EOS Mainnet Grinds to a Halt Post-Launch as Transactions “Freeze” Unexpectedly

EOS’ blockchain has reportedly gone offline after an apparent bug in the mainnet caused the network to freeze unexpectedly.

EOS Network Bug

According to the EOS Authority, transactions on the EOS blockchain froze at 09:56 UTC. Block producers producers convened shortly thereafter to “identify and fix the issue.” At 10:57 UTC, the block producers turned off their nodes and backed up the network’s data to ensure continuity once operations are up and running again.

EOS’s official Telegram channel confirmed that the “Root cause was due to how deferred transactions were handled.”

As of 11:02 UTC, block producers had formulated a “method to unpause the chain” according to EOS Argentina’s official Steemit page. Normal EOS functions are scheduled to resume within the next three-to-six hours.

Following weeks of confusion and uncertainty, the EOS mainnet officially launched about two days ago after the blockchain received more than the 150 million votes needed to determine the entities that will maintain the network. At press time, more than 218 million votes have been staked. The current list of the top 21 block producers is as follows:

  • EOS Cannon
  • LiquidEOS
  • EOS Canada
  • EOS Beijing BP
  • EOS Authority
  • EOS.Store
  • EOS Cafe Block
  • EOS New York
  • EOS Gravity
  • Bitfinex
  • EOS.42
  • Cypherglass
  • Argentina EOS
  • EOS Sweden
  • EOS South Korea
  • Huobi Pool
  • EOS Rio Brazil
  • EOS Seoul
  • ZB EOS
  • EOS Asia

Although initial voting for network launch has concluded, the voting for block producers is ongoing. This means block producers can be voted out of the top 21 at any time.

EOS Market

The EOS blockchain is the world’s fifth-largest by market cap after a yearlong crowdsale by parent company Block.One raised more than $4 billion in revenue. As the latest bug demonstrates, the launch of the highly anticipated network has faced several stumbling blocks ranging from technical glitches to user distrust over third-party software. Uncertainty over the voting process has also been a factor.

The value of EOS dipped more than 4% Saturday to reach $10.46 a token, according to CoinMarketCap. Daily trade volumes topped $715 million.

EOS’ total market capitalization is $9.4 billion. The blockchain peaked in April near $18 billion.

Over the past seven days, EOS tokens have shed more than 27% in value. Comparable declines have been reported by IOTA, Tron and Neo. The combined value of all cryptocurrencies is currently $276.4 billion after bottoming near $264 billion earlier in the week.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi