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EOS Digest #2 – Strategic Vision, Thoughts On Governance, And Promising Projects

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EOS and Block.one made major announcements in June, celebrated one year from the mainnet launch, defended a bunch of controversies – you can get a quick recap in our previous digest. This month hasn’t brought in many catchy headlines yet, but this makes it a good moment to assess overall prospects — from minor partnership announcements to core problems that affect the EOS blockchain.

The Lumi Wallet team has picked the most important news surrounding EOS for you and broken down major think pieces ]that have recently been discussed in the EOS community.

Block.One News

As Block.one has previously stated, EOSIO v.1.8 has to be implemented by the majority of block producers to run Voice and provide other features for common EOS users, such as the announced 12x increase in transaction speed. 

The stable release of v1.8 is now live on GitHub. The main features that were upgraded are the Consensus Protocol and state history plugin, also this version is ready to support Voice. To make the network run on this new protocol, BP’s and users have to conduct a full replay of the chain from genesis – after that is done (by Dan Larimer’s approximation it would take a couple of months), EOS will enjoy all the features from this upgrade without splitting the platform.

Block.one also released EOSIO Strategic Vision, a document that describes the foundational pillars of EOSIO. Here they are:

-Scalability: more apps, more users.

-Developers: better tooling, faster app development

-Users: Greater security, less friction

-Enterprise: Greater flexibility, better compliance

And seems like they are walking the walk: EOS is one of the most popular protocols for dapps, and new upgrades for users and developers alike roll out almost every week.

The latest release of this kind happened shortly after the announcement on #B1June – EOSIO released EOS Virtual Machine, their high-performance Blockchain WebAssembly interpreter. It is designed to suit the growing performance needs of blockchain applications and is specially tailored to provide extremely fast execution of on-chain processes.

It is the first shot in the battle for Virtual Machine standard between blockchains, because basically, whoever has a better suited VM for their needs, has better speeds and scalability. However, the current release is still in development and not intended for use in production environments yet.

News Bulletin

Recently there was a lot of news surrounding a wide variety of projects on EOS. Here is a quick recap:

Bithumb, the largest Korean cryptocurrency exchange, announced that it will begin participating in EOS voting. According to BTCKorea.com (the parent company of Bithumb), it will initially participate in the Block Producer vote with its own-account EOS tokens. Bithumb states that it will support BPs that contribute to the improvement of the EOS ecosystem. With Koreans owning about 10% of EOS tokens, and Bithumb, which holds the largest amounts of EOS in Korea, it is expected that the Asian disproportion in BPs will only deepen.

Switcheo launched Cross-Chain Atomic Swaps on EOS and NEO. “Atomic swap” means you have two users on different blockchains, and using the atomic swap you can make sure both transactions happen simultaneously, via smart contract. It’s called Atomic because it can’t be separated. That means, user can make the swap immediately and without endangering their funds, as the transaction is secure within a smart contract.

Dfuse, the blockchain API company, raised $3.5MUSD in seed financing led by Multicoin Capital, a thesis-driven cryptofund and global blockchain thought leader and Intel Capital. The new funds will be used to expand a cross-blockchain technology platform and grow its engineering and customer success teams. Dfuse was launched in June 2018, shortly after the launch of the EOS Mainnet. Multiple EOS projects, including pixEOS, Cypherglass, and Everipedia utilize its blockchain API, so good news and investments in this platform influence the whole ecosystem in a positive way.

Dmail, a messaging platform built on EOS and Chintai, a token leasing platform powered by EOSIO smart contracts, come together to enhance UX and make the entire process seamless, so that users won’t have to manage their resources manually and will get notifications about the movements of their funds automatically. 

pEOS, the smart contract implementation of a privacy token that is based on the technology that powers the anonymous cryptocurrency Monero, announced that they are allocating 25% of their total incentive funds in PEOS tokens to the new pEOS Privacy Fund. This new fund is meant to support third-party, privacy-oriented projects and they invite teams with such projects to contact them. Also, on the 30th of June, the first transaction of PEOS using a Ring Signature was spotted.

