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Can pEOS Rival Monero and ZCash in the Battle for Privacy?

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ere has never been a shortage of cryptocurrencies, tokens, and assets on the market. As this list continues to grow, it becomes increasingly difficult for projects to stand out. pEOS is a very interesting offering for users who are looking into privacy-oriented projects. There are some interesting features worth taking note of, although that doesn’t necessarily mean this particular project will succeed in the long run.

USING THE EOSIO BLOCKCHAIN

As the name somewhat suggests, pEOS is a direct extension of the EOS cryptocurrency and blockchain project. The reason for this approach is because its developers are confident EOS has the best technology in terms of regular use, yet it does require some extra bells and whistles to make the currency private. To do so, the team has taken several key elements from Monero, which is widely considered to be the leading privacy-oriented cryptocurrency on the market today. 

By doing so, the pEOS team allows users to make untraceable and private transaction, which is the main objective of this particular project. However, instead of using a completely new blockchain to achieve this goal, the project simply uses the EOSIO blockchain. Designing a new chain from scratch for this project is still an option being explored, but it seems unlikely that will happen anytime soon. Especially in terms of transaction limitations and interoperability concerns, going with the EOSIO offering seems to make a lot more sense.

COMPETING WITH THE BIG GUNS

It is rather apparent pEOS will have its work cut out to rival existing privacy-oriented cryptocurrencies. Monero, ZCash, and Dash have all made their mark on the cryptocurrency industry so far, yet most of the projects which came after have struggled to remain relevant for more than a few months. Whether or not pEOS will face a similar fate, is difficult to predict, although the reliance on EOS’ blockchain will certainly allow for some interesting use cases. That includes smart contracts, which can create some peculiar use cases. 

Interestingly enough, the team feels now is a good time to launch a new privacy coin. The likes of Monero and ZCash have attracted a lot of negative attention in the past few months, which could see these currencies removed from several big exchanges in the months and years to come. Since most of these currencies are not too popular on decentralized trading platforms as of yet, pEOS can offer some stiff competition in that regard. Especially when considering how decentralized exchanges already use EOS technology, it seems logical to assume this token will make its way to those platforms as well. 

IS IT USER-FRIENDLY?

When it comes to privacy-oriented cryptocurrencies, they do not necessarily provide a user-friendly approach. It is very different to get involved in privacy coins compared to traditional offerings. In the case of pEOS, the token will be useful for EOS users, as they can transact them in a normal way as well as send funds to private addresses. Smart contracts offered by this project will have a public address, but one that isn’t related to any EOS public account. 

In terms of verifying transactions, receivers can determine if transactions are for them through the view key. Every private transaction will also come with its own private spend key, which can only be used one time. This also ensures all information is kept private between sender and receiver, with no information being visible to others. Combined with ring signature technology, it will be very difficult to identify these transactions now or in the future. 

TECHNICAL SPECIFICATIONS

According to the information provided to us, there is a fixed maximum supply of 1,250,000,000 pEOS tokens at all times. With the majority of tokens being distributed on a 1:1 basis to EOS holders based on a blockchain snapshot taken on February 15, 2019, those users should receive their tokens shortly. It is now up to wallet developers to build support for this privacy token, although it should not be overly difficult to do so. 50 million tokens are reserved for marketing, whereas 200 million tokens are used for the future development of the project. 

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Millions worth of USDT and EOS transferred across wallets and exchanges as communities rally

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Today, almost 20 million USDT and EOS worth of more than $3 million was transferred across unknown wallets and popular exchanges.

Significant cryptocurrency transfers have always made news as the movement of a substantial amount of capital has resulted in various shifts in market dynamics. A recent transfer reported by Whale Alert, a cryptocurrency data aggregator, showed that almost 20 million USDT was transferred from an unknown wallet and the Binance exchange.

Since it was a Tether movement, several members of the industry claimed that it was just a pump and dump scheme and that it didn’t’ amount to anything significant. At the same time, the $19.95 million transfer was not taken lightly by other members of the community as the market was moved sideways for some time now. The hash for the transaction was b2db77002bea5f0d66e5411a348e7d8ca1d73e65f8ff230ca0015459ade99a18 with the transfer occurring at block 14487982. The time of transfer was 11:38:39 on the 14th of November.

The unknown wallet held an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a balance of a negligible amount of TRX, BTT, USDT, and WINK. The 19.9 million USDT transfer occurred in one fell swoop and not in multiple transfers.

The receiving wallet address was TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX, with the number of transactions clocking in at 1454123. Post the transfer; the wallet had 195.655 million TRX tokens and another 518,816 TRX tokens that settled after BTT transactions. The total balance of the wallet after all the transactions was 22.133 billion TRX.

Tether was not the only cryptocurrency that was transferred between wallets as reports also showed that a million EOS tokens were also sent from one unknown wallet to another. The transfer amounted to $3.409 million and had a timestamp of 5:19 on 14 November. The number one EOS pool was ‘eoshuobipool,’ with the pool being set up in China.

