EOS Hot Sauce #35

EOS Hot Sauce is a weekly digest of all the hottest news from around the EOSIO ecosystem. The space is evolving so rapidly it can be hard to keep up! We keep on top of it so you don’t have to.

This week's spicy topics:

Sauce in every format:

EOS Nation’s EOS Hot Sauce is also available in video and audio formats shortly after the article is published.

WAX Nation Community Update

WAX has been attracting a lot of attention in the last few months and here are some of the recent highlights!

dApps are moving from EOS to WAX: Karma, EARNBet, ITAM Games. 🏃‍♂️

In the last month we’ve had announcement of dApps migrating from #EOStoWAX, like Karma and EARNBet. These dApps were attracted to WAX due to benefits like lower cost of network resources, free account creation and even direct financial incentives from WAX through their #EOStoWAX promotion.

Other teams, like ITAM Games, have taken the approach of deploying multiple instances of their dApps across multiple EOSIO chains. ITAM Games currently run exclusively on EOS, but the team has announced their intentions of launching instances of all their dApps on WAX too.

The microservice layer and WAX Developer Hive make it easy for developers to port their dApps onto WAX, and we expect to see this trend of multi-chain dApp architecture to continue to grow in 2020.

WAX All Access: easy account creation via social logins. 📲

Combining free and easy account creation with effective marketing like #EOStoWAX and #XmasGiveaway, WAX has been able to attract new dApps to launch on their platform and new users to signup. This recent surge in new WAX accounts has brought the total number of accounts to over 200,000!

Users who follow @EOS_Nation or @WAX_IO on Twitter this week had the chance to join the fantastic holiday promotion that WAX is currently running. The $1,000,000 Christmas giveaway of NFT and real-life items saw users win prizes that any gamer would enjoy, such as Supreme gear, CSGO & DOTA 2 skins, GFUEL, Bitcoin and more! 🎮💎⚔️💰

WAX’s Prospectors instance is now the #3 most active blockchain dapp on DappRadar.com! 🏅

William Quigley, Co-Founder of Magnetic Capital and WAX, and his production team have been doing a great job creating high quality educational videos about a variety of subjects that are currently very important for the entire crypto space. William tackles the topic of DeFi this week, and breaks it down in a way that anyone can understand. An interesting point he makes in the video is that DeFi is being built by the crypto community and for the crypto community. We’ve already seen a growing community rallying behind the DeFi offerings of Equilibrium on EOS and hopefully we’ll see DeFi products on other EOSIO networks, like WAX, in the future!

Itam Games
William on DeFi

Greymass Fuel

Greymass announced their latest product, Greymass Fuel, this week! This highly technical team has consistently delivered high quality work since before the launch of the mainnet – and this product is no exception!
“Fuel is a product developed by Greymass with the goal of being a turn key solution for application developers involved in the EOSIO ecosystem who wish to cover the resource costs (NET/CPU) of their end users.”

Fuel features:

  • Simple and straight forward integration
  • Implement into an existing EOSIO application
  • No additional server/infrastructure need to be setup to get running
  • Greymass API infrastructure handles everything required

Fuel currently offers a per-millisecond billing system based on the actual usage ultimately reported by the block producers. Fuel can be embedded within applications today using a variety of different options:

  • Free Quotas
  • Leasing from Fuel
  • BYOR (Bring your own Resources)
  • Transaction Fees

Fuel has a built-in free resource model that allows any account to use 5ms of CPU per day (subject to change). A handful of apps have already integrated Fuel to help cover the resource costs of their users:

  • EOSAuthority Wallet
  • BOID
  • Decentium
  • EOS Nation Proxy
Introduction to Greymass Fuel

EOSDT's Stability Fund

The team over at Equilibrium continues to innovate and increase confidence in the EOS DeFi sector. Last week they’ve revealed that EOSDT is “now backed by smart contracts that pay out consumers if the dollar-pegged token crashes through its collateralized floor. Much like how America’s FDIC insures consumers’ traditional bank deposits against a run, these smart contracts inject certainty, and stability, in the face of black swans.”

The Stability Fund contains 6.5M EOS, which is separate from the 4.5M EOS that has been deposited as collateral for the EOSDT positions. This is a great step forward for Equilibrium and is likely to increase confidence in EOSDT, the leading DeFi product deployed on EOS!

The Equilibrium team shows once again a great commitment for decentralizing finance and in their “Defi News Digest” series they cover all you need to know to be up to speed with developments in the global DeFi Space.

Equilibrium’s Stability Fund Article
Equilibrium on Coindesk
What’s new in Defi?

