EOS Launches Blockchain
EOS finally launched its own Blockchain this weekend on June 2 after a long one-year Initial Coin Offering. This ICO garnered massive $4 billion in funds – make the EOS ICO the largest till date. The last day of the ICO ended with the price of EOS at $12.32 per token.
EOS Blockchain EOSIO Release
The price of EOS shot up on Saturday post the release of the new mainnet, reaching an intra-day high of $15.61, the highest the cryptocurrency has been since May 11. However, by the end of the day, the price settled down to $14.74 per token.
The new mainnet, EOSIO was released on Saturday without too much trouble. During the launch, the EOS tokens that were held in the ERC-20 Blockchain were locked, and cryptocurrency exchanges across the world had frozen all EOS withdrawals as well as deposits. This was done to facilitate the migration of all EOS tokens from the Ethereum network to the new EOSIO network.
Thanks to the freezing of all EOS related transactions, the price of EOS soared over the weekend. However, since the original surge, the value of EOS is now settling down. At the time of writing, the price of EOS is now $14.05, which is still higher than its price at the end of the trading week on Friday.
Investor Concerns about EOSIO
Analysts are speculating that another reason for the slip in prices is because of Block.one’s hands-off attitude towards the new Blockchain. The company behind the creation of the world’s number 5 cryptocurrency has said that the development and management of the EOSIO network is in the hands of its community.
Added to that, the company also released a blog post, stating that it did not guarantee that the new network was going to be free of errors, bugs or faulty code – or that it would perform as intended. The Block.one blog claimed that the Blockchain has been implemented by the developers at their own risk.
To make matters worse, the Chinese internet security company Qihoo 360 said that it had detected numerous vulnerabilities that were a high risk to the network’s security. It stated that these weaknesses left all EOS nodes open to attack. The development team at EOS reportedly fixed these issues the same day that they were reported.
The good news was that Block.one also announced that it had entered into a partnership with SVK Crypto, an investment firm, to launch a $50 million fund to help support the development and growth of the EOSIO ecosystem.