EOS Hot Sauce #48 – EOS WPS User Guide, EOS Passes DeFi Stress Test, Sense.Chat 2.0, WAX Labs and More!

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:

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

EOS Worker Proposal System

The EOS Worker Proposal System (WPS) is almost here! We’ll soon be seeking approval from 15 of the top 21 block producers to deploy it to the EOS Mainnet.

The EOS WPS is a funding mechanism that enables developers and other value creators to seek funding from the EOS blockchain for their projects outside of EOS block rewards. Modeled closely after the DASH Budget Proposal System, which has been successfully funding projects benefiting the DASH ecosystem. It also pulls from our experience designing and maintaining the BOS Ecosystem Program. We’ve analyzed real node, developer, and token holder behaviour in both these systems over an extended period of time in order to design an improved version for the EOS Mainnet.

This decentralized voting & distribution mechanism is governed by the rules coded within the WPS smart contracts, which allows any EOS account to propose a budget for their specific project and Block Producers elected by token holders to vote on them. Each proposal that passes is paid directly from the eosio.wps account to the EOS account that proposed the work.

Built by EOS Nation and AtticLab, it’s already live and in testing on the Jungle Testnet. Join the WPS Telegram Chat to discuss all things WPS with other members of the community.

Consult our full EOS WPS User Guide for a complete breakdown of the system, which includes:

  • WPS Overview
    • Voting periods and funding
    • Passing proposals
    • Proposer requirements
    • Quick reference guide
    • Frequently asked questions
    • Video overview
  • Proposal Submission Walkthrough
    • Sign in to EOS WPS Portal
    • Setup proposal
    • Provide a detailed description for your proposal
    • Set up your project timeline
    • Publish proposal
    • Video walkthrough

Worker Proposal System Explainer Video

How To Submit a Worker Proposal: Walkthrough

EOS & ETH: DeFi Stress Test Results

The volatility in the crypto markets has recently spiked to incredible levels, and the violent price drop on March 12-13 caused enormous amounts of liquidations for investors that were leveraged long on various cryptoassets. The DeFi space was of course under scrutiny as many wondered how various platforms, such as MakerDAO on Ethereum and Equilibrium on EOS, would perform during times of extreme market volatility and high network usage. The over-collateralized nature of these platforms means that as prices drop, users are potentially exposed to liquidations. Rapid drops in prices can trigger rapid action on the platforms. Were they able to hold up?

The team over at Equilibrium wrote an excellent in-depth article describing “How EOS and ETH DeFi Made It Through The Market Turmoil.” We highly recommend everyone to take the time to read it as it explains complex concepts in a way that’s easy to understand. 

Spoiler: Equilibrium came out smelling like roses and MakerDAO… well, not so much. 

Although the full breakdown is certainly worth the read, here’s a quick recap: The problems for MakerDAO were caused by congestion on the Ethereum network, which led to all MakerDAO oracles failing to update the on-chain price of various assets. In the end, over $7 million USD was extracted from the MakerDAO platform.  

“… Equilibrium’s EOSDT doesn’t require any third-party involvement, since the system identifies undercollateralized user positions automatically on every price update.

Due to the (Ethereum) network clog, most of MakerDAO’s keepers were unable to trigger (liquidations). At the same time, some vaults were not considered undercollateralized, thanks to the overestimated on-chain price.

Worth mentioning that liquidations in Equilibrium EOSDT are as simple as an ordinary asset transfer to a smart contract (compared to MakerDAO, where a sophisticated keeper bot is required). The simplification of the liquidation interface makes it available for a broader audience and might mitigate potential inefficiencies.

Since their launch in March 2019, the EOS-based Sense.Chat brought encrypted messaging and video calls between blockchain addresses to their users. In just one year, a total of 60,000 Sense.Chat accounts were created and the team was happy to welcome renowned crypto investor Tim Draper to their board of directors. Here in the EOS Hot Sauce we often reported about all the new features that the Sense.Chat team is working on, creating a place for people to literally make more SENSE, the currency that participants can earn for valuable contributions. 

The release of Sense.Chat 2.0 seems to be very close, as the team published an article and opened a waiting list for early access.

With a radically rebooted front end, back end, and a more blockchain agnostic approach, the upcoming release goes far beyond a regular update. 