LiquidApps Introduces LiquidStorage

Decentralized Data Storage is much needed in the future of decentralized applications – not just for saving the data for users, but also for the frontend of the application, so that access is available at all times. LiquidApps just released a new service that not only provides a technological solution, but also aligns incentives. LiquidStorage combines Inter Planetary File System (IPFS) with the staking-based free market mechanisms of DAPP Service Providers (DSPs) and we’re excited to see what dApp developers are going to build with it.

The Onessus Team, one of the builders on the DAPP Network, and winner of the recent LiquidApps DAPPHackathon, introduced a new service, LiquidEscrow, along with an arbitration platform for competitive video gaming during the Hackathon. Zack Gall did a great interview with Jack MacDonald of Onessus to learn more about the Global Economic E-Sports Community, Hodl God, and what’s next for Onessus.

LiquidApps article about LiquidStorage
Winner of  DappHackathon: Onessus

REX Fix and SEC Visit

The following Block.one updates to REX have been merged into the develop branch of the EOSIO repository!

Changes include:

  • Distribution of loan rental fees over 30 days (60x 12-hour buckets)

This will incentivize liquidity to come into REX and stay in REX as the demand for loans increases.

  • Reducing total_lent (“REX cap”) from 20% to 10%

This will increase the amount of EOS that can be borrowed from REX and allow REX rental rates to reach more expensive price points as we get closer to 90% of the available EOS being rented out.

Here’s a simple example to illustrate how these changes will incentivize increased REX liquidity:

Current situation:
User A pays 6000 EOS to rent a lot of resources for 30 days. This REX income (6000 EOS in fees) is paid to those who hold REX on Day 1 of the 30-day loan duration. Someone can withdraw from REX on Day 2 and still have banked their entire share of the profits for the 30 day loan.

Situation after REX fix:
User A pays 6000 EOS to rent a lot of resources for 30 days. This REX income (6000 EOS in fees) is divided equally into 60 different buckets, one bucket per 12 hours for 30 days (duration of the loan).

In this scenario, users who hold REX on Day 1 but withdraw on Day 2 you will only receive 2/60th of the income generated by the 6000 EOS loan, since the user only held for 2x 12hour periods after the loan was purchased.

We expect to see these changes implemented in the next EOSIO smart-contract release by Block.one (timeline unconfirmed).

Speaking of Block.one, over the weekend Brendan Blumer tweeted a picture of himself and Dan Larimer from their recent visit to the SEC in DC. Although no details about the meeting were released, Brendan proceeded to go on what can only be described as a tweet storm of crypto positivity! Brendan was showing love to a variety of community members and projects not only related to EOSIO, but across the entire crypto space. It was very refreshing to see, and it’s impossible to read his tweets and replies and not be extremely excited for the space in 2020!

REX Code Udpate
Brendan Blumer's Tweets and Replies

Ecosystem Updates

Ultra’s Next Big Partner: AMD

The Ultra team has announced a partnership with AMD, the global leader in the GPU market and the world’s second-largest supplier of x86-based microprocessors. This just weeks after announcing Ubisoft as a Blockproducer, and once again showing the world how excited big traditional tech companies are about blockchain. Both companies agreed to work on co-marketing activities from now on, and AMD will distribute games to their customers to redeem on Ultra as both companies plan to optimize cryptographic computing performance on the platform for gamers using AMD processors and graphics cards.

Joerg Roskowetz, Head of Blockchain Technology of AMD was quoted: “AMD is excited about the use of blockchain technology for games publishing, licensing and rights management. AMD and Ultra are working together to make next-generation, community-centric game publishing a reality, transforming the way games are purchased, shared and experienced.”

In their press release, the Ultra team also mentioned yet unannounced hyper-social features of the Ultra platform, which we are very excited to learn more about soon. These announcements brought Ultra a lot of media exposure as they were featured in Yahoo Finance and other mainstream publications. Ultra promotional output is heating up and we encourage you to check out their August trailer to get properly hyped up!

Ultra’s press release
Ultra on Yahoo Finance
Ultra trailer

Chestnut Technical Whitepaper

The Chestnut team came to life during the London Hackathon in 2018, where they won 2nd place and took the Best User Experience (UX) prize. The team kept working on their vision of providing security features for users since then, similar to the standards we know from traditional financial services.

For many potential new users, it’s quite intimidating to take full responsibility for the security of their account, and we still hear about scam artists trying to abuse such inexperienced users.
This is a problem the crypto community is facing as a whole, and solving it is crucial for the wider adoption and success of cryptocurrencies.