Effect.ai, a decentralized platform for Intelligence development and AI related services, started working with the Australian and New Zealand governments. The project outline is broken in to a three-phase overlapping rollout to help build, monetize, and then run artificial intelligence solutions. At this stage of construction it basically provides independent contractors with tasks to train AI algorithms, so the more big entities that participate, the more tasks there are for independent contractors. Now they have successfully finished the pilot program in the country of Georgia and are already structuring satellite imagery for the government of Singapore, essentially building their own Google Maps. The public release of Effect.ai is scheduled for July 10th.

Everipedia, a wiki-based online encyclopedia on the blockchain, has announced the official rollout of the Everipedia 2.0 public beta on everipedia.org.  Everipedia 2.0 has been rebuilt from the ground up and has reworked user interface using React. Developers state it significantly increased the speed, performance, and usability of the service. 

VOTING

The EOS governance debates are still in progress. In the previous digest we went over the existing proposals from the 1 token one, 1 vote concept to Dan Larimer’s proposal to pay users to not vote. 

Recently Dan wrote two articles on his medium blog that meditate on general government issues and point out several possible solutions for them. Both were based on the assumption that most of the systems that include humans tend to distribute power according to the Pareto principle (also known as the 80/20 rule).

The first one sketches out what a good governance system is and why even modern democracy is far from ideal. The main point is that it doesn’t matter which metric you use to choose your leaders – if there is only one competition, like popular vote, it is not prone to be rigged in favor of the minority which will suppress the majority. And this is the basis for tyranny. 

The only way to ensure that the fittest for the job get the office is to have thousands of competitions in different fields that would select the best for each field, not just the best at mass deceit. The key to the decentralization of governance is keeping it open to new people and avoiding creating entry barriers that are biased toward any single minority.

Regarding blockchain governance, if its governance is based on any single metric, whether proof-of-stake or proof-of-work, it will become dominated by the entrenched few who are most adept. However, having a lot of metrics provides more Pareto distributions, and the more independent those distributions are, the more decentralized the network will become. And blockchains based upon any single proof-of-x metric will become centralized even if those in power spread propaganda about how decentralized the system is. 

In the second article, Dan states that vote-buying results in centralization due to economies of scale. While the blockchain may know about 21 producers, it has no way to enforce those producers to operate on independent hardware. He also points out that this problem isn’t unique for the EOS blockchain: the same is true for Bitcoin mining pools. There can be several “pools of record”, but nobody can guarantee that there isn’t a single node behind it. 

Considering that he comes with the proposal of dividing the existing 21 producers into 4 categories, choosing them with the addition of new metrics and therefore new Pareto distributions. He suggests achieving this by:

  1. Giving RAM voting weight
  2. Giving Stake-Time Voting weight
  3. Giving Infinite Stake-Time (essentially, volunteer token-burning) voting weight
  4. Rewarding non-voting users

Producers would be voted according to this scheme:

– 8 producers voted by EOS Staked^2

– 8 producers voted by Days staked * EOS staked^2

– 3 producers voted by RAM holders

– 2 producers voted by (avg EOS burned / Day)^2

This proposal seems to successfully develop the idea of 1 token 1 vote, widely supported by EOS community, merging it with Dan’s previous proposal to pay users to not vote. Still, it looks like the debates about the governance system are far from over – and while it stays a major issue for the EOS blockchain’s credibility and very existence, it seems we’ll continue to revisit this topic.

Dive Into EOS

Being a constantly developing blockchain with a handful of projects blossoming on it, EOS seems very complicated for a newcomer at first glance. Therefore, the community is trying to give an introduction to the EOS basics in as simple terms as possible. For anyone who feels like they’re floating in all the terms and ideas, here is a nicely put-together EOS Handbook that can give a quick boot camp on all things regarding this rookie blockchain.