You can expect the following features:

  • A safe, secure platform where you can chat with your friends, family, and followers
  • New and improved community management tools
  • Exclusive features that reward engagement and promote positive contribution
  • A p2p account verification system that will help spot fake accounts, scams and spam

The original version of Sense.Chat will be maintained but will be relabeled as EOS Chat. Users that already participated need to re-register to join the upgraded version.

The vivid WAX Community enjoyed another action-packed week, and with the release of WAX Labs, “the largest community-owned worker proposal system in the entire blockchain ecosystem,”  we can expect that more active builders will join WAX. With a total of 75 Million WAX Tokens, this fund can be a significant stimulus for

  • The developers who are compensated for their efforts
  • The community for having access to additional resources
  • The WAX organization, which can leverage the creativity of the community to advance projects

Each and everyone interested in building on the WAX Blockchain can apply. Proposals will be reviewed by a committee selected by the WAX Guilds, and will be put up for a vote when they pass, so that WAX token holders can decide whether or not they want to fund the project. In order to pass, a proposal needs to reach a threshold of 35% of all staked WAX tokens voting in favour of it within 30 days.

We’re happy to report that the WAX Guild, Pink.Network, were successful with their proposal, “Creating a hub for the AtomicAssets NFT standard,” and made history as the first WAX Labs funded project out of many to come.

Thanks to the WAX Service Layer, a suite of out-of-the-box solutions that can be easily integrated with any application built on WAX, it’s already very attractive and efficient for developers. With the added opportunity to get projects funding through WAX Labs, we can expect even more productivity on WAX in the near future.

The WAX Guild GreenEOSIO summarized all these benefits in a great article, where they describe WAX as a treasure chest for blockchain game developers.

The card game, Dark Country, decided to move to WAX already a while back. And to celebrate their upcoming launch, they airdropped a free NFT Game Card to each WAX account to be used within the game. The activity is ongoing, and you can still receive your free Dark Country airdrop if you create a WAX Account today. 

With many new games, and big traditional companies like Topps, bringing their user base onto WAX, there will be an influx of people with little to no blockchain experience. Once their accounts hold a significant value, the importance of secure key management can’t be stressed enough. So comprehensive educational materials are necessary to avoid frustration during the onboarding process.

On that note, we’re happy to share a great article by WaxSweden, covering best practices for account security, not only specific to WAX, but also for anyone who wants to upgrade or check the status of their blockchain account security.

And we have yet another piece of spicy WAX news. Not long after the team gave the community some hints about a new partnership with a “global tech company that will be a game-changer for the WAX Ecosystem,” the WAX team announced their cooperation with Chainlink to “bring off-chain data and resources to the WAX and EOSIO ecosystem.” 

We’re happy to see such cross-chain activities, as we strongly believe that the future is multi-chain.  

Last but not least, don’t forget to check out the latest episode of WAX On, where William Quigley shared his interesting perspective on “The Future of NFTs in 2020 And Beyond.

Rami James of Ultra wrote an interesting article where he shared some insights on how the Ultra team is working, what are some of their most-used tools, and how they structure their workload. 

The article contains great nuggets and tips for any startups, and gives readers that are unfamiliar with blockchain a quick intro into the benefits of EOSIO blockchain technology, which is at the heart of Ultra’s platform. 

“EOSIO supports deploying upgrades to business logic and core technologies, whereas some technologies like Ethereum required essentially a hard-fork of their entire system.” – Rami James

He also presented the following points that make Ultra a unique choice for game developers:

  • Easy deployment and distribution through the Game Dev center
  • A built-in user base with effective tools for marketing apps in new ways
  • More money for the developers, since Ultra is charging a fairer rate than the App Store, Google Play, or Steam

The Ultra team, consisting currently of 60 employees, continues to grow, and the article demonstrates that the way they organize their efforts is as innovative as their product.

Deferred transactions will be deprecated in future EOSIO releases, due to the multiple issues they generate. But scheduled future tasks are widely used by dApps and smart contract developers. 

Croneos came up with an alternative model that lets developers submit tasks to an on-chain pool which will later be executed by users who want to put their unused CPU to work. These users effectively become miners and would receive a reward.

Croneos is a second layer solution for scheduled jobs and lives entirely on the main chain. It’s decentralized and trustless. Anyone can execute the necessary actions.

For developers, Croneos can be easily integrated with their smart contract by just including a single c++ header file to make it easy to interact with the Croneos smart contract.