In their technical white paper, the Chestnut team introduced several account security features, concepts, and services that are leveraging the flexibility of EOSIO account permissions and smart contracts. We encourage you to give it a read to learn more about how they plan to prevent mistaken or fraudulent transactions from happening. Their solutions are on-chain, designed to be scalable, and Chestnut plans to expand to other EOSIO networks once established on EOS.

Chestnut whitepaper

Crypto.com Adds EOS

Another combination of traditional financial services and Crypto is provided by Crypto.com, a popular platform for crypto investors. On their mission to make cryptocurrencies more usable in the real world, they created the MCO Visa Card, which lets you pay with crypto and comes with a couple of interesting perks, such as a crypto back program and a free Spotify account. We’re happy to report that they recently integrated EOS as the 8th option to top up your Credit Card account. Currently, the service is available for 38 US States, but we expect that the service will expand soon. Learn more about the benefits of different tiers in a video published by the YouTuber Crypto Lark, who just shared his experience using this interesting product.

Crypto.Com adds EOS
Crypto Lark tests the MCO Visa Card

BlockBase Airdrop Continues

The EU-funded Blockbase team reported that it’s working hard to deliver its product for testing and aims to start their alpha phase in January 2020. They’ve released their code on Github just recently, where it’s being constantly updated. Blockbase is currently distributing BBT tokens via their innovative airgrab. The 2nd airdrop round (of 24) had 27,848 accounts registered, but only 14,252 were accepted to avoid abuse. There will be two new rules for airgrabbing starting December 20th.

Rule #1 – each account needs to hold at least one EOS in total, either unstaked or staked to CPU or NET, at token distribution time, otherwise that account won’t receive its tokens.
Rule #2 – each account needs to be one month old. These EOS and account age minimums may be adjusted in the future.

If you haven’t claimed your BBT tokens yet, we encourage you to participate in round 3.
However, be careful and double-check the address, since the team recently discovered that there’s a phishing site abusing the air grab’s popularity. Best use the link we shared below. For future reference, it’s blockbase and NOT blocksbase.

BlockBase's BBT Airgrab

Marshall Islands inspired by EOSIO

2020 might be a year where more governments show more clarity on cryptocurrency regulations, and several countries are actively working on the issuance of their own digital national currency based on blockchain technologies. One of those countries is the Marshall Islands, and we’re excited to learn that their efforts were inspired by the work of Block.one on EOSIO. The cryptocurrency, SOV, is set to tackle some issues the RMI struggles with, including high costs of remittances.

One potential reason why Jim Wagner, co-founder and CTO of SFB Technologies, the company behind the development of SOV’s blockchain infrastructure, chose EOSIO for his inspiration, might be that participated and won the Hong Kong EOSIO Hackathon as a member of the ID Pass Team.

Cointelegraph article about Marshall Island’s plans for SOV

Scatter Design Process

Rami James took us through the design process of the Scatter wallet in a detailed article, which is an interesting read for anyone that wants to learn about user experience and what things to consider. We’ve seen quite a few versions of Scatter already and the Scatter team never got tired of adapting their product according to their users’ feedback. In the article we learn what worked and what didn’t work from the user’s point of view, and there’s valuable information about what motivated the development of the Scatter Simple, a new interface mode for users that don’t need to manage multiple accounts and just want to use a dApp or play a game.

We also very much liked this quote in the article: “Experience is defining the design of the future.” Go Scatter!

Scatter’s article
Thank you for reading this week’s edition of EOS Hot Sauce!

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.

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Disclaimer: The information provided above does not constitute investment advice, financial advice, trading advice, or any other type of advice whatsoever, and the information on our website should not be trusted as such. We present this information to you as general market commentary. The information does not constitute investment advice or any professional financial advice of any sort whatsoever. We do not advise or recommend that you buy, sell, or hold any cryptocurrency, digital token, ICO, or digital asset whatsoever. We advise users to conduct their own due diligence and consult with a qualified financial advisor before buying, selling, or holding any type of digital asset or cryptocurrency. We will not be held responsible for any investment decisions made based on the information provided on the website.

Daniel Keyes

Chief Operating Officer (COO)
Responsibilities include: product management, operations, community
Location: Toronto, Canada

Prior to founding the first EOS community in Toronto and co-founding EOS Nation, Daniel spent a decade in the financial technology industry working several diverse roles. His extensive experience in customer service, sales, sales coaching, agent training, digital marketing, digital process management (lean green belt), and product management (certified scrum master, certified product owner) eventually lead him to consulting for a blockchain dev shop.

Daniel earned a Bachelor of Journalism from Ryerson University in 2009 and worked as a chase producer intern at Global TV.

Daniel lives by the principles of Truth, Love, and Freedom.