And for the developers who are interested in building on EOSIO, Block.one will run a webinar on July 10th, giving an exclusive walkthrough on the tools and possibilities of the blockchain. Registration is still open here.

Educate yourself every day, build a brighter future today, stay encrypted, and don’t forget to get all the important news on EOS from the Lumi Wallet Digest. See you soon!

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EOS vs. Ethereum: Which One Should You Invest More?

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There are several cryptocurrencies in the market, and each has a unique selling proposition which makes it stand out from the rest. Every platform wants to outperform the other in terms of what they have to offer, and the Ethereum and EOS platform are not different as the competition between them is very fierce.

Ethereum needs no introduction in the cryptocurrency community as it’s the closest rival to Bitcoin, and the platform was the first to offer smart contracts. Ethereum and its token have gained wide acceptance and has increased in popularity over the years due to this unique feature.

Thanks to this, Ethereum is regarded as the 2nd generation of Blockchain tech. EOS is relatively new to the market as it was launched some few years back, but to the surprise of many, the platform has also carved a niche for itself and is looking to usurp Ethereum in the near future.

What does the future hold for these two cryptocurrencies?

THINGS TO KNOW BEFORE YOU INVEST IN ETHEREUM OR EOS

One thing that’s certain in the crypto verse is that nobody knows what the future holds. But it’s possible to determine the possibility for a platform to grow.

In 2017, Ethereum was the only platform that offered smart contracts and several ICO’s launched their platforms on Ethereum’s Blockchain. The tokens created on this Ethereum’s blockchain are still functioning till date with a powerful community backing it.

This move went a long way to ensure price stability for Ethereum and some organizations like Uber and Airbnb have built some Dapps on Ethereum’s test net while others are planning to follow suit.

Some people believe the team behind the project have a huge announcement to make soon as they’ve earmarked a princely sum of $1 billion for marketing purposes only. Some believe they’re waiting to see a strong bullish trend in the crypto market before they make their announcement and to kick start the promotion of their network.

Currently, the price of Ethereum hovers within the region of $228 to 1 ETH while it’s competitor EOS is within the region of $4 USD to 1 ETH. Ethereum is currently the 2 cryptocurrency on the list of top 10 crypto’s according to market capitalization while EOS stands at the 5th position.

EOS has a huge task on its hands in their quest to beat Ethereum by offering better services that would lure developers to their platform. From the look of things, EOS might just pull this off as the technical specifications of EOS is quite better than what Ethereum offers but the adoption of the crypto is not as high as Ethereum.

For some, Ethereum is considered as the 2nd generation of Blockchain and it comes with an extra use case which is the smart contract. Ethereum successfully solved the scalability issues that plagued Bitcoin but surprisingly, technology is evolving at a rapid pace and EOS took advantage of that.

The EOS blockchain on the other hand is easier to own as a resource for prospective developers and project planners as they can predict what a project will cost which Ethereum does not offer.

After Bitcoin, Ethereum is the 2nd most trusted platform, while EOS is still new with a growing community backing it, they still have a lot to prove but from the little they’ve being able to achieve within such a short period of time, it seems they can dethrone Ethereum if they do not veer off course. So I’ll put my stake on EOS, because they’re on course to achieve something that’s not easy for newbies to achieve

PRICE PREDICTION OF ETHEREUM AND EOS

The growth of EOS this year has been impressive as it peaked at $8 rising from a shocking $2. From the look of things, it may get to double digits as the year progresses if the bullish trend in the crypto market continues, so EOS is likely to end on a high this year. On the other hand, Ethereum is not lagging far behind as it’s also riding the bullish wave that BTC is enjoying as it crossed the $300 threshold last month but has now dropped to $228 rising from $150 at the start of the year.

