (dapps). Like Ethereum, EOS is a smart contract hosting platform designed to make dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of. The goal of EOS, at launch, was to bring together the best features and promises of the various smart contract technologies available on the market (e.g. computing support of Ethereum, security of Bitcoin) in one simple to use, massively scalable dapplication platform for the everyday user to empower the impending blockchain economy.

A key part of EOS is the delegated proof of stake (DPOS) consensus algorithm, which is designed to meet the performance requirements of decentralized apps on the blockchain – including the handling of millions of users. It’s important to note that the EOS blockchain does not experience any forks because block producers cooperate to produce blocks rather than compete. In the event there is a fork, consensus automatically switches to the longest chain.

The EOS project is being developed by a company called Block One, which is a Cayman Islands exempted company. It is led by Dan Larimer (co-founder of both Bitshares and Steemit) and Brendan Bloomer, who provide some serious experience in the crypto world.

The platform also has a lofty vision and game-changing features on the roadmap. The community behind EOS is vibrant and global, and there is a lot of hype and a lot of excitement about the project. Meetups are common, art is being created, and the Telegram group is active. Also, EOS communities can be found on FacebookTwitter and Steemit. If you want to learn more about the project, visit their official website or read their whitepaper.

EOS wallet

The EOS (EOS) token is the cryptocurrency of the EOS network. The EOS token is an Ethereum blockchain based token. The EOS token is one of the most popular tokens out there.

Today, the token has a market cap of over $2 billion and is firmly established as one of the 5 biggest digital currencies by market cap. The EOS token distribution is taking place over a 341 day period, a period that is designed to give everyone enough time to research the project and community and still be able to participate.

EOS is different to Ethereum because you have to create your EOS account name before using the wallets. EOS account is a 12 characters long human-readable name that is stored on the blockchain.

It can be owned through authorization by an individual or group of individuals depending on permissions configuration. An account is required to transfer or push any valid transaction to the blockchain. – from EOS developer platform.

How to create EOS account names?

EOS accounts can be created from ZEOS. Please use this at your own risk and always research if this tool can be trusted.

Best EOS Wallets

FreeWallet (mobile)

freewallet

Freewallet is crypto wallet with an aim to simplify crypto specifics and make access to coins easier. The Freewallet Family includes dedicated wallets for 30+ popular cryptocurrencies available on Android and iOS, as well as a Multi-currency wallet app with a web interface. The wallet also offers multi-signature options as well as a limit to number of transactions per day/week as a form of theft and risk mitigation.

It is very simple to use and you can sign up using email or FB & gmail. Security options are available like 2FA, pin code, Email confirmation and it is a multicurrency wallet with free transactions among FreeWallet users.

Infinito Wallet (mobile wallet)

infinito wallet

Infinito Wallet is a universal mobile wallet that allows you to store an extensive range of coins and tokens. Not only does it support EOS mainnet coins, it also lets you store bitcoin, Ethereum, Bitcoin Cash, Litecoin, NEO NEP-5 tokens and all ERC20 tokens.With Touch ID support, Infinito Wallet offers fast and convenient access to your cryptos without sacrificing security. This multilingual app will also support 12 languages by the end of Q3 2018 and offers an intuitive interface that novice users should be able to understand quickly. Your private keys remain on your device, and your passphrase and private keys are fully encrypted.

And, with a host of positive reviews from Android and iOS users, Infinito Wallet is well worth checking out for anyone looking to store EOS alongside a range of other currencies.

GreyMass EOS Voter Wallet (Desktop)

greymass

Greymass aims to build tools to enable everyone to understand and use EOS, and further, bring this ease-of-use to the masses. This is an open source software, which will act as the foundation for their full GUI Light Wallet.

The best part is that the keys are encrypted with AES-256 encryption, even if you leave the device, you won’t lose your key as it will be stored in your device. You can choose your desired API node to vote, which is a way more secure solution than voting through the website interface. It allows you to support your EOS and even vote for producers, which is one of the important facets of securely launching and approving the main EOS network.

Scatter – Best EOS Browser Wallet

scatter wallet eos

Scatter is an EOS wallet that is accessed through a Google Chrome browser extension. The extension is free to download and there is no requirement to provide any personal information, which helps protect your privacy.

Although the installation process is simple, the design of Scatter can be somewhat confusing for newcomers. As a result, if you are a beginner, this wallet might not be suitable for you.

When it comes to safety, although browser extensions typically offer the lowest level of security, Scatter has some notable features that you should be made aware of. Firstly, the Scatter wallet uses something called “Single Sign On,” which in layman’s terms, means that you don’t need to supply your private keys to mark a transaction as valid. Your login credentials (including your private keys) are stored locally on your desktop device, which adds an extra safeguard. If you need to engage with the blockchain to send funds, Scatter uses an “Encrypted Hashed Fingerprint” method, which ensures that your privacy is not exposed to third parties.

