Bancor's ICO collapsed Ethereum's Network

in #ethereum7 years ago

Yesterday the biggest ICO of all times was carried out. BANCOR, a platform that creates smart tokens on Ethereum's Blockchain , managed to raise over 150 million dollars in as little as 3 hours.

I waited patiently by my computer for the ICO to start and send the funds to Bancor's crowdfund address. However, the volume of transactions was so absurdly high that I had to make 5 attempts before I could finally send my transaction, and I did that by setting the gas limit to 250.000. As you can see on the picture below others were not so lucky:

bancor_pending.png

At first the transaction bottleneck was categorized as “massive malicious attacks on the network” by the Bancor Team, but it was later discovered that the cause of the DDoS was the huge amount of TXs made to Bancor's smart contract. The result was an extension of the ICO and of the initial “hidden cap”.

Lessons to be learnt and EOS approach

ICOs are getting crazy, a lot of people are missing out due to bot buying and just natural high demand of new tokens.

To avoid the clusterfuck that happened yesterday, EOS and @dantheman have come up with a new ICO system that consists of 1 day windows so that everybody who wants to buy will get a chance.

Nevertheless, we need to wonder if Ethereum is appropriately equipped to handle these major ICO events that bring an immense amount of traffic to the network in a short period of time.

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Good info chitty. The eth network is clearly not equipped to do a remotely fair ICO. Eth doesn't deserve the value it has at all. I hope they come up with a better way.

Imagine if this was done via BTC. I can't even imagine it.

ETH will be an outsider, if Vitalik doesn't solve the Problem

@chitty @dantheman there would be a way also to create an interest for ICO so it is not lunched blindly but actually those who were interested x time before have advantage to buy. It would level out the initial crazy push and could even out the buy.
There can be also a solution like boarding an AirPlane. Everyone gets in but the system is timed, so it does not fail.

Just an idea

Well, much more projects to come.
Any gap will be filled over time.
Technology is on its way to perfection in our space, should i say.
Steemup!

Wow, so you can slow this to a halt with too many purchases at once. I missed this what exchange will it be on?

I do not believe they plan on adding it to any exchanges yet.

Yeah this certainly is worth $300, it's not like this news can be found all over the internet already.

My thoughts on etc and icos
https://steemit.com/etc/@ender/eth-etc-ant

Not only is Ethereum flawed and hard to use, it's also hard to understand and get going with.

I sure hope EOS will be better.

If there's anything compatible to the dot com bubble it's ico's.

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