EOS Price Surges Another 14%; Is Block.one Launching a Social Network on June 1?

Siamak Masnavi
  • 28 May 2019
  • /
  • In #EOS

On 2 June 2018, Cayman Islands company Block one, released version 1.0 of EOSIO, the blockchain protocol software that is used to run the EOS network. As we get closer to June 1, the one-year anniversary of this event and the date for a major announcement by Block.one, there are signs that the company is planning to launch an EOS-powered social network.

EOS Price Action

But first let's take a look at the recent price action of EOS, the world's fifth most valuable cryptoasset by market cap. 

According to data from CryptoCompare, at 10:00 (UTC  + 01:00) on May 27, EOS was trading at $6.98, and at the of writing, which is 10:00 (UTC + 01) on May 28, EOS is trading at $8.15, i.e. up 16.43% in the past 24-hour period, making it the highest gainer amongst the top 100 cryptoassets:

EOS - 24 Hour CC Chart - 28 May 2019.jpg

Even more impressively, in the past three-month period, the EOS price has gone up almost 130%:

EOS - 3 Month CC Chart - 28 May 2019.jpg

Here are the return on investment (ROI) figures that show how EOS has performed against the U.S. dollar over various periods:

  • year-to-date: +209.47%
  • one week: +25.85%
  • one month: +66.27%
  • three months: +129.78%
  • six months: +165.98%

Block.one's June 1 Announcement

The first tease about an EOS-related event/announcement on 1 June 2019 in Washington, D.C., came from Block.one on March 25:

And this is what Block.one CTO Daniel Larimer posted to Twitter on 20 February 2019:

However, in general, most of the Larimer's more juicy comments (i.e. those that could be related to this announcement) have been on Telegram:

  • March 4: "A public roadmap will disclose everything we have been and will be working on.A date has been set.."
  • March 13: "When the time comes out marketing will be beyond anything seen in crypto. But before you can market you need an onboard strategy that can convert user and a service that can retain them."
  • March 25: "June will be biggest news since eosio announcement."
  • March 28: "Trumps advisors know about block one. Everyone in dc wants to talk with us."
  • March 28: "We will not sell data to advertisers."
  • March 28: "We will not collect data like Facebook does."

We also know that Block.one have been awarded a trademark for MEOS. Here is a partial description of the purpose of this trademark (this description is from Block.one's trademark application):

"providing temporary use of non-downloadable web and mobile application software for virtual community, social networking, photo sharing, electronic media sharing, and encrypted or otherwise secured messaging and media transmission; computer services, namely, creating on-line virtual communities for users to organize groups and events, participate in discussions, and engage in social, business, and community networking; hosting an interactive web site that allows users to create profiles and participate in a social network in the field of blockchain and distributed ledger technologies..."

Another bit of clue arrived yesterday (May 27) when EOS Block Producer "EOS New York" revealed via the following tweet that Block.one had just purchased 3.3 million EOS of RAM:

The above hints/clues together with other rumors we have heard seem to suggest that Block.one might be planning to announce several things on June 1:

  • a roadmap;
  • EOSIO 2.0; 
  • an EOS-powered social network (i.e. an EOS DApp), with a free EOS account for every user to make onboarding easier and perhaps some free EOS tokens to get them started.

Perhaps not all of these predictions will come true, but in any case, if you are at all interested in EOS, you should mark 1 June 2019 on your calendar since given all of the hype built up around this event since March 25, this is bound to be an exciting event. 

Featured Image Courtesy of Block.one

Hacker Leverages EOS REX to Steal More than $110,000 in Crypto

Michael LaVere
  • Hacker has exploited a bug in gambling app EOSPlay to steal more than $110K in crypto.
  • Scam artist is using EOS REX to leverage CPU resources and flood the EOSIO network. 

A hacker was able to exploit a bug on EOSPlay in order to steal more than $110,000 in cryptocurrency.

Gambling App Manipulation

According to a report by CryptoSlate on Sept. 14, a hacker spent $1,000 in EOS in order to steal more than $110,000 in crypto by leveraging an exploit in the EOS-based gambling application EOSPlay. The scam involved the use of the largest EOS decentralized financial platform EOS REX, which lends crypto in exchange for additional CPU usage on the network's blockchain. 

The report explains the hacker used REX to ensure that blocks were continuously filled with their transactions, thereby allowing them to win every roll on the gambling app.

In addition to exploiting the gambling platform, the report says the flood of =transactions have essentially frozen network function and made EOSIO “unusable.”

Due to leveraging CPU resources through REX, the hacker has crowded out others from participating on the network. Twitter account eosioAlabama described how the hacker could have manipulated the dice roll outcomes, 

The billing rate dynamically increases for CPU and everyone basically gets locked out unless they have more eos staked than the attacker. The attacker had about 1 million eos staked to cpu from Rex in this case

Other EOS users have taken to Twitter with the troubling news that the hacker’s impact may be expanding beyond REX and EOSPlay.

Featured Image Credit: Photo via Pixabay.com