- Douglas Horn, Chief Architect of the Telos blockchain, shares his plans on Telos development, with focus on Sub-Saharan Africa.
New Challenges, New Solutions
Mr. Horn also highlighted interest in decentralized autonomous organizations (DAOs) among business teams around the world. This is why the Hypha DAO, which has been developed by Telos, will be used as an out-of-the-box government tool by numerous partners.
dStor, a decentralized file storage system, is another promising project by Telos. Apart from cloud storage, it will also act as a streaming platform and in compliance with the General Data Protection Regulation (GDPR) framework.
Block.one CEO Brendan Blumer says real adoption happening at the enterprise level
Brendan Blumer, the founder and CEO of Block.one, believes that blockchain technology has created a huge social movement that enabled real adoption to happen on an enterprise level.
During a panel at the Blocksberg Summit, Blumer shared his thoughts on EOSIO, Block.one’s ambitious blockchain project, saying the company’s goal is always to align with its user base.
EOSIO set out to rectify Bitcoin’s biggest issues
Ever since its whitepaper was released, Bitcoin has been the building block of the crypto industry. The groundbreaking idea gave birth to thousands of other cryptocurrencies, most of which were created to be the next Bitcoin.
EOSIO, the ambitious blockchain project created by Block.one, isn’t one of them.
According to Brendan Blumer, the founder and CEO of Block.one, EOSIO wants to focus on expanding the use-cases for blockchain technology. During the Blocksberg Summit at Virginia Tech, where the idea of EOSIO was first conceived, Blumer discussed Block.one’s beginnings and shared his views on the current state of the blockchain industry.
In an engaging talk with CNBC’s Brian Sullivan, Blumer explained that the goal with EOSIO was to create a blockchain that was faster, cheaper, and more scalable than Bitcoin. He is, however, a big believer in Bitcoin and the value proposition it brought to the world. He said:
“I believe wholeheartedly that Bitcoin has really won that holy grail of store of value because the critical mass around it is just a massive value proposition as a whole.”
Nonetheless, comparing Bitcoin with other crypto and blockchain projects is comparing apples to oranges. When asked whether Bitcoin has won the “crypto war,” Blumer said that other platforms working on smart contracts and various types of product-driven tokens will be what brings the biggest benefit to the industry.
The crypto bubble has burst and left behind real interest
The great big crypto crash of 2017 led many to believe that any trust institutions might have had in the industry has been decimated. Blumer is much more optimistic in his predictions for the post-2017 crypto space, saying that the crash was an “unfortunate adjustment that was pretty much inevitable.”
However, remnants of the interest and awareness that created the bubble in the first place are still here, he said, and are helping create real adoption on the enterprise level. He cited the New York Stock Exchange’s Bakkt and Fidelity’s crypto offerings as clear examples of institutions realizing the potential the industry offers.
That potential is measured at an unprecedented growth rate, which IDC estimates at around 75 percent a year for the next five years. Blumer, on the other hand, thinks growth is going to be much more explosive than that.
“I think 75% is conservative in terms of looking at the real dollars at the bottom line of organizations outlying capital expenditure.”
One of the reasons why the industry could see an exponentially increasing growth year after year is that governments and financial institutions are yet to see blockchain’s true benefits. Embracing blockchain would allow any organization, be it a bank, a large corporation, or a national government, to have more transparency, less fraud, and more control over their money supply.
It’s only a matter of time before we see a government put their national currency on the blockchain, Blumer said, adding that it would effectively turn that currency into a development platform.
“The first groups to do so are going to get the benefit of all the developers building with blockchain technology integrating with their currencies because now the functionality they want—their currency supports.”
Putting everything, including government-issued fiat currency, on a blockchain creates an unprecedented degree of transparency. Not only would a more clear set of rules be set in place on how to navigate through the blockchain industry, but numerous other doors to innovation would be opened.
As a company, Block.one is trying to balance between radical innovation and slow, systemic adoption. Blumer said his main job is to find a healthy middle ground that meets the constraints of regulators, governments, big businesses, and entrepreneurs.
