By KJ Kingsley, Analyst
Top 10 Headlines of the Week for EOSIO
Before I begin the top headlines of the week, I wanted to share with you all an informative piece by Jack Tanner who wrote a great overview of EOS and EOSIO. In short, EOSIO is the source code and EOS is the largest public blockchain of many other EOSIO-based blockchains.
I decided that this week's Crypto Weekly Research would shift focus on a particular topic to an overview of all the latest developments in the EOSIO space. If you would like to read other crypto news digests for this past week, I recommend Kyle Ellicott's weekly review and EOS Nation's Hot Sauce. Now, below are my top headlines for this past week for the EOSIO ecosystem accompanied with my thoughts on each issue.
1. A Review of EOS and Ethereum's Decentralized Finance
Alex Melikhov, the CEO and co-founder of Equilibrium, wrote a piece for Cointelegraph on how MakerDao and Equilibrium EOSDT reacted to the market turmoil last week. Melikhov revealed that Equilibrium EOSDT did a far better job in the security of funds than MakerDao. It seems like Ethereum still needs more time and development to provide a seamless decentralized finance experience.
To remedy their losses, Ethereum's MakerDao decided to use USDC as collateral in an attempt to compensate their users' lost funds. And it appears that The Maker Foundation's remedy to issue an auction to provide liquidity to cover the debt shortfall has not been as effective as envisioned. The Maker Foundation is reported to have won all the Maker auctions rather than other investors, which would purportedly mean that the Foundation is centralizing the losses rather than championing a decentralized, widely distributed solution.
2. Chainlink and Wax Integration
Popular Oracle, Chainlink, is the latest partnership with Wax, an EOSIO-based sisterchain. Oracles are ways in which blockchains interact with the external, real world. With Chainlink Oracle technologies, Wax will be able to use real-time data to assist in the valuation of price feeds and digital assets. This news comes on the heels of Wax also partnering with an EOSIO-based Oracle service called LiquidApps.
These latest developments in the Wax ecosystem shows that (1) EOSIO-based blockchains will become linked with other blockchains such as Bitcoin and Ethereum and (2) the development of the Wax blockchain will become more robust and anti-fragile with the added services of Chainlink and LiquidApps.
3. EOS Processes Record 115 Million Operations in 24 hours
The EOS mainnet saw its activity reach a record 115 million operations per 24 hours. To put this into perspective, Bitcoin and Ethereum processed around 400,000 and 850,00 operations per 24 hours, respectively. This is an important metric because it shows the effectiveness of a particular blockchain's scalability.
EOS's large capacity to verify tens of millions of transactions indicates that the EOSIO source code is almost ready for prime time. Large commercial enterprises would be able to have effective throughput if they put their respective databases onto a private EOSIO chain.
In contrast, the Ethereum blockchain last week experienced heavy congestion and high transaction fees. In addition, the expected FUD (fear, uncertainty and doubt) arose with unfounded and uneducated claims of the shortcomings of EOSIO. Brendan Blumer, CEO of Block.one, nicely responded to the flaws in the FUD comments.
4. DAPP Network Integrates with Telos
In addition to the Wax blockchain, the Telos blockchain, another EOSIO-based sidechain, also announced that they were integrating the DAPP Network and LiquidApps technologies. This means that building decentralized applications will become more cost-effective on Telos. Secondly, Telos will be more connected with other EOSIO blockchains such as the EOS mainnet and Wax. This would lead to a more interoperable EOSIO ecosystem where developers will be able to use the particular strengths of different sidechains and the mainnet.
5. Many Attempts to Scam on EOS
With the closed beta release of Block.one's social media platform Voice, scammers have sent unsuspecting EOS holders Voice tokens. There have been many sad stories posted on Telegram and Reddit where users have been unknowingly scammed. Users are made to believe that they are claiming Voice tokens but are changing their private keys so that the hacker can easily drain their accounts of EOS tokens. Please be aware that Voice will never airdrop tokens to users.
6. dFuse Open-Sources its Data Stack and Partners with Block.one
This past week, Block.one announced that they would integrate dFuse technologies into the EOSIO source code. dFuse allows for EOSIO developers to create decentralized applications easily. This partnership is a welcoming sign that Block.one is still committed to creating better developer tools so that the ecosystem can expand and grow.
7. Worker Proposal System on EOS and Community Reactions
Developers need resources to keep on creating new tools, software, and upgrades to the EOSIO ecosystem. However, many developers have been forced to stop development because they cannot afford it. EOS Nation, a leading voice in the EOSIO space, proposed a Worker Proposal System (WPS) to provide a platform to allow developers to get paid. In short, a developer or a developer team asks for money (in EOS coins) by proposing a project that would benefit EOSIO. Those entities (Block Producers) that secure the network are given the privilege to vote on which proposals they would like to fund.
Although Block.one CEO Brendan Blumer voiced his concerns about the WPS, it seems that the leading Block Producers have voted in favor of the WPS. There will be two more WPS proposals by EOS Nation that the Block Producers will need to vote in for the WPS to be formally launched. Bottom line, this is an important aspect for the continued growth of EOSIO because it will provide relief to those developers who have sacrificed much in the past and have not received much compensation in return.
8. Tokenizing Real Estate with Chintai platform
The push to tokenize securities and real estate can be seen on almost all blockchain that supports smart contracts. Chintai, a leasing platform on the EOS mainnet, will offer tokenized real estate through their partnership with CinderBlox. By adding tokenized real estate to the EOSIO ecosystem, the decentralized finance space on EOSIO will only get better. In addition to having better tech in the case with Equilibrium EOSDT, Chintai and CinderBlox will show investors that perhaps EOS is ready to usurp Ethereum's claim of DeFi supremacy.
9. Crypto Summary of Bitcoin, Ethereum, and EOS by MaxDapp
This past week, a popular youtube influencer MaxDapp spoke about his thoughts on the growing crypto ecosystem. In a nutshell, MaxDapp envisions a future where Bitcoin becomes the store of value standard, Ethereum becomes the decentralized finance standard, and EOSIO becomes the decentralized application standard.
10. DPOS works, just look at Steem
Governance on the blockchain has been a difficult task to deploy effectively since bitcoin's launch in 2009. Bitcoin and Ethereum (currently) have seen trouble with governance due to the Proof of Work consensus mechanism. Delegated Proof of Stake (DPoS), which powers Steem, allowed for the negation of a hostile takeover by Justin Sun, CEO of Tron. The Steem community rallied against Sun and hardforked the Steem blockchain over to Hive, a newly launched blockchain, to protect their vested interest and value.
This shows that EOS's DPoS is anti-fragile, provides a voice for token holders, and is flexible enough to pivot and defend itself from hostile takeovers. With all the gripe about DPoS by Ethereum and Bitcoin fans, this real-life example helps build the premise that DPoS may be the future evolution of the blockchain space. Already some blockchain reporters are seeing the benefits of staking.
Disclaimer: KJ Kingsley is not a financial advisor and holds the digital tokens or cryptocurrencies represented in the content above. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this post constitutes a solicitation, recommendation, endorsement, or offer by myself to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The opinions expressed in this publication are those of the author. They do not purport to reflect the opinions or views of any of the author’s employers.