Coingape - 2/22/2020 4:04:15 AM - GMT (+0 )
The automated blockchain engine on Coinbase seems to facing network issues with EOS. Reportedly, it has halted EOS sends/receive until they continue to investigate the issue.
The twitter handle of Coinbase Support notes,
The EOS network is currently experiencing degraded performance levels. EOS sends have been temporarily disabled and receives may be delayed. Buys and sells of EOS within Coinbase are functioning normally. We’ll keep you posted as service returns to normal.
A similar warning was raised on 19th February as well of ‘degraded performance.’
Coinbase Announcement on 19th February Network Issue Reports in AbundanceA reddit user posts about the inability to transactions on EOS due to “not enough CPU power (not enough staked).” Sashat77 notes,
Reddit User Raises Issues on EOSIt seems like possibly an attack to jam the network or not enough stakers/bakers, or worse validators going office. There is already a lot of centralization doubts around the validators/stakers being a small group of entities.
According to EOSparks data, the price of CPU and RAM on EOS has been dipping in the last 24 hours. Moreover, EOStitans’ 3 month chart shows a massive decrease in the daily staking volume on EOS.
EOS Staking Volume (Source)Furthermore, according to a recent report by Binance Research, the centralization in voting of the selection of 21 super nodes seeming to rising considerably as well. The report also cites,
Binance Research Report on Number of Voters (Blue)Out of the original 21 block producers, only five of them are still producing blocks at all. One of the remaining BPs completely unregistered as a BP and stepped away from EOS, while the rest are in standby and not part of the top 21.
As recently reported on CoinGape, the daily active addresses on EOS has also seen a drastic fall since last year.
Price AnalysisDespite network congestion, the market on crypto exchanges operate independently. Even on Coinbase the trading is active. Nonetheless, the network issue seem to be having a negative effect on price as well.
The price of EOS has been in a downtrend, falling over 8% on 19th February. Currently, it is testing the bottom of the channel for support. A bearish cross between the 50 and 200 EMA is also realized on Bitcoin charts.
EOS/BTC 4 hour Chart on Coinbase (TradingView)Do you think Block.one will be able to revive/drive the network to good performance? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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