Lumi Wallet EOS Digest #7 – Congestion And Other Good News
Welcome to another issue of Lumi Wallet’s Digest, where we break down and sum up everything that has happened on this blockchain. And as usual, there are lots of good news, bad news and some events, all which we’ll be able to classify only in perspective. For example, the EOS price has taken off, and that’s good. China has opened its arms to blockchain – and that smells of opportunity. The EOS network got congested, and that… Well, got complicated. So let’s get to the bottom of this.
Tether (USDT) stablecoin now supported on BOSCore, a blockchain platform built on EOS.
EOSLocally, the first decentralised and P2P (peer-to-peer) trading platform for buying EOS with fiat currency was announced.
dBonds team tokenized Deutsche Bank bonds on the EOS mainnet. It happened due to an agreement with the UK-based custodian Queen Street Finance and their EOS stablecoin DUSD.
Equlibrium’s EOSDT stablecoin has launched a referral program, introduced the Proxy Voting System, multiple margin calls, and started to get digital asset price from Delphi Oracle. Also, Lumi Wallet recently integrated EOSDT and NUT.
pEOS team after Dan Larimer’s suggestion, proposed a new improvement to EOS to accelerate Elliptic Curve encryption within smart contracts.
LiquidApps presented horizontal scaling solution vCPU. To demonstrate the efficacy of driving down computation costs, it presented LiquidChess, with moves recorded on chain, but computation of moves legality happening off-chain.
CryptoLion was awarded with a bounty of $10,000 from Block.one for discovering an EOSIO exploit – a bandwidth spam attack.
WAX and dfuse announced a partnership to integrate their tools and enhance the development process of dApss on the WAX blockchain.
Blockbase, a platform for the secure and distributed storage of databases continues its airgrab series, and its first airgrab has reached its distribution phase.
EOSWriter, one of the most thorough EOS media, deployed EOSWriter 3.0, with a complete UI redesign, dedicated EOS Youtube player, EOS Market Cap Ticker and Sister chain Listings. We congratulate them and wish them a happy 1st birthday on November 19!
EOSIO 2.0 was introduced in the middle of October. According to their release statement, it includes main 4 components:
- EOS VM: A high-performance WebAssembly (WASM) engine specialized for blockchain applications that facilitates a more efficient use of system resources when processing smart contracts and substantial performance gains.
- EOSIO Quickstart Web IDE: A powerful, new, self-contained, web-based integrated development environment for building EOSIO smart contracts and associated web applications. It can be set up in minutes, run on any browser, and helps lower the barrier for entry for new EOSIO blockchain developers.
- WebAuthn Support: A widely accepted secure authentication standard that enables transaction signing without browser extensions or additional software.
- Weighted Threshold Multi-Signature Block Production Support: A secure way for block producers to use different keys to sign blocks on primary and backup block production hardware.
The release increased the speed of the network up to 16 times. Block.one CTO, Dan Larimer, revealed the team is already working on EOSIO 3.0, even though EOSIO 2.0 was just released. The main goal is to update the scalability of RAM.
Block.one published an official statement saying that the company will start participating in the voting of Block Producers. It is a major event, because since the creation of the chain Block.one has consistently declined to intervene in governance. The company decided to actively participate to improve and accelerate the process of new tools and upgrades integration. B1, block.one’s account, has about 100 million EOS and on top of that, it is quite possible that most of the users will follow the vote of B1, so in the governance game on a blockchain there is now a major player with obviously good intentions for the future of the blockchain.
Tools For Developers
The EOSIO 2 introduces alpha support for the EOSIO Quickstart Web IDE, which is designed to radically simplify the developer experience. With the tool, building on EOS can be started with one click – and after that a fully functional EOSIO development environment is launched in a browser. It opens the opportunity for virtually anyone to rapidly build and deploy their blockchain projects with EOSIO software.
