The PowerUp Model is now live on the EOS Mainnet! The 4th and final MSIG was approved by 15 of the top 21 block producers and executed as of 3:30am UTC on February 24th, 2021. Thank you to everyone who contributed precious time and resources to discussing and testing the new PowerUp Model. Block producers, dApp creators, wallet developers, regular users and Block.one all worked together in a beautiful display of decentralized governance to achieve consensus both off-chain and on-chain.
Who is PowerUp for? Anyone can use PowerUp to rent resources for 24 hour periods at a time, BUT average users (most of us) will more ideally use Wallets and Resource Providers that simplify and package resources for their users. PowerUp’s target audience is developers and power users first.
How do I earn from PowerUp? Hold REX tokens. REX tokens are an accounting artifact that keep track of how many EOS tokens you own in the resource pool.
If you already have REX tokens, you will automatically be earning from network activity (PowerUp fees, REX fees, Name bid fees, RAM fees).
If you don’t have REX tokens, you can deposit your EOS into a REX portal and start earning.
Where do I PowerUp? If you’re sure you want to pay to rent resources, there are already a couple early portals available at Bloks and EOS Authority.
What about feeless transactions? Once PowerUp is fully transitioned, you will no longer be able to stake your EOS for feeless transactions; however, you will be able to continue using wallets that cover a handful of free transactions for you each day.
If you own REX tokens, thereby participating in the earning side of the PowerUp Resource Model, you will now get a return on all network activity on EOS, not just some as with the previous resource model.
That return can be used to subsidize or in some cases cover the cost of renting what you may need – in a sense maintaining feeless transactions for yourself if you do not wish to use a wallet or provider that does this for you.
If you are a developer or power user that needs a lot of resources, you may need to use a Resource Provider or rent directly from PowerUp what you need.
What happens to the Resource Exchange (REX)? For now, it will remain in place as the way for users to acquire REX tokens, but the rental of resources through this old model is now being phased out. PowerUp will control 99% of resources around April 8th, 2021.
What is the point of staking now? Staking still serves an important role for account security when you separate your Owner and Active keys as well as staked tokens being a prerequisite to voting for block producers.
What about proxy voting and proxy rewards? Nothing changes for voting or proxy rewards. Just as before PowerUp, you can still select a proxy when acquiring REX tokens.
Do you have more questions about the new PowerUp Model? Join us the rest of the community in the EOS Resource Model Telegram channel to get the answers to all of your questions.
EOS Fan Art Challenge & Featured EOS Artist: GBK
We’re one week into the EOS Fan Art Challenge and we’ve gotten a lot of positive feedback from within our community so far. The goal of this challenge is to include as much talent as possible for our first sale on EOS. We’re going to continue reaching out to artists and also wanted to share a small update on how things are going.
But first a recap:
The EOS Fan Art Creative Challenge is an open call for artists to design a Chestahedron, the geometric body that was chosen as a symbol for the EOS community.
We got the shapes, you bring the looks! We can’t wait to showcase a rich and diverse collection that is representing the creative energy within the EOS community.
Through diversity, strength emerges.
Selected art will be part of the very first NFT pack sale on the EOS Mainnet, which is sure to be a historic event!It’s a great opportunity for diverse artists to showcase their talents to the EOS community as we continue to promote this collection, the sale, and all participants. And of course, participating artists will also get their share of the EOS profits made through the sale.
Accepted submissions will be turned into animated 3D objects that can be owned and passed on for generations. We’ve done a little test run with a few scribbles that we wanted to share here, so you can have a clearer idea about what we’re planning to do with your design.
NFTs have the potential to democratize the creative industry and world of fine arts, by lowering the barrier of entry for both collectors and creatives. However, promoting artworks has become a daily hustle and especially now that we are officially in hype territory there’s a lot of noise.
At dotGems, promoting new and upcoming talent and discovering the occasional hidden gem is a core part of our mission. Don’t hesitate to reach out if you’re thinking about publishing your work as an NFT on EOS or WAX, we’re here to help.
dotGems Featured Artist: GBK
During our artist reach out we’ve already come across a bunch of great artists. One, in particular, was the perfect fit to be included in our upcoming sale, as he has been designing artworks that feature the Chestahedron for a while already.
