MOS Lottery Token Takes Over Ethereum Blockchain, Sparks Fears of Congestion
Active distribution of a token belonging to a lottery service has taken the top position as biggest Ethereum gas burner.
A smart contract belonging to an Ethereum-based lottery and betting mechanism has taken over the Ethereum gas station on Friday. The sudden activity has attracted interest, as in recent days some of the ERC-20 token transactions looked like unexplained spam. This time, however, the transactions are within the normal range of speed, and gas prices have in fact been lowered, to 3.1 GWei from 9 GWei, for the fastest transactions.
On days of more significant congestion, a single smart contract could consume up to 40% of gas on the Ethereum network. For some tokens and smart contracts, there has been no explanation except an intentional spam of the network. The community is still very wary about possible spam attacks and the ease of freezing legitimate transactions:
— #OneStrongCrypto (@OneStrongCrypto) August 2, 2018
MOSCoin, or MOS, is also undergoing mass promotion on social media, as the project is undergoing a token sale. However, the MOS Lottery is not included in Dapp Radar among other gaming and betting apps.
As of 11:00 UTC, the MOS token took up more than 15.76% of the gas on the Ethereum gas station, consistent with the behavior of token distribution or an airdrop. The rate of gas takeover continued to climb up, reaching to 19.71% around the time of publication.
The token is still not publicly traded, and is instrumental to buying tickets and making bets. The MOS Lottery project also aims to allow bets of outcomes on stock market events and to host raffles games. However, the project is much less known than Augur (REP), which offers similar outcome betting, but with a much higher profile of its ICO, as well as a longer period of development.
The Ethereum network remains extremely active, with a habitual level of more than 700,000 transactions in 24 hours. According to Blocktivity, the Ethereum blockchain has carried 762,564 transactions in the past 24 hours, though the absolute peak has been above 1.23 million transactions. Ethereum transactions increased their pace permanently in 2018, as the airdrop trend accelerated. Multiple factors make it hard to define when congestion is due to organic purposes, and when it is a form of spam. On days and periods of congestion, the number of Ethereum transactions drops, as airdrops and token events may be canceled, and users delay their transactions.
However, the price of ETH has remained depressed, threatening to burrow below $400, returning to last summer’s levels. Now, ETH has recovered toward $410.95, and is still one of the most traded coins, but there has been no bullish bidding of the price, and in fact ETH has had significantly lower returns compared to BTC in the past 12 months.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.