According to EOS New York, the main reason for the problem is improper configuration of nodes, which should be set at 64 GB. The other reason could be the availability of only 1GB at the nodes.
EOS New York also complained that the block producers who ended up having their systems crashed were not following the elaborate guidelines provided in the agreement. Therefore, EOS New York, which is still making a detailed assessment of what had gone wrong, is almost certain that the BPs are at fault.
The tweet immediately created doubts in the minds of cryptocurrency investors and EOS community, who wanted to know whether there are any issues with the blockchain.
The network is live and did not experience any disruption.
— EOS New York (@eosnewyork) July 8, 2018
EOS New York promptly replied that the chain is live and free of any issues. Even though the clarification brought relief to the crypto enthusiasts, still, the network remains one of the controversial projects. Many have alleged that the basic functioning of the network is against the basic theory of a blockchain network, which should be as much decentralized as possible.
A recent study of the EOS network has shown that nearly 90% of the cryptocurrency supply is held by the top 1.6% of holders. Recently, the BPs froze 27 accounts on the blockchain, based on a near unanimous decision by EOS Core Arbitration Forum (ECAF), reflecting the level of control a few parties have over the network.
Following the disappointment and distrust the decision caused among EOS community members and investors, Dan Larimer, the architect of EOS has put forward a new constitution, which would remove most of the powers held by the EOS Core Arbitration Forum (ECAF).
Notably, Bitmain, an organization alleged to have a near monopoly over ASIC mining, has qualified to become one of EOS network’s Block Producer candidates. Bitmain, which is worth more than $12 billion, was co-founded by Jihan Wu, a vocal supporter of Bitcoin Cash. Bitmain owns two of the top BTC mining pools and has a stake in ViaBTC. This has effectively given Bitmain the power to potentially pull a 51% attack on the Bitcoin network. Bitmain also hogged the limelight when it invested $50 million in Opera web browser’s IPO.