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EOS Hong Kong Hackathon Results

 

The first EOS Hackathon held in Hong Kong has concluded and the results are in. This developer venture will be ongoing throughout 2018, specifically geared toward driving the innovative development of dApps on the EOS blockchain.

The Hackathon will hold five events all around the world, with $1.5 million worth of prizes. In the first hackathon held at the iconic Kai Tak Crusie Terminal in Victoria Harbour, $144,000 of prizes were awarded to participants. The top three prize winners from each of the four hackathons will compete in the Grand Finale pitch competition in December — location still unknown.

Hong Kong Competition Winners

The first event — which hosted over 350 participants in more than 90 teams —  comprised of 30 hours’ consecutive programming.

Top Prizes

  • First Place, US $100,000 – IDPASS (US, France, Belarus)
  • Second Place, US $25,000 – Blockflare (Hong Kong, Singapore)
  • Third Place, US $10,000 – Ducatur (Europe, Russia)

Secondary Prizes

  • Best User Experience, US $3,000 – Warrenteas
  • Best Social Impact, US $3,000 – Smart Cities Steroids
  • Best Social Media Post, US $3,000 – Shabaz Ahmed

The three top prize winners all received their travel expenses paid.

The first prizewinning team, IDPAss, seeks to offer a way to build a recoverable and fully self-controllable trust ID for over one billion citizens without identification documents.

A member of the IDPASS team, Paul Wehner, said:“We’re incredibly thrilled to be a part of the EOSIO global developer community. Our aim is to keep building IDPASS as an open-source project and to collaborate with humanitarian agencies to bring healthcare, educational, financial and legal services to the undocumented.”

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EOS Price Analysis: EOS/USD dips below the $4.50-level

  • EOS/USD has encountered resistance at the SMA 20 curve.
  • The MACD and Elliott Oscillator both indicate that the market sentiment is currently bearish.

EOS/USD daily chart

EOS/USD daily chart

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve is acting as immediate market resistance. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has had five straight red sessions. The RSI indicator has dipped from 50 to 45, which highlights the market’s bearish dominance.

 

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Is EOS ‘Too Centralised’ Due To DPoS?

  • The environmental factor of bitcoin is something that many people take into account as they go about their business. 
  • As this goes on, proponents of the delegated proof-of-stake consent this algorithm has come forward. 

The environmental factor of bitcoin is something that many people take into account as they go about their business. Over the past year particularly, we have seen the environment taken into consideration quite heavily in every aspect of life, not just in crypto. But as this goes on, proponents of the delegated proof-of-stake consensus algorithm has come forward to explain why being so ‘power-hungry’ is a good thing. Many cryptocurrencies like Tezos and Cardano have adopted a delegated proof-of-stake. For those that don’t know, the latter – otherwise known as DPoS – is a mechanism that is designed to facilitate a higher degree of decentralisation on a network with a higher throughput in transactions. This is why it’s so attractive to the aforementioned digital assets.

However, researchers have noted that cryptocurrency platforms like Binance, aren’t all that massively in support of this. According to the latest report from Binance, even though DPoS gives way for a higher network throughput, it comes at the cost of decentralisation due to the institutional reputation.

The report goes on to specifically highlight the EOS cryptocurrency and pointed out how issues on the network are becoming ever increased with more surfacing problems. This includes a low voter turnout and the transparency issue – not to mention centralisation.

As it says in the report:

“Even though this particular problem of optimizing the resource utilisation of the EOS network was overcome easily by stakeholder-driven innovation, other problems have turned out to be more persistent. In particular, one concern has consistently accompanied EOS from the initial ICO to the current state – the fear that EOS may be too centralised, as “too few people own too many tokens” (WeissCrypto, 2019).”

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EOS Daily Tech Analysis – 19/02/20

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EOS rallied by 5.25% on Tuesday. Reversing a 0.68% fall from Monday, EOS ended the day at $4.5908.

A mixed start to the day saw EOS rise to a mid-morning intraday high $4.5066 before hitting reverse.

EOS broke through the first major resistance level at $4.5031 before sliding to an early afternoon intraday low $4.2795.

Steering clear of the first major support level at $4.1183, EOS bounced back to a late intraday high $4.6667.

EOS broke through the first major resistance level at $4.5031 and the second major resistance level at $4.6513.

A bearish end to the day saw EOS fall back through the second major resistance level to limit the upside.

At the time of writing, EOS was down by 0.88% to $4.5504. A bearish start to the day saw EOS fall from an early morning high $4.5908 to a low $4.5120.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to move through to $4.60 levels to support a run at the first major resistance level at $4.7520.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $4.6667.

Barring a broad-based crypto rebound, resistance at $4.60 levels would likely leave EOS short of the first major resistance level.

Failure to move through to $4.60 levels could see EOS fall deeper into the red.

A fall through to sub-$4.51 levels would bring the first major support level at $4.3443 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.00 levels. The Second major support level at $4.0978 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $4.3443

Major Resistance Level: $4.7520

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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