Daniel Larimer on the CPU Issue Calls it a Far from Normal ScenarioDecember 3, 2019
The total market cap of EOS is at $2.52 billion. Nearly, $1.67 billion worth in EOS was traded in exchanges. Over the past 24 hours, one EOS coin has been changing hands at $2.67 or 0.00036601 BTC on the popular cryptocurrency exchanges. Over the past seven days, the EOS has been trading higher versus the USD.
On December 02, 2019, the price of the EOS started at a level below $2.760. The price line escalated to $2.840 level and eventually to the day’s high at $2.857. The price movements were ruffled, and it reached $2.740, further pulled back, and went down to $2.680. The price line went down to 2.680.
There was a CPU collapse on the EOS network, and Daniel Larimer had to explain the root cause of the problem to identify a way out. There was an airdrop, and the traffic was heavily congested, and the participants were not able to use the CPU. The demand for the transfers in airdrops was very high and, Resource Exchange (REX), the “market” of CPU used for EOS transactions, was running out of EOS tokens to lease. The bandwidth which will be allocated to the users will depend upon the numbers of tokens one has; the transactions got congested. The distribution is cited to be the major reason for the CPU issue.
The CPU issue situation happened in a far from the normal scenario. When talking about the way out, it was published thus: “To avoid such situations, 100% of all CPU time should be leased by the system contract at an EOS price which will grow exponentially with and the percentage of CPU leased should increase simultaneously.”
There are a community of developers, designers, and entrepreneurs Building on EOSIO, and they are happy about the high-speed infrastructure, which allows anyone to build applications. The issues in the previous generations of blockchain are addressed, and newer upgrades are introduced into the system. The features provide for several use cases spanning across all industries which fit into the blockchain technology. The tools for developers are robust.
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