GBK is an absolute pro when it comes to digital art and design and has been a supporter of EOS since the very start. Some of you might have seen his breathtaking renders of the Chestahedron being shared across social media. Check out some of his works on Instagram and give him a follow if you like it!
We’re happy to announce that GBK will be the 1st feature in our dotGems Artist of the Month series and we’ll be releasing a special collection of GBK’s stunning artworks in tandem with the EOS Fan Art Packs. We’re very excited about this cooperation!
Leading up to the sale we’ll publish an interview with GBK so that collectors can learn more about his career and the history of these special pieces he created.
Let’s unleash the potential of NFTs on EOS! 🔥
Like we did for the Vancity Outbreak Episode 2 release, we will once again prepare a virtual exhibition for both of these NFT releases. Once the exhibition is open you’ll be able to enter the metaverse and experience selected works in VR and potentially win some rare NFTs by participating in various promo activities that will soon be announced.
This meme competition runs for 5 rounds and will see over 1000 EOS in prizes awarded to the winners. Submissions for each round close at 12:00 UTC every Friday while the winners are announced two days later on Sunday.
Two winners will be selected, with one winner being the tweet with the most retweets and the other left to the judges’ discretion based on creativity, humour, and “shilliniess.”
🎉 14 ENTRIES WIN 5% of prize pool each 👑 1 GRAND CHAMPION WINS 15% of our prize pool + rare Billy Bones Flip Blanko! 🔥 1 RANDOM ENTRY WINS 5% of prize pool 👍 10% charitable donation to Uplift.Art 🙌 Winners every Sunday for 5 WEEKS 🏆 NFT Trophies
How to participate? It’s easy. Just tweet your EOS or crypto-related meme using the hashtag #eosmeme, and you’re in. It’s noteworthy that FUD memes are not valid entries, and determination is left to the judges’ discretion. Winners will be announced on Twitter by Rektkid.
At EOS Nation, we love supporting great initiatives like these that light up the community with positivity and creativity. In support these mematic efforts, EOS Nation happily donated 420 EOS to support the contest to provide more fuel for fiery #BullishOnEOS memes! Cheers to 5 awesome weeks of lit & wholesome memes!
WAX NFT Hype - Stonk Wars / Street Fighter / King of Quotes / RedFOX Labs
The most exciting WAX NFT news of the month has been the much anticipated launch of the NFT collectibles for the legendary video game, Street Fighter. We’re excited to see Capcom, the video game maker powerhouse and member of the WAX Advisory Council, making an appearance on the WAX blockchain and we look forward to more of their releases! The sale went live for 24 hours on Thursday, February 18, 2021. It was a big success! When the primary sale was over, this Capcom release earned $2.019M USD, which is a new all-time-high for a WAX release! Congrats to everyone involved! The crafting mechanism included in this release, along with overall Street Fighter hype, has fueled a very active secondary market, allowing Street Fighter’s trading volume to surge to over $1M USD within the first week, earning its spot in the Top 15 in trade volume for all NFT series across all blockchains. Very impressive!
Another exciting release this month, Stonk Wars, was brought to us by the creators of the popular Blockchain Heroes NFT collectible series. We’ve all heard about the epic Gamestop saga and how wall street was shaken to its core by a crowd of frenzied and angry retail traders. Well this iconic rebellion against the traditional wealth system was immortalized on the WAX Blockchain in a trading card set named “Stonk Wars.”
Selling out almost instantly, this set is the third installment in the Blockchain Heroes series. Stonk Wars features 10 parody heroes that represent the key players in WallStreetBets vs. Wall Street saga, and the limited card packs went on sale immediately after the launch went live. The collectible cards come in increasingly rare variations, and the 6,500 card packs were sold only in exchange for WAXP tokens. The co-founder of Blockchain Heroes, Joel Comm, had this to say about the newest release:
“This parody trading card set features heroes inspired by the architects and supporters of the peaceful protest, and heroes inspired by major financial institutions and government agency leaders… The Blockchain Heroes support freedom and decentralization, placing them in constant conflict with the centralizers who seek power and control. The battle is perfectly illustrated by recent events and this trading card set will amuse and awaken thousands.