That particular pool had 2.944 percent of all the votes, which was approximately 331.11 million in number. The receiver wallet had an address of ‘vqsaeptppqwh’ at 39 percent RAM usage. The total wallet balance after the transfer was $3.410 million, with multiple transactions occurring at the same time.

EOS had taken a hit recently when Weiss Crypto Ratings stated that Cardano was clearly superior to the eighth most significant cryptocurrency. In June of this year, Weiss Ratings had downgraded the score of EOS because of issues related to centralization.

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Weiss Crypto Ratings says ‘Cardano is clearly superior to EOS’

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Weiss Crypto Ratings, a crypto and financial ratings company, managed to divide the crypto community on Twitter yet again by saying that Cardano is “clearly” superior to EOS. While many were arguing over the merits of each project, most agreed that the company has lost all of its credibility.

Crypto rating company stirs the pot with yet another bold claim

After the ICO boom of 2017 died out, the crypto space seemed ready to adopt more serious, research-driven projects. Companies working on ambitious projects such as Cardano, EOS, and TRON began gaining a lot of traction, each one gaining an incredibly dedicated following.

With that, the competition between similar projects, or projects looking to solve similar problems, began to rise. A deep schism was created in the crypto community, every group more determined than the other to fight for the success of the project it supports.

In such a climate, any statements directly comparing two projects are almost always going to wreak havoc within the crypto community, which is why most steer clear of any controversial statements. Weiss Crypto Ratings, on the other hand, doesn’t.

The rating company gas garnered quite a reputation for its inflammatory comments online. Just last week, the company went ahead with a very bold proposition, suggesting the XRP community should transfer to XLM, as Stellar had more of a “technological advantage” over Ripple’s platform.

Continuing to stir the pot, Weiss then tweeted another unsubstantiated claim, saying that Cardano was “vastly superior” to EOS.

Weiss Crypto Ratings - "Cardano is superior to EOS"
Weiss Crypto Ratings believe Cardano is superior to EOS.

Weiss followed up its assertion in a series of tweets starting with its observation that EOS has centralization problems.

Crypto community united over disdain towards Weiss

In a follow-up tweet, the company shared more details backing up its claim. Namely, Weiss Crypto said that the reason Cardano was superior to EOS was that it had just completed the first snapshot and balance check of the network for the Shelley incentivized testnet.

Cardano completed first snapshot
Cardano completed first snapshot for Shelly testnet

The explanation, as many users pointed out, sounded more like an advertisement for Cardano than a well-thought-out argument.

As expected, the statement caused quite a reaction on Twitter. Hundreds of users responded to the tweet and the reactions were mixed, to say the least. While some contested the assertion of Cardano’s superiority, saying EOS had a far bigger user base and potential, others were adamant in their defense of the yet-to-be-functional Cardano.

However, despite the vast differences in opinion, almost everyone seemed to agree on one thing—Weiss Ratings has lost the little credibility it had.

Leaving EOS and Cardano aside, there is an argument to be made here that a company that provides “unbiased” ratings of stocks, ETFs, financial institutions, and cryptocurrencies should restrain itself from making statements like these.

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EOS.IO Creator Block.one Breaks Silence After Network Collapse

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After the recent EOS-based airdrop of a shady token, the issue of a network governance became really contentious. Today, Block.one made their voice heard.

Block.one, the fintech team behind the EOS.IO blockchain, has issued their first public statement since the recent collapse of the EOS network. From the statement, few could have expected this kind of reaction.

Block.one: It’s Time to Step In

With Block.one holding of 9.5% of the total EOS tokens in circulation, many individuals began to publicly participate in discussing ideas and proposals about upgrading the network. More importantly is the fact that Block.one will begin participating in block producer voting:

We now feel ready to begin playing our proportional role, with the focus of continuing to support healthy upgrades of the EOS network, the official statement says.

It’s ironic and obvious that this forced decision by Block.one is characterized as an exciting milestone “marked by joining the EOS community in more actively furthering the iterative advancement of public blockchain development”. Apart from the BP-voting participation, the only action that is clearly disclosed is the launch of the #EOSGOV hashtag on social media, allowing the public to share their suggestions on how to improve the EOS blockchain.

EOS (De)Centralization: New Page in History

We can say with certainty that the decision made by the EOS.IO leaders will be widely criticized as one more step to EOS network centralization. This story started a year ago when severe whale-dominated nature of EOS.IO blockchain was disclosed. 69 % of native tokens were controlled by 100 accounts in November, 2018.

According to the Whiteblock Report, EOS acts not as blockchain, but as a cloud database, in which transactions may not be verified by cryptographical means. EOSians then reported the transactions, which were reversed by arbitrators.

The decision of Block.one to intervene in the block producer voting process is because of the EOS network cohesion, when the CPU capacity of users were overloaded by an airdrop.

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