EOS Foundation Updates and Summary of Events
The new EOS Foundation is well on its way to being funded.
With the support of Dan Larimer, Yves La Rose recently announced he is working on the creation of a much-needed EOS Foundation to fund the on-going development of the ecosystem. The following text, written by Zack Gall, is a recap of the events that have taken place so far as well as some notes on what to expect in the near future regarding the EOS Foundation.
Friday, August 6
Yves La Rose, former CEO of EOS Nation, published a blog post announcing his plans for proposing the EOS block producers to fund an EOS Foundation whose mission will be to lead the vision and roadmap for the EOS blockchain. At its core, the Foundation will work to empower developers, businesses, and individuals to build on EOS.
Monday, August 9
Yves La Rose updated the community to inform them that since the initial announcement, he has been gathering feedback, addressing concerns, and working towards reaching consensus amongst the block producers and key stakeholders to support the funding for an EOS Foundation.
This update also included plans for how the initial MSIG for the Foundation would be structured as well as how an advisory council is to be set up to provide strategic advice on the overall direction of the Foundation and to advise as well as sign off on all grant recipients and project sponsorships.
Thursday, August 12 – MSIG #1
The first MSIG which was described on August 9 was proposed on-chain for the block producers to sign off on. This proposal would create a new eosio.grants system contract, which would be under the management of Yves La Rose, Zack Gall (Everything EOS), and Dafeng Guo (EOS Asia).
As an additional layer of checks and balances, a 36 hour time delay was also included in the MSIG plans which would allow block producers to intervene should they ever need to do so to stop a transaction.
MSIG #1 PASSED on August 12, reaching BP consensus in less than 24 hours from it being proposed.
Thursday, August 12 – MSIG #2
Upon the passing of MSIG #1, a second MSIG was proposed to transfer the 3.4m legacy EOS fees contained in eosio.ramfee and eosio.names to the eosio.grants account which was established in MSIG #1. Additionally, MSIG #2 will increase network inflation to 3%, of which 1/3 will continue flowing to BPs and 2/3 will accumulate in eosio.savings for future funding requests on a periodic basis.
As of Wednesday morning, MSIG #2 is currently sitting at 9/15 passing votes.
August 16 – Updating the EOS Community
With several members of the EOS community publicly questioning why MSIG #2 was taking longer to pass than MSIG #1, Yves La Rose dropped into the Everything EOS Telegram channel to update the community.
“Current focus isn’t on getting BP MSIG #2 approval quickly; it’s on getting stakeholders on the same page while doing media outreach.” – Yves La Rose.
Yves also shared that he is currently drafting a long form article which will attempt to answer many different questions and offer additional insight based on feedback he’s received from key stakeholders and active block producers.
Topics and Questions to be Addressed
- How will funds be used?
- Who is on the council?
- How is the council determined? What is the role of the council
- Who is in the Foundation core?
- What is the role of the Foundation core?
- Core vs Council?
- What happens when the Foundation decides to proceed without the Council when it’s close to tie?
- Who has veto?
- Why small number on Council? What is the general flow of funds?
- eosio.saving vs eosio.grants
- How do team receive grants?
- What is the general mission of the Foundation?
- Legal structure, by-laws, trademark
- Failsafe / permission structure
- Current permission set
- Transparency of funds
- Periodical reports
- Communication channels / how to
- Chinese, Korean and English + Community outreach / discussion and feedback
- Administrative costs
- ConsenSys style; Metamask, Diligence, Truffle, Infura
- Foundation Bylaws
- Overall roadmap
- Core EOSIO development, incentivization and coordination
- Foundation permission structure longer term
- VC parallel
- Stewardship language in transfer
- Owner vs active keys of eosio.grants
- eosio.prods explanation
- How to use grants, grant categories
After MSIG #2 passes, 3.4m EOS (~$17m) will be under the immediate management of the EOS Foundation, roughly the size of a Series A VC funding round. With its funding secured, the EOS Foundation will be empowered to begin its work to deliver on its mission to lead the vision for the EOS blockchain. EOS will then begin its next chapter that includes the leadership, funding, and resources that it has been lacking over the last several years.
Pomelo NFT Series: Sold out!
The Pomelo NFT collection is officially sold out, which means we’ve raised 1000 EOS for the matching pool for the first Pomelo funding round due out later this year! Thank you to everyone who participated!
