EOS 800x500 - EOS Price Trails Behind; DApp Issues Plague Progress

EOS Price Trails Behind; DApp Issues Plague Progress

The EOS platform is designed to host dApps and other blockchain-based projects. Shortly after the conclusion of its record-setting ICO, things seem to be improving at an accelerating pace as different projects launch on the mainnet. But, recently there have been three separate incidents affecting a few dApps which suggest the smart contract code may not be at its best just yet.

DEOSGames “Attack”

Smart contracts are usually prone to wrong coding, bugs, and many other issues which only become visible after the project goes live. The DEOSGames code is no exception and its smart contract code should have been audited properly before going live.

It did not take long before one user found a weakness they could explore for personal gain. The user managed to get $26,000 worth of EOS by triggering two dozen jackpot payments in less than 60 minutes. As impressive as this might seem, one can only wonder why there is no system in place that can flag such suspicious behavior.

So far, the issue seems to have been rectified and the overall services have not been affected by the incident.

EOSBet Gambling Bleed

Crypto enthusiasts always seem to be drawn to gambling services and applications. So it’s not a surprise that the EOSBet is the dApp that tends to generate the highest transaction volume (as of now). However, some concerns have been raised in this area. Nobody seems to know why the system paid out almost 126,000 EOS to a single user in less than 48 hours.

The only answer can be either the individual is extremely lucky or they have found a weakness they can exploit. Given that doubling one’s money over many bets in a row is very rare when it comes to gambling, the fact that there are no other winners noted on the EOSBet platform during the individual’s rout makes it peculiar.

But, the dApp developer has come out to reassure the users that all is well and nothing is wrong with the system. He concludes by saying some people are just born lucky.

Trybe’s Unauthorized Access

This seems to be the biggest issue for EOS since the launch of the mainnet. The developers of the dApp were keen on distributing tokens to different EOS accounts as part of an airdrop campaign. Even though the plan worked well, the team ended up giving some accounts more tokens than the others.

After realizing this mistake, the Trybe team decided to retrieve the tokens from user wallets without their consent. And this has the EOS community disgruntled for obvious reasons.

This shows how the EOS blockchain is easily mutable which is good in cases like this but will definitely spark new debates over the next few months.

EOS Price Consequences

These mistakes have not gone unnoticed. Concerns abound in the EOS community and while the rest of the market has enjoyed a 10-20% increase over the weekend, EOS has lagged in its progress; gaining in USD but losing in ratio to ETH and BTC. On Sunday it was briefly replaced by Stellar for the 5th spot in total market cap; though it has since regained that position.

The strong technology of EOS is what has attracted investors to it; including the $4 billion it raised in its long ICO. If it keeps being exploited, we should expect to see price drops at a potentially concerning level.

 

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology

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