With this information in mind, the next question is where to buy these cryptos for prospective clients who may wish to hold or trade them. Coincola OTC Bitcoin trading platform is the perfect place for people who may want to start their foray into the crypto world. On Coincola, users can buy EOS, ETH, Bitcoin, and several other cryptos with several currencies like the US dollar, the British Pound, Euro, and several other supported currencies. That’s not all, they also support buying and exchanging of crypto with gift cards like iTunes gift cards, Amazon gift cards and lots more.

THE ‘EOS TRADING ZONE’ ON COINCOLA

Their interface is easy to use and anyone can buy ETH or EOS and start trading in minutes. For those who wish to just hold their assets, they can rest assured that Coincola has world-class security that ensures hackers or anyone with malicious intent do not have access to their assets or data.

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EOS Price Prediction Today: Daily (EOS) Value Forecast – July 17

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  • On the upside, if the $3.60 support level holds, the crypto’s price will rise and break above the EMAs.
  • On the downside, if the bears break the $3.60 support level, the coin will further depreciate to a low at $3.0 price level.

EOS/USD Medium-term Trend: Bearish

  • Resistance levels: $ 6.50, $7.00, $7.50.
  • Support levels: $5.00, $4.50, $4.00.

Yesterday, July 16, the price of EOS was in a bearish trend. The EOS market fell to the previous low of March 8. Yesterday, the market fell to the low of $3.60 price level and the support level was  holding. On the upside, if the $3.60 support level holds, the crypto’s price will rise and break above the EMAs.

On the downside, if the bears break the $3.60 support level, the coin will further depreciate to a low at $3.0 price level. Meanwhile, the price of the EOS market is in the oversold region of the daily stochastic but below 20% range. This indicates that price is in a bearish momentum and a sell signal.

EOS/USD Short-term Trend: Bearish

On the 1-hour chart, the price of EOS is in a bearish trend. The 12-day EMA and the 26-day EMA are sloping southwardly. On July 16, the bears broke the EMAs and price fell to a low at $3.60 price level./

Source:bitcoinexchangeguide

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EOS Price Prediction: Down 40% In 7 Days, Upsides Remain Capped

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EOS price declined significantly after it failed to break the $6.200 resistance area. It traded as low as $3.302 and it is currently correcting higher towards the $3.850 and $4.000 resistance levels.

  • EOS price declined heavily below the $5.560 and $5.200 support levels.
  • A major bearish trend line is forming with resistance near $4.000 on the 2-hours chart.
  • The price is likely to struggle near the $4.000 and $4.100 resistance levels in the near term.

EOS Price Analysis and Prediction

In the past few days, there were heavy losses in bitcoin, Ethereum, ripple and EOS against the US Dollar. EOS price started a significant decline after it broke the $5.800 and $5.560 support levels and is down more than 40% in the past seven days.

EOS Price Analysis and Prediction

Click to Enlarge Chart

Looking at the 2-hours chart of EOS/USD, the pair even broke the $5.000 support level and settled below the 25 simple moving average (2-hours). The decline was such that the price even spiked below the $4.000 support level.

A new multi-month low was formed near $3.302 and the price recently started an upside correction. It broke the $3.500 level plus the 23.6% Fib retracement level of the last drop from the $4.413 high to $3.302 low.

However, there are many hurdles on the upside near the $3.850 and $3.900 levels. Moreover, there is a major bearish trend line is forming with resistance near $4.000 on the same chart.

Additionally, the 50% Fib retracement level of the last drop from the $4.413 high to $3.302 low is also near the $3.850 level to act as a resistance. The main resistance is near the $4.000 handle and the 25 simple moving average (2-hours).

Therefore, if there is an upside break above the $3.850 and $4.000 levels, there could be a decent rise in the coming sessions. The next key resistance could be near the $4.675 and the $4.800 levels.

On the other hand, if EOS price fails to surpass the $3.850 and $3.900 resistance levels, there could be another drop towards the $3.300 level. The price may even break the $3.300 low and test $3.000.

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