Block producer candidates GenerEOS, EOS Rio, shEOS and Node One have teamed up with the aim of democratising the exchange voting process, implementing free open source end-to-end voting framework. It consists of several software components that can be installed on server infrastructure to provide a consistent, customisable, and user-friendly voting portal.
Currently they are polishing open-source code and conduct negotiations with major exchanges.
At the beginning of November, the EOS network was overloaded. Mostly it affected the CPU.
The cause of the overload was probably the EIDOS project, whose smart contract impacted the whole blockchain. Basically, it was an airdrop that got too popular: people sent a small amount of EOS to the eidosonecoin account and received the same amount of tokens back and an additional 0.01% of all the EIDOS tokens.
To do so, people needed to rent resources from REX. The borrowing rate skyrocketed, and the CPU became a scarce resource once millions of transactions were going through. REX returns went from 10% to 83% in a few days but at one point it got saturated, and as a result the network actively declined and a state close to system paralysis occurred. Some people believed that EIDOS was a spam attack on the network.
The Twitter account Enumivo, which launched the EIDOS airdrop, released this statement:
“EIDOS is good for EOS long term. The perception that it hurts EOS is only short term.Everyone competes for finite resources of the EOS network. It’s totally fair and market driven. We are all looking for equilibrium. And it’s an endless chase. Nothing’s 100% free.”
So in the long term, despite the current inconveniences, the airdrop tested the system and, while slowing it down for a little bit, it also has shown its true potential. The developers don’t seem to be too worried about this airdrop too, and some people even applauded their original marketing strategy.
Dan Larimer, answering the question if he is aware of what’s happening on the network right now:
“Yeah, the network is processing far more transfers per second than any other public network and sustaining it… all before eosio 2.”
And that’s the point. All the problems occured due to the artificial limit set on the number of transactions and the fact that eosio 1.8 is still in use. And with speeds increased up to 16x on EOSIO 2.0, this problem won’t be happening at all.
CHINA (A Big Opportunity For EOS)
China has been in the spotlight for the past couple of months due to a lot of reasons, and one of those is China’s President Xi Jinping’s public statement, released to the whole country:
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
At the same time, China’s Ministry of Industry released its rankings of cryptocurrency projects, and EOS was at the top of the list, followed by TRON and Ethereum.
Considering the popularity of EOS in Asia and especially in China, this opens a great opportunity for EOS to expand its influence in one of the biggest markets in the world. It has to be noted that Xi doesn’t mention existing cryptocurrencies or separate projects, but an overall positive focus can still open the doors for investment and the atmosphere for all crypto projects will become less uncertain.
Speaking of EOS, with a foothold in China and the upcoming Voice, it has a great starting position. And with recent developments, all the difficulties they’ve overcome and their ambitious plans – for the first time in a while, we can confidently say that the future of EOS looks very promising.
Thanks for reading and come back for the next Lumi Wallet Digest on EOS!
EOS Gains a Marginal Hike of 0.47% Since Yesterday
- EOS gains 0.47% in the last 24 hours to touch $3.391
- Placement of moving averages hints at a bullish period ahead
- It is likely to have its next resistance at $3.5
EOS price against the US Dollar has gained marginally in the last 24 hours. It has witnessed three price shifts, and these shifts added an overall 0.47% to the value of EOS coin.
EOS Price Prediction:
EOS opened the day at 3.375 USD, and its first variation happened between 00:25 UTC and 07:58 UTC.
In these seven and half hours, the currency lost 2.57% value to be placed at 3.325 USD. It was followed by a 3.31% hike that added 0.110 USD to the value and pushed EOS price to 3.435 USD.
The last shift happened between 12:51 UTC and 00:42 UTC, and in these 11 hours and 52 minutes, the price of EOS coin got dragged to 3.381 USD.
EOS’s market cap also has made a swift gain in the market. Between November 17 and 18, the value got raised to 3.221 billion USD from 3.218 billion USD.
EOS has its 20 days average at 3.390 USD, and it’s 50 days average now stands at 3.387USD. The current price at 3.391 USD is 0.029% and 0.11% more than 20 days and 50 days moving averages, respectively.
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