REX Update is Live
This week the block producers on the EOS public network implemented an upgrade to the EOS Resource Exchange (REX) that is designed to increase REX liquidity. There were two key changes made to accomplish this:
1. Threshold percentage changed from 20% to 10%.
While building and testing REX in early 2019, Block.one evaluated that the safest course of action required leaving a buffer of unlent resources in REX, which was conservatively set to 20% when REX was launched. Changing this threshold to 10% will allow more resources in REX to be lent out while at the same time allowing prices to increase further as we approach the threshold. This higher supply and potential for higher prices may lead to increased returns for REX holders, which may incentivize more EOS to be deposited into REX.
2. Fees are distributed over 30 days across 12-hour staging pools.
Before the upgrade, the fees earned from the rental of resources on REX were paid to REX holders on Day 1 of 30 of the loan. The new 12-hour staging pools now distribute the fees earned on a loan over the entire 30 day duration of the loan in the form of 60 12-hour staging pools. Not only does this change incentivize users to hold on to their REX for the entire duration of the loans, it also incentivizes new liquidity to come in after a large loan has taken place, as they too can earn their shares of the fees by holding REX after the loan was the started.
Those who want to see the actual code can consult the eosio.contracts v.1.8.3 release notes.
As highlighted by Colin Talks Crypto, this REX upgrade was a fantastic example of key stakeholders from across the entire ecosystem coming together and upgrading the EOS public network in a safe and timely manner. More than that, we think this is a great example of EOS resilience that comes from having aligned incentives across the entire community.
- Dapp and wallet developers were quick to deploy solutions that took care of CPU costs for their users (Bloks.io, TokenPocket, MeetOne, EOS Authority and others).
- Block.one coded and tested the REX upgrade.
- Dan Larimer shared an idea for a longer-term CPU/REX redesign based on recent lessons learned.
- Block producers thoroughly tested the REX upgrade on both Jungle and Kylin testnets.
- EOS Nation’s Denis Carrière built the v.1.8.3 EOSIO system smart contract, built the ABI using the EUA/regproducer Ricardian Contract and documented the build procedures.
- EOS Nation then proposed the MSIG on 31st of December, which was then reviewed and approved by 15 of the top 21 block producers in less than 48 hours.
Thanks very much to everyone involved in achieving this milestone! This type of quick, but measured response from the EOS community was very inspiring to see! We’re all navigating uncharted territories while working on the very bleeding edge of blockchain technology. Bumps in the road are to be expected and as long as we continue to work together we will continue to overcome these obstacles. We’re very impressed by the level of resiliency that all parties have shown recently and our confidence in the strength and future success of the EOS public network is at an all-time-high! LET’S GO EOS 🚀
Visions for EOSIO in 2020
Throughout 2019, the LiquidApps team was able to consistently publish thought-provoking articles that helped the EOSIO community overcome the tribal mindset that’s present in so much of the crypto community and open the eyes of many people on the power of blockchain interoperability. Their first publication of 2020 focuses on “how blockchain-enabled interoperability is expected to change the way companies do business during the second decade of the 21st century,” and explains that “interoperability enables projects to play positive-sum games by focusing on their core competencies and striking up synergies with one another.” The excellent article also recaps many of the accomplishments and milestones that were reached in 2019 on the DAPP Network.
Another inspiring post, published by James Mart of Dappiness Solutions, challenges the reader to think much bigger than ever before. Based on Block.one’s strategic vision and fuelled by his expertise in application architecture, James walks the reader through the massive potential of EOSIO in a way that’s understandable for non-technical readers.
And finally, WordProof creator Sebastiaan van der Lans officially declared 2020 the Decade of Open-Source! By compiling his thoughts alongside quotes of the greatest open-source builders of our time, Sebastiaan brings us a great article that has us tremendously excited for the future of open-source technology. By talking about “The Urgency for a #Decadeof OpenSource” and citing the importance of “Adoption of Alternatives to Society-Critical Platforms,” Sebastiaan paints a very clear picture on why he does what he does at WordProof. Timestamping your documents on a blockchain is a great use-case that’s already very relevant and is poised to continue growing in importance. With over 160,000 pieces of real content already timestamped, WordProof is well on its way to building a brighter future for all of us!
Free CPU from Greymass' FUEL and Anchor
We’re big fans of the great work done by Greymass, and today we’re happy to share great news regarding progress on their Anchor wallet and resource management system, FUEL. Their latest publication announced that users now have yet another free CPU solution to make transactions from their accounts. Users who upgrade to the latest version of Greymass’ Anchor Wallet (v1.0.0 rc2) will now be able to enable FUEL, which allocates every user with 5MS of free CPU resources per day. For reference, here’s an approximation of how much MS different types of transactions consume:
- An EOS token transfer uses somewhere between 0.7ms to 1.2ms.
- When unstaking or staking tokens, it typically uses somewhere between 1ms up to 3ms.
- Voting for block producers uses around 0.8ms to 1.5ms.
Greymass also announced their plans to add the functionality for users to be able to easily purchase more CPU FUEL directly from within Anchor. For more information about Anchor, please visit their Telegram channel.
Decentralized Blockchain Applications
The Emanate Team started the year by announcing their Creative Freedom Pledge, which states:
musicians from around the world will always be able to start from nothing, sell their music on various streaming platforms and make money from their creativity
Three months after launching the Emanate Alpha, the team gathered valuable feedback from their community and decided to create a free tier for hobbyist artists and those starting out with either no following or no means to buy tokens or pay a subscription fee. Once those artists generate 5000 EMT earnings through their uploaded music, they’ll enter the next tier allowing them to upload more songs and also cash out their earnings. A new feature announced for later in 2020 are Emanate playlists that can be monetized through the Emanate Music Lovers subscription service. Sign up now to take advantage of the promotional 3-month trail!
