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Asian Entities Seek “Partners” to Manipulate EOS BP Voting

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Controversy is always looming around the corner in the cryptocurrency industry. A lot of shady deals are going on, although not all of them will have any lasting effect. In the EOS ecosystem, various proxies have been approached by third parties looking to gain control over their “votes” and to create value. It is a very problematic turn of events, although one that might not cause any problems as of yet.

THE EOS PROXIES ARE POPULAR

It is evident every cryptocurrency network has nodes or members which depict a certain degree of network value. As far as EOS is concerned, that value doesn’t just come from block producers, but also proxies which operate on the network. As is to be expected, a fair few proxies tend to lose traction over time as others move to the forefront.

Despite their “loss” of value, it seems those proxies are still of interest to third parties, primarily originating from the East. These entities aim to obtain the rights of as many proxies as possible and are even willing to “create value for EOS holders’ in doing so. While this makes for a seemingly legitimate business model at first, there is something far more nefarious going on behind the scenes. 

PROPAGATING BP VOTES

The main purpose of gaining authority of an EOS proxy is to influence the votes which are given to certain block producers. Although anyone in the world can create their own proxy or become a new block producer as they see fit, obtaining an established party is an easier and quicker way to what is perceived as a guaranteed success. 

Multiple conversations have been shared on Twitter regarding the approach by Asian “investors”. They all seem to target EOS proxies which are losing traction. As such, they want them to vote for certain block producers, for which they will receive a financial compensation in return. It can be a somewhat lucrative venture for those willing to throw away any credibility, but everyone else isn’t really interested. As such, there is no reason to expect any immediate repercussions due to this behavior. 

A PROBLEM AT THE CORE?

If there is one thing to take away from all this, it is how EOS’s core infrastructure could allow for BP voting manipulation. This was known from the start, although little has been done to prevent it from happening. While any wrongdoings will become apparent fairly quickly, a lot of damage can be done before that happens. As such, one has to question if this approach needs to undergo changes now or in the future. 

It would not be the first time BP voting manipulation takes place on EOS either. Last year, numerous parties were accused of doing exactly that. While no official proof was offered at that time, it seems some entities are more than willing to go down the dirty tricks route. One also has to keep in mind collusion would cost a lot of money in the EOS ecosystem, and might not necessarily be worth pursuing. That said, nothing is impossible, and all options remain on the table until further notice. 

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EOS

Daily Tech Analysis for EOS -18/01/2020

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EOS

EOS gained 1.52% on Friday. Following on from a 1.94% rise on Thursday, EOS ended the day at $3.8961.

A bullish start to the day saw EOS rise to a late morning high $4.0500 before hitting reverse.

Coming up against the first major resistance level at $4.0163, EOS slid to an early afternoon intraday low $3.7334.

Steering clear of the first major support level at $3.5894, EOS broke back through the first major resistance level to a late intraday high $4.0623.

A second pullback to $3.7 levels and into the red was short-lived. EOS found support late in the day to close out in the green.

At the time of writing, EOS was up by 1.1% to $3.9390. A mixed start to the day saw EOS rise from an early

morning low $3.8767 to a high $3.9976 before easing back.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to move back through to the morning high to $4.00 levels to support a run at the first major resistance level at $4.0611.

Support from the broader market would be needed, however, for EOS to breakout back through to $4.00 levels.

Barring a broad-based crypto rally, Friday’s high $4.0623 and first major resistance level would likely cap any upside.

Failure to move back through the morning high to $4.00 levels could see EOS hit reverse.

A fall back through to sub-$3.90 levels would bring the first major support level at $3.7322 into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $3.5684.

Looking at the Technical Indicators

Major Support Level: $3.7322

Major Resistance Level: $4.0611

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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EOS price analysis: EOS/USD creeps above the 20-day Bollinger Band

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  • The bulls are aiming for the $3.50 psychological level.
  • The Elliott Oscillator shows sustained bullish sentiment.

EOS/USD daily chart

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Following a bearish Monday, EOS/USD bulls jumped back into the driver’s seat and took the price up from $3.10 to $3.29. EOS/USD is trending in an upwards channel formation and has crept above the 20-day Bollinger Band, indicating that the asset is overpriced. This, along with the fact that the Relative Strength Index (RSI) has crept into the overbought zone, both hint that bearish correction may be round the corner. Both the Moving Average Convergence/Divergence (MACD) and Elliott Oscillator indicate sustained bullish sentiment. 

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EOSIO 2.0 upgrade bridges the gap for new developers

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  • EOSIO is focused on removing the barriers for new developers joining the industry.
  • Developers on EOSIO 2.0 will be able to go from start to ready-to-build within minutes.

Block.One, the official developer for EOS blockchain recently released an upgrade that makes the protocol “faster, simpler and even more secure.” EOSIO 2.0 according to the official blog post will enhance performance and bring onboard new developer tools.

Accord

ing to Block.One, EOSIO is built independently from the ground up while keeping blockchain in mind. The key focus is also to remove barriers that new developers face within the industry. With this in mind, EOSIO 2.0 features an EOSIO Quickstart Web IDE; “development tool that allows new developers to go from start to ready-to-build in minutes.” A section of the blog post states:

EOSIO Quickstart Web IDE: A powerful, new, self-contained, web-based integrated development environment for building EOSIO smart contracts and associated web applications. It can be set up in minutes, run in any browser, and helps lower the barrier to entry for new EOSIO blockchain developers.

EOS price update
EOS is trading 3.5% lower on the day in site of the release of the new software. An intraday low formed at $3.0 is serving as support at the time of writing. EOS is trading at $3.10 amidst a bearish trend and shrinking volatility.
 

source: fxstreet

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