EOS Price Slides Below $8, Project Reveals Exorbitant Bug Bounty Payments

 In Altcoins, Exchanges

The EOS network now enters the stage of allowing applications and smart contracts, but bug bounty seekers had a field day with the code.

The EOS digital asset showed it remains extremely risky and volatile, and the relatively stable price levels were in no way guaranteed. In the latest market downturn, EOS has suffered the most among the top 10 of coins, losing more than 11% in the past 24 hours, down to $7.61.

EOS is being actively sold off, with volumes spiking to above $700 million in 24 hours. Tether (USDT) volumes have fallen to 35% of all trades, but the other pairings do not ensure a new bullish attitude.

Recently, it became clear that the EOS code contained multiple glitches or vulnerabilities. Since joining HackerRank and launching its bug bounty program in June, the EOS code, as released by Block.One, ended up with 42 bugs found, and a payment of $348,000. Given the $4 billion ICO haul of Block.One, the sum may have been worth it. EOS bugs pertain to risks of nodes crashing, attacks and exploits against accounts, as well as unexpected behavior on smart contracts.

The short-term price prediction for EOS was to fall as low as $5, and with the latest downturn, those price levels seem realistic, especially given the ongoing problems of the EOS ecosystem.

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EOS ram prices have stalled to around 0.43 EOS per Kb, but trading is here to stay, recently added to the crypto exchange BitBns.

Over the weekend, it was the RAM marketplace that became a source of troubles and pessimism for EOS. It turned out that a block producer has chosen to trade RAM in the short term for a significant profit.

https://twitter.com/eosnewyork/status/1015819381425758208

Additionally, block producers experienced another crash due to node misconfiguration and increased RAM usage, as pointed out by EOS New York. Right now, not all tokens and potential dApps are active on EOS, and dApp creators like Evripedia ended up trading the RAM instead of storing it for airdrops and activities. The hoarding was accidental, as some RAM buyers who stored the resource early found themselves sitting on a fortune in EOS and decided to sell and potentially re-buy in the future.

“We strongly support increasing the RAM limit,” Sam Kazemian, CEO of Everipedia, said over Telegram.

“As developers, it is important that it’s used for real purposes as well as market speculation. Markets bring allocative efficiency, but too much without genuine consumer/developer use and it is detrimental to growth.”

In the most extreme case, one of the block producers, EOS Nation, was found speculatively trading RAM. At the moment, more than 81% of RAM has been hoarded with various intentions. A few weeks ago, only around half of the RAM was reserved.

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