Dungeon Princess: Infinity was a popular mobile game with over 200K downloads. And in recent months, ITAM Games has been working hard to apply blockchain technology to a new online version of the game, making trading of in-game assets between users possible. Pre-registration is now available on Android, iOS and Discord!
Proliferation of EOSIO Networks
WAX is built around the concept of virtual assets and created an open platform on which virtual marketplaces can flourish. This goes far beyond the virtual items we know from gaming worlds – literally everything can be virtualized, traded, collected and stored on WAX. To dive deeper in the possibilities, we encourage you to watch The Post-Retail World episode published as part of their A Year of WAX 2019 series on the WAX TV News channel. The series is even hosted by a virtual TV anchor, which gives it a fitting futuristic feel.
For those who prefer to consume your blockchain news in audio format, you’ll be pleased to learn that the well known Layer1 Crypto Podcast did a lengthy interview with WAX’s strategic advisor Malcolm CasSelle. The conversation covers a great overview of WAX, as well as some discussion about the current crypto market conditions. Shoutout to long time dedicated EOSIO community member Barry Dutton for helping connect both teams and making this interview possible!
If you read the EOS Hot Sauce Wax Community Update regularly, you probably already know that WAX token holders can receive Staking Rewards, an incentive to become an active participant of the network through voting. A detailed article, headlined “Staking and Voting on WAX: A Technical Deep-Dive,” explained how these rewards are calculated and how you can make sure you earn as much WAX as possible.
MaltaBlock, a top 21 WAX Guild, published a technical guide on how to set up cost-efficient Wax Infrastructure using Kubernetes (also known as K8’s), which is in line with the popular trend of running cloud infrastructure. MaltaBlock even describes K8s as “the best platform to automate blockchain infrastructure management” and explains how to set them up to run WAX Infrastructure such as BP-Nodes, API-Nodes, and more.
The WAX Service Layer already brings many out-of-the-box solutions for developers, and with new infrastructure options like this, developers can focus more on creativity than on budgeting.
As a second contribution, the MaltaBlock team deployed a slick method to create new WAX Accounts with just a simple transaction. By simply sending 3 WAX tokens to signupwaxwax , the service will stake 0.9 WAX to CPU and 0.1 WAX to NET and buy RAM with the remaining 2 WAX. In the memo field, users fill in the 12 character WAX account name followed by the public key they wish to use in this format “accountname-publickey”. The signupwaxwax contract is based on signupeoseos, which was originally created and open-sourced by Dappub.
What an amazing year it’s been for BOSCore! It’s certainly worthwhile to look back at all the exciting and groundbreaking innovation this network has seen so far. In cheerful videos, several representatives of the BOSCore team invite you to take a tour to learn more or just remember the milestones the Business Operating System reached in 2019. Just to name a few, there was IBC, global meetups, a WPS system and a whole new consensus algorithm making block finality on BOS blazing fast.
The BOSCore Year End Review was packed with so much information that it was broken down in 3 parts:
- First Quarter (Genesis accounts, Genesis block and IBC)
- Second and Third Quarter (WPS, REX, 3s LIB, live events)
- Fourth Quarter (ECC Sponsors, USDT, BOS Oracle, AMA, token burn)
We expect this type of productivity to continue in 2020, and part 1 of a series of BOS Oracle articles was just published and introduced the BOS Oracle Machine, which is the current focus for the BOSCore development team. BOS Oracles aims to become a reliable method of putting non-blockchain data onto the blockchain. The article explains the importance of trusted off-chain data sources for the further development of blockchain technology and presents several examples for use cases.
Oracles are a significant piece of the puzzle when it comes to combining traditional businesses with the blockchain world. The approach taken by the BOS Oracle takes many factors into consideration and uses positive incentives and a complete game-theory model to balance changes in efficiency and market relationships.
The Future is Multi-Chain
As mentioned in one of our featured sections this week, we believe cross-chain interoperability will be a big theme in the coming year, and so far 2020 has not disappointed! The Wanchain team announced the integration of EOS on the Wanchain test network on January 2nd. Users can access their EOS account directly from within the Wanchain wallet and can do things like manage their CPU, NET, and RAM, and transact with cross-chain wEOS tokens.
Congrats to Wanchain for this great milestone! We offer them a warm welcome to the EOSIO ecosystem!
Ever since appearing on the scene in October 2019, Dexaran has earned the respect of many EOSIO community members. His performance stress-tests in October 2019 were very valuable to the network and led to important lessons learned that are now applied throughout the network. Dexaran is also working on his own project, the Callisto Network, which has announced that they are leaving Ethereum for a newer code base that allows Callisto to integrate with the ecosystem of other smart-contract development platforms.
“The most advanced smart-contract development platform is EOS nowadays. In addition EOS has built-in source of funding (Block producers, Worker proposals [planned], Block.one has fund that is intended to facilitate the growth of EOS infrastructure).” – Dexaran
Congratulations to Dexaran and the Callisto Network for integrating with the EOS public network. We look forward to hearing more updates about the project!
EOS Nation is a top 21 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 email@example.com.
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!
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EOS Hot Sauce #64 – NFT FOMO for GPK Exotic, Spicy Rare Giveaways, Collectables.io Trading Platform, Join our Sense Chat Community and More!
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