EOS.IO successfully upgrades to version 1.8 in first consensus hard fork 🚨 This article is 5 years old...
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EOS.IO successfully upgrades to version 1.8 in first consensus hard fork
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Updated: Nov. 7, 2019 at 2:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
EOSIO successfully implemented its first ever consensus hard fork in its v1.8 upgrade. The new version brings “major enhancements” to the blockchain in hopes of “paving the way for a more secure and scalable future.”
Improvements to the EOSIO blockchain
The version 1.8 upgrade focuses on allowing users to interact with the EOSIO blockchain more cheaply and with more functionality than previous iterations of the network.
Following the upgrade, Brendan Blumer—chief executive of Block.one, the firm responsible for EOSIO’s development—said:
According to block producer EOS Authority’s breakdown of the upgrade, v1.8 will help users in four ways: provides the ability to bill network resource usage to external accounts, faulty (“deferred”) transactions are more easily rectified, using dApps will cost less than before, and the security of the network has been “enhanced.”
While details of the upgrade were revealed months ago, activation of v1.8 comes shortly after EOSIO was exploited through a network resource congestion attack. For just $1,200 an attacker was able to render the network “unusable” for two hours for many users while siphoning over $110,000 in EOS from the gambling dApp EOSPlay.
More technical members of the community argued that the latest upgrade will prevent future instances of network congestion attacks from taking place.
EOS developer Phil Smith told CryptoSlate the network upgrade would allow dApps to maintain a minimal level of activity, even during periods of network clog—a network characteristic that was fatal to EOSPlay as it was exploited.
Laying the foundation for EOS “Voice”
Version 1.8 is purportedly key to Block.one’s next large initiative—Voice.
On June 1—the first anniversary of EOS—Block.one unveiled Voice. Promoted as a more transparent social media platform, Block.one frames Voice as the “healthy” social media platform. The platform would follow Block.one and Dan Larimer’s other social media blockchain, Steem.
“Through a truly self-sustaining economy of ideas, users will directly benefit from their ideas and engagement on the platform,” Block.one asserted, seemingly trying to set the flagship social media platform apart from incumbents like Facebook and Instagram.
As of yet, there haven’t been many concrete updates on much-promoted platform. Though, Blumer has said the platform will give “influencers” the opportunity to earn millions. EOS Authority stated that v1.8 is “essential in launching Voice.”
The latest update enables one key feature Voice needed: allowing developers to assume the cost of network resources. Now, dApp developers—including the team behind Voice—can opt to pay for network resources, like RAM and CPU, on behalf of users.
The latest upgrade is another step toward improving the EOSIO blockchain while addressing some of the concerns in the wake of the network congestion exploit. Though, the upgrade went live within the last 24-hours, so the community’s full reaction to the changes are yet to be seen.
EOS Market Data
At the time of press 2:27 am UTC on Nov. 7, 2019, EOS is ranked #7 by market cap and the price is down 2.27% over the past 24 hours. EOS has a market capitalization of $3.45 billion with a 24-hour trading volume of $1.88 billion. Learn more about EOS ›
Crypto Market Summary
At the time of press 2:27 am UTC on Nov. 7, 2019, the total crypto market is valued at at $257.24 billion with a 24-hour volume of $58.56 billion. Bitcoin dominance is currently at 68.39%. Learn more about the crypto market ›
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EOS
$0.85403
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
Steem
$0.31738
Steem is a blockchain-based social media platform where anyone can earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest..
Block.one
Block.one is a software publisher specializing in high-performance blockchain technologies.
Based in Hong Kong, Brendan Blumer is an American entrepreneur, executive, and investor who currently serves as the CEO of Block.one.
Daniel Larimer, a renowned software programmer and cryptocurrency entrepreneur, has significantly contributed to the evolution of blockchain technology and digital currencies.