On top of supporting EOS, the Scatter wallet is also compatible with Ethereum. Future developments planned by the Scatter team include supporting more cryptocurrencies and launching the mainnet version of their desktop device.

SimplEOS (Desktop Wallet)

simpleos

Desktop wallets are considered more secure than mobile apps, but really are still no more secure than your PC. The SimplEOS was designed with one purpose and that’s to interact with the EOS ecosystem. You’ll find compatibility with all aspects of the EOS.io software and there are versions available for Windows, iOS and Linux.

Quick and easy to download and install, the SimplEOS makes it a breeze to send, receive and hold EOS coins. There’s support for EOS airdrops and a voting portal, plus it offers support for multiple accounts.

The downside is that EOS coins are all you can store with SimplEOS. If you need to store other coins you’ll need another wallet.

Future upgrades include secure delayed transactions and mobile wallets for both Android and iOS.

Guarda Wallet

Guarda Wallet apps are Android and iOS light wallets designed to store, manage, transfer and receive cryptocurrency tokens. The applications also include an option to purchase coins with a banking card and top up wallets via built-in Exchange service.

The full list of features includes:

  • Receiving and sending the currencies
  • Transaction history
  • Built-in exchange
  • Purchase with fiat
  • Import and export of the private keys
  • Wallet backup

Unlike many other wallets, Guarda doesn’t store any client information, wallet data or private keys. The private key is stored in the device’s secure memory and deletes itself if you log out from the wallet. This feature makes it one of the most recommended EOS wallets.

 

EOS Paper Wallet

A paper wallet is a cold storage wallet that is one of the safest ways to store your crypto since it’s obviously never connected to the internet, meaning there’s no way a hacker can steal the private keys stored on a paper wallet.

There are some downsides to using a paper wallet. It can be physically stolen, and it can be destroyed by fire and water, or simply by being torn apart.

If you choose to use a paper wallet it’s recommended you make several copies and store them each in different, secure locations.

Here’s a paper wallet generator for EOS on Github.

Source: captainaltcoin

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EOS price analysis: Bulls hibernate amid general market slumber

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  • EOS is locked in a tight range as bulls hibernate.
  • The sideways trading is bound to continue in the short-term.

EOS is stuck in a bear range unable to correct higher. Since the drop last week on Thursday, the as the trend has been uneventful with the price remaining between the upper range limit at $2.5 and the support at $2.4.

The asset opened the day’s trading at $2.46, however, it has made subtle downside correction to the current value at $2.45. The current consolidation is likely to continue in the near-term. Besides, the Relative Strength Index (RSI) is ranging around 50. The RSI has remained in this position since the opening session. Prior to the current lull, there were other low activity trading sessions over the last weekend that resulted in a brief slide that tested the region below $2.3.

The Moving Average Divergence Convergence (DMI) in the same 1-hour range has its movement tied to the mean line. This means that the sideways trend will prevail. Marginally above the current value, EOS is limited by the resistance from 21-day Simple Moving Average (SMA) while supported by the 50-day SMA.

ESO/USD 1-hour chart 

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Only 52% of EOS accounts are active – ICO Ratings

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  • EOS network is cluttered with dead accounts that still hold coins worth of $17,000.
  • The total amount of active addresses does not exceed 52%.

EOS has settled in top-5 cryptocurrencies according to CoinMarketCap rating. Being a popular coin with a total market value of over $2B it has the largest total transactions volume across over 600,000 accounts registered within the network.

The project claims to be an “Ethereum killer,» but there are some doubts that the protocol is really effective to beat its rivals. Experts of ICO Ratings applied the solution developed by Unchained Capital to see how cluttered EOS blockchain is. The tool was initially created to define the cluttered state of Bitcoin, so the analysts from  ICO Ratings had to adjust in accordance with EOS structure.

It is essential to understand, that the number of transactions available for a certain user depends on the number of coins on their balance. That’s because users have to «freeze some tokens» on their accounts to make transactions. Thus, accounts with a balance are bigger than zero, but smaller than the cost of a transaction, are effectively dead. As they cannot be either used or removed, and they clutter the whole network.

ICO Ratings found out that currently there are over 190,000 accounts with an ineffective balance, which is nearly 30% of the total account number. They hold 6,981 EOS coins worth of almost $17,000 at the time of writing.

Considering that 115,000 accounts have zero balance, only 52% of all EOS addresses are really alive.

Source: fxstreet

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