Blockchain protocol EOS (EOS) has dismissed worries over a recent transaction that hypothetically would be worth over $3 trillion.
As picked up by Whale Alert, a Twitter account monitoring large transactions on cryptocurrency blockchains, an EOS user named “f***hacker.x” succeeded in creating a transaction for 1 trillion EOS tokens ($3.61 trillion).
The transaction, which ultimately failed due to its size being far greater than the total circulating EOS supply, initially raised concern. At press time, EOS is trading at around $3.61 with a total market cap of around $3.2 billion, according to CoinMarketCap data.
Commenting to Whale Alert on Twitter, however, EOS block producer EOS New York said the transaction made use of a feature of the protocol, known as a deferred transaction, which allowed the larger than possible transaction to be presented.
“The trx that creates the deferred trx can only determine whether the create request was submitted successfully or whether it failed. Once broadcast it is subject to normal validity checks,” EOS New York explained, noting that Whale Alert “reported FUD news.”
A summary of the transaction confirms it failed to gain validation, while the motive of its creator remains a mystery.
“It would make sense that this transaction would fail because it’s clearly impossible,” EOS New York added.
EOS has faced occasional difficulties in recent months. In February, a consensus failure among its 21 block producers allowed a hacker to move 2.9 million tokens which should have been blacklisted.
Criticism has also emerged of the EOS governance system, which commentators have argued is insufficiently decentralized in the wake of a scandal last November involving reversed transactions.