The project is currently available as a beta release on Mainnet and Jungle. Croneos will be managed by a DAC in the not too distant future.

Check out their website or the great video tutorial by HODL EOS for further information.

The EOS token’s built-in utility is the ownership of the shared network resources, and therefore the right to use the EOS Mainnet proportionally to how much one person owns. This approach brought us the speed and cost-efficiency of EOS transactions, however, while being innovative, there is also a need for fine-tuning and optimization.

The BOID team published an article that analyzed the current resource allocation model of the EOS Mainnet and also pointed out how in some cases it could cause potential difficulties for users and developers. Along with this great analysis, they also proposed a Resource Calculation API, a solution that would be available as a unified standard for all dApps and Wallets to bring more clarity and user-friendliness in the process of using EOS.

The suggested API has the following components and services:

  • An on-chain resource provider registry
  • A cosigning endpoint
  • A respective Javascript Library for easy integration into dApps and wallets
  • A Resource Estimation Service 

In the article, you’ll also find examples for the use of such an API and a mock-up of how necessary information could be shared with the user before they sign a transaction.

The China-based EOSTools.io team already developed a wide selection of innovative tools and services, which are all available on their website. Their newest contribution, the EOS Joint Permission Asset Batch Transfer Tool, was just integrated into Tokenpocket.

You can find it under [discover] > [new product] > “EOS Joint Permission Asset Batch Transfer Tool.”

It allows the transfer of any EOS-based token from multiple accounts with just one signature. 

This can be useful when you received an airdrop to a multiple accounts, but you want to move all those airdropped tokens one specific account, for example.

EOSTools allows you to batch import accounts through the public key or account creator.

After logging, the tool will automatically gather all attached accounts through their public key information, then you can choose which accounts you want to include in the batch.

CPU will only be billed to the account that’s logged in, so that other accounts that potentially don’t have enough CPU will also be able to join the batch transfer.

The goal of the LiquidApps DAPP Network is to provide tools for builders across all chains. And as of last week, developers building on WAX and Telos can access more cost-efficient resources, more flexibility, and more trustless functionality through the use of LiquidApps services.

While the EOS Mainnet is used by the DAPP Network for staking, billing, and claiming rewards, LiquidX allows DAPP Service Providers (DSPs) to offer services on any EOSIO chain. 

Michael Bohnen of EOS USA took the initiative to utilize LiquidX so that his DSP node can provide services to dApps on both platforms.

The EOS USA team is already a block producer on both of these networks, and therefore a perfect example for the case made in LiquidApps’ most recent Blog Post headlined, “A Strong BP is Also A DSP.” In the article, you can learn more about the role a DSP plays in the ecosystem and  details on how to spin up your own DSP services.

It’s exciting to see the spirit of competitive cooperation, or coopetition, that started on the EOS Mainnet, now reaching across several EOSIO networks with DSPs and BPs bridging the gaps.

A few weeks back, we heard that the South Korean Military Manpower Administration, MMA, is using EOSIO Software to build a digital identity platform.

The result is OmniOne, a private chain that is currently in beta testing on Block.one’s testnet. In its first month, 50,000 usage records have already been made and it could potentially be reaching a user base of 1.65 million people in the army draft or mobilization reserve army. The Initial authentication uses mobile phone authentication via QR codes and then DID users authenticate with fingerprint and pin password. Omnione is planning to launch a new EOSIO Network using DID later this year.

Developers interested in the code of this Digital ID solution can look into OmniOneID on Github.

EOS Nation’s CEO Yves La Rose and CCO Stephane Bisson were invited to the Layer 1 Podcast to discuss a lot of interesting topics, from the role of an EOS Block Producer and the history of EOS Nation, to the potential of Voice and the EOS Worker Proposal System. We’re thankful for the opportunity to have this great conversation and encourage all our listeners and readers to check it out. And when you’re done, make sure to check out other episodes of Layer 1, as they’re a great source of information about the developments in the blockchain space.

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 info@eosnation.io. 

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!

Ocean Defenders NFT Launch

In the spirit of the emerging SOLARPUNK movement, The Ocean Defenders are determined to build a platform for a synergistic lifestyle. Here we come together to use our individual powers to preserve the cradle of life, our oceans.

Everyone can become an Ocean Defender, each in their own individual way. We welcome you.

Read More »

Heidi Taillefert presents: Vintage Valentines

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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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.