And that’s not even close to being all that’s happening on WAX these days! King of Quotes is a new and innovative project that is both a game and an NFT series, and also both fun and educational. Collect various famous political leaders of the last 100 years while also collecting some of their most famous quotes. Will you be able to tell who said what and become a King of Quotes? Join their Telegram channel, browse their YouTube channel, and follow them on Twitter to learn more about King of Quotes. The pre-sale is currently on-going while the official release date has yet to be announced.
One of the biggest platforms in Myanmar by traffic volume, MYMEDIA Digital, links consumers up with producers and service producers across various fields, such as sports, fashion, and food. The platform has 35 million users and over 20 million minutes of video content viewed, as well as a sports app with nearly 100k downloads and content channels for tech, health, andfood. As such, it’s no surprise that Samsung, Huawei, Nestle, Lenovo, VIVO, and other giants all seek to use the platform to advertise directly to millions of customers.
Ben Fairbank, CEO, and Co-founder of RedFOX Labs commented:
This acquisition is a pure plug-and-play model for us at RedFOX Labs. Our expertise is in scaling technology and building integrations and interoperability to add exponential value to the platform. This acquisition will allow us to build out the equivalent platforms in Vietnam, the Philippines, and Indonesia with a Rolodex of global advertisers already using MYMEDIA Digital who are chomping at the bit to get exposure to these other countries in Southeast Asia.
This is what RedFOX Labs has been working towards for two years and we are now hitting these acquisition goals.
Users should be expecting some pretty wild strides from RedFOX in the foreseeable future. The team has come a long way since having the idea for RedFOX in March 2019 to beta launch on WAX of their first of many games, KOGS: SLAM!
EOSIO Swiss Workshop #7
The EOSIO Swiss Workshop experience is back again for the taking and was published on YouTube on February 23, 2021. Organized by Patrick Schmid, CEO/CTO of NovaCrypto and EOS Nation Swiss Ambassador, the workshop features a star-studded speaker lineup that includes:
Yves La Rose – CEO, EOS Block Nation Producer
Raman Bindlish – Founder, Blockstart
Eyal Hertzog – Co-Founder, Bancor Network
mBlu Crypto – CEO UpliftNation.io
With taglines like “The Building Blocks For a Platform Model Ecosystem” and “The Birth of Multi-Chain Harmonic Universes: Systems and Protocols That Will Benefit from the EOS(IO) Ecosystem as an Entry Point” buttering us up for what the program is geared towards, the workshop seeks to empower developers and enthusiasts with the requisite information and exposure to maximize the opportunity dApps, EOS, and other novel innovations have brought to the world’s fingertips. EOSIO Swiss Workshop #7 is here, don’t miss it!
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 neveraccept 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!
Following some updated guidelines from the WAX Office of the Inspector General (OIG), EOS Nation is now going to be publishing our monthly OIG Reports on our blog platform as well as on the official Github repository.
This publication is a reproduction of the report we submitted to the WAX OIG for July 2021.
EOS Hot Sauce ingredients: Go Boldly! Go Bullish!, The Importance of Community for the Pomelo Platform, EOS Lost Key Recovery Extended for Five Years, Defibox 1 Year Anniversary, Upland Property to Fiat, RAON Secure Driver’s License, VanCity Outbreak NFT Blending, VRGB Season 01 Launches on Sunday 18th of July, KOGS.GGSLAM, Ultra Mainnet Q&A
EOS Hot Sauce ingredients: ULTRA Successfully Launches Mainnet, The Origin of Pomelo, Upcoming: Second Eden Trial Election on July 17th, Flair Dapp, Chainflux is #BuiltOnEOSIO, WAX Streetfighter Season 2, Uplift World and Yoshi Drops, Share your EOSIO News and Opinions With Us
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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.
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.