EOS Price Nosedives after Daniel Larimer Announced His Resignation as Block.one CTO
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EOS developer, Block.one has recently come out to clarify the recent EOS Network performance, describing the early claim by Coinbase as inaccurate.

In a blog post titled “Block.one Updates Community on EOS Network Performance”, shared via its official website on 29th February 2020.

Coinbase Temporarily Halted EOS Token Withdrawals and Deposits

According to the blog post; recently, the withdrawal and deposits of EOS token were temporarily halted by Coinbase, citing issues concerning EOS Network, which is based on Block.one’s EOSIO software.

Block.one pointed out that the description of a “degraded” EOS Network performance given to the situation by the exchange is inaccurate, stating that EOS Network transfers and confirmation times are operating as expected.

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Going by the report, scalability issues were detected in the integration between the EOSIO software and Conibase’s required tools that monitor all economic activity of supported digital currencies after working closely with the exchange.

Block.one stated that Coinbase’s integration with the EOSIO software needs to be updated in order to keep pace with the speed of the EOS Network transactions.

It added that the number of transactions that EOS Network performs on a daily basis keeps increasing. So, there must be a facility capable of handling such a large number of transactions.

Block.one to Release an Update to the EOSIO Software to Enhance Coinbase’s Performance

According to the report, there will be an update to the EOSIO software that is expected to allow Coinbase to simplify its integration and improve its requirements to monitor all economic activity of supported cryptocurrencies.

Block.one revealed that the update is scheduled to be released in the coming week. For now, both are still working hand in hand to optimize the configuration and performance of the current integration solutions.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.