Remember, if you picked up our 4 Pomelo ingredients it’s time to blend them into a Pomelo Tree and start farming those Juicy Pomelo NFTs! The Pomelo Trees will only be fruiting for a 4 week period from August 14th to September 11th. Speaking of Pomelo Trees, we’ve been very impressed by the fact that 85% of all available ingredients have already been blended into Pomelo Trees!
Many of you have been asking questions regarding the farming mechanism as well as the ‘end game’ for this series. We’re happy to be able to share all of these details with you at this time.
First of all, in terms of farming rewards, the Juicy Pomelos are equally distributed to all Pomelo Tree holders during the farming period. For example, if someone held 2 Pomelo Trees for the duration of the farming period, they’ll earn twice as many Juicy Pomelos rewards as a person holding 1 Pomelo Tree. If all 1000 Pomelo Trees were minted before the farming period began, each Pomelo Tree would yield exactly 4 Juicy Pomelos over the 4 week farming period. Since not all trees are minted, 1 Pomelo Tree will yield slightly more than 4 Juicy Pomelos. Users can add more trees to their account at any time to increase their farming rate.
Make sure to login to harvest.pomelo.io to check your Juicy Pomelo yield and claim them once your unclaimed balance is greater than 1. Since fractions of a Juicy Pomelo cannot be claimed, all accounts at the end of the farming period will be left with an unclaimable fraction of a Juicy Pomelo.
On Saturday August 28th at 16:00 UTC, we’ll be activating our next blending recipe that combines 4 Juicy Pomelos and 1 Pomelo Tree into the Golden Pomelo. On September 11th, at the end of the farming period, these Golden Pomelos can then be burned into a non-transferable Pomelo Badge NFT that will show up on your official Pomelo profile, forever displaying the fact that you were one of the original supporters of the Pomelo platform.
We do want to point out that these Pomelo Badges bring cosmetic-only improvements to your account. Your voting weight in the Pomelo funding rounds is not impacted by holding NFTs.
Users who accumulate extra Golden Pomelos will be able to use these to obtain a small discount when buying ingredients in Season 2 of the Pomelo NFT Series. When considering the costs of the ingredients in the primary sale, a Golden Pomelo costs 1 EOS to produce and will give a Season 2 discount of 2 EOS.
Season 2 of the Pomelo NFT Series will be announced after the conclusion of the first Pomelo funding round.
State of the Finney III & Finney Vol. 1 Pack Sale
The Finney Vol.1 Pack Sale went live this week along with the release of The State of the Finney III , and it’s quite awesome. This edition of the report focuses on the EOS blockchain, with a subsequent report on the WAX blockchain expected soon. 1402 EOS Genesis Finney Coins has been burned of at the time of compiling the report.
This would mean roughly a fourth of the total Finney supply has been burned, with about 26% of each class of Finneys (except for Rhodium) already burned. In the case of Rhodium, a whopping 36% have been burned, bringing down its chances of each future burn to 0.09%. Seven of ten themed Finneys have been have been discovered, and 125 of 150 total Dragon Coins have been further unearthed. 90 BTCminers now exist on EOS comprising two Rhodium, five Palladium, and 16 Gold, 31 Iridium, and 36 Platinum BTCminers.
It is also noteworthy that the price of the EOS Genesis Finney Coins has now stabilized at about 20 EOS, after it experienced a pullback to 14 EOS from a previous high of 22 EOS.
Finney Vol. 1 Pack Sale
In a bid to achieve mass visibility for Finney, a publicity competition has been launched with huge NFT prizes up for grabs. The competition, which started on August 12 and will last until August 22, is in celebration of the August 20th Finney Vol. 1 Pack Sale on WAX.
The winner of the competition gets to bag a Hippie Themed Finney, a Cryptowriter “Gold Checkerboard” Volume 1 Cover NFT, an Alvin Kelly Finney, a ChainCreatures Finney, a Killer Finney, and War Finney. The second runner up also gets awesome rewards and there are consolation prizes available for 4th place to 10th place.
All it takes to cop a chunk of this prize pool is to download the high resolution Finney poster image, hang the poster in a part of your town, take a picture of the poster, and tweet it out with the hashtag #finneyglobal while also tagging three friends, @CryptoFinney and retweeting the selected tweet. Entries will be judged on creativity, visibility, and other aesthetics like national landmarks.
And finally, those wishing to achieve maximum FOMO for the Finney Vol. 1 Pack Sale can tune in to the latest CryptoWriter Roundtable YouTube video for 100 minutes of discussion and Finney hype.
