EOS News and Price Analysis: EOS Is Not for Passive Holders! Old accounts may be auctioned in the future. Tuesday, June 19
Important EOS News
Bug In EOS Code Will Lead to Hack On Exchange
A yet to be identified bug in the EOS blockchain code will give hackers access to hack an exchange's hot wallet before long. This assertion was made by a Cornell University professor, Gün Sirer who said that the blockchain which was launched last week poses a threat to exchanges even though no one was sure where the fault in the code is located.
Sired said in a tweet “I’m calling it: there will be a massive exchange hack within the next year, taking advantage of an EOS vulnerability. That exchange will lose its hot wallet.”
EOS launches its blockchain last week after a year long ICO that has been criticized as unending by many. The crowdsale which generated more than $4 billion is meant to build a smart contract platform that boasted it will be the Ethereum killer.
EOS Blockchain Operational Again After Being Paused for One Day.
The recently launched EOS blockchain was pause a couple of days ago due to some technical hitches but have resumed operation yesterday, EOS according to data available from the network monitor.
The network block producer, the equivalent of miners in the Bitcoin Network have started production, the source said.
The freezing of the EOS Mainnet was as a result of some technical issues noticed on the blockchain just days after launch prompting some criticism of the network.
Dogechain creator Jackson Palmer in a tweet said that the pause and other issues observed with the EOS network leaves a lot to be desired. According to him, a well funded network such as EOS experiences pauses makes it hard not to get critical.
EOS Is Not for Passive Holders
It is a known fact that many coin holders view them as long term assets. The EOS network doesn't seem appropriate for that judging from the network constitution which hints that all accounts not active for 3 years shall be auctioned.
Article XVII of EOS’ Constitution states:
A Member is automatically released from all revocable obligations under this Constitution 3 years after the last transaction signed by that Member is incorporated into the blockchain. After 3 years of inactivity an account may be put up for auction and the proceeds distributed to all Members by removing EXAMPLE from circulation.
EOS Price Analysis
EOS/USD Price Chart, Tuesday June 19th:
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