The Ocean Defenders Origin Story
While nowadays many NFT projects are making sure that they don’t produce CO2 Emissions, The Ocean Defenders go even further as they also protect marine life on our planet.
Initiated by a committed group of artists, scientists and watersport professionals, this WAX NFT series aims to raise awareness about marine conservation, cooperate with sustainable businesses, and to educate in a fun way.
Kicking off the promotional phase of the project and to share their Origin Story, the core team invited early supporters to celebrate the UN Ocean Decade with the launch of The Ocean Defenders.
While this first event is mainly interesting for folks currently residing in San Francisco, soon there will be many other chances to meet the team in VR, as they just recently started to co-operate with NFT Oasis for a VR Experience to communicate the mission of the project and to create a place for their global community to meet.
The Ocean Defenders Collection comeds with all the bells and whistles dedicated NFT collectors have come to expect: NFT battles, blending recipes, educational content, charity donations and a mysterious hunt for a golden ticket.
The .gems team is super excited to partner with this committed team of activists for an exciting NFT adventure on the WAX Blockchain. Follow .gems on Twitter to learn more about this exciting release over the coming weeks.
Greenback is Built on EOSIO
Greenback, in conjunction with ARXUM, is coming to EOSIO. Greenback is a plastic recycling and certification company, with the aim of impacting climate change by finding better ways of eliminating plastic waste. To this end, it has leveraged EOSIO to further bring the plastic recycling supply chain to the limelight. The decision to leverage EOSIO comes as no surprise, considering the blockchain’s reputation as the most environmentally friendly blockchain in the world.
Greenback seeks to collect plastic waste and other recyclable waste in bulk in the areas where it has a presence, and process them into new products or depolymerize fragments with no prior value into harvestable commodities with its technology. The role of EOSIO in this is to use blockchain technology to mitigate fraud and offer a verifiable means to trace the origins of plastic packaging and processed materials. Thus, compensation for plastic pickers and collectors are regulated by a smart contract to ensure every collector is rewarded according to the quality of work done. EOSIO also helps Greenback with maintaining a secure cryptographic record of all plastic collected at participating centers. This would be done by the chain digitally tracking collected waste, and a smart contract creating a corresponding token for every kilogram of material collected. The tokenization serves as an avenue for companies to secure ownership of depolymerized oil beforehand by pre-purchasing the tokens.
DAPP Token Whitelisted on Bancor
The Bancor proposal to whitelist the DAPP token on Bancor passed on July 28th. The single-sided liquidity proposal passed with $6.65 million worth of vBNT tokens voting in favour of DAPP being whitelisted. Bancor consequently becomes DAPP’s liquidity hub on Ethereum, with about $1.6 million as part of the new Liquidity Pool. The single-sided liquidity pool is already filled, with further DAPP deposits into the pool only possible with a simultaneous injection of BNT as it stands.
The whitelisting of DAPP on Bancor could also increase the rewards available for DAPP liquidity providers. The newly generated interest in DAPP would increase fees, potentially going higher than the 6%-7% yield accrued by DSPs. Following the whitelisting, an audit is being carried out by prominent ETH auditor, Peck Shield. The auditing process is expected to take a maximum of 30 days starting from the August 2 commencement date. The audit process is the last remaining requirement to be completed for the LP staking rewards to begin.
EOS Nation is a top Block Producer on the EOS public network. We earn inflation rewards based on the percentage of tokens staked towards us. Those rewards are reinvested into EOSIO community, tools, and infrastructure. Help grow the ecosystem by staking your vote to eosnationftw for BP or proxying to proxy4nation.
Remember, we never accept compensation in exchange for featuring projects in the EOS Hot Sauce. That means if a project is included in the EOS Hot Sauce it’s because we believe that project brings value to the EOSIO ecosystem and we want our community to know about it!
Are you building an interesting project on EOSIO? We want to hear from you! Reach out to us on social media or email firstname.lastname@example.org.
Thank you for supporting EOS Nation and for reading this week’s edition of EOS Hot Sauce! Want more spicy updates? Check out some of our recent EOS Hot Sauce episodes!
The Vintage Valentine series was conceived to mimic turn of the century valentine’s day cards, reflecting an era when society pretended to hide the more salacious habits of so many people during that time. On top of the physical pieces, this collection also features digital copies, published as Vintage Valentine Card NFTs on the carbon-neutral WAX blockchain.
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