DApp CPU Innovation
The recent surge of activity of the EOS public network has caught many people by surprise. Stakeholders of all shapes and sizes were affected: small users wishing to play EOS Knights, large exchanges like Coinbase and dApps of all sizes came to the sudden realization that they needed more resources than before to transact on the network. The demand for resources was so high that, in just a few days, borrowers depleted the entire available supply of EOS that was lent to the Resource Exchange (REX). This left many users in the undesirable situation of being unable to transact on the network due to a lack of resources.
This event was a great catalyst for a variety of dApps to implement the recently deployed EOSIO 1.8 feature, allowing them to pay for the CPU of their users. DApp developers got right to work and innovative solutions were quickly deployed across the network. Here are some of the highlights.
DApps such as EarnBet and Wombat Wallet had already implemented the feature of paying for user CPU prior to the surge while other popular dApps such as Prospectors, Chain Clash and Everipedia reacted quickly to the surge and enabled the feature for their users in early November.
Another platform to react quickly was Bloks.io with their solution that allows 3 free daily transactions for their users. Users can use these free transactions to stake more CPU to their account, rent resources from REX (when available), execute some token transfers or any other action allowed on the platform. Bloks.io is a versatile platform that allows you to explore any EOSIO blockchain, manage your EOSIO accounts and also interface with decentralized exchanges like NewDex, Yolo and Findex. Combining these features together can allow a user to execute a trade on NewDex while Bloks.io takes cares of the CPU requirements. Pretty cool!
The popular wallet, Token Pocket, deployed an innovative solution called “Forget Mode,” which allows users to just forget about CPU and NET while using dApps! Users can spend 100 TokenPocket Tokens (TPT) in exchange for some CPU that can be used when interacting with dApps found in the wallet. The purchased CPU is available for one time use, which means it doesn’t expire or replenish. At the time of publishing, 100 TPT cost ~0.06 EOS and allocated ~ 290 EOS worth of CPU power (29ms). That’s a pretty good deal if you ask us! Forget Mode is still in beta and TokenPocket continues working on improving this feature.
And the latest CPU innovation released this week comes from one of the best technical teams in the EOSIO ecosystem, Greymass! The “Greymass Fuel” service will serve two functions in EOSIO ecosystems. One will be as a premium paid service that allows dApps to easily cover the transaction costs of their users and the other is a free public service that offers limited transactions based on community donations, in the form of delegations.
Seeing such strong teams deploying their unique solutions to remove friction for their users has left us very excited for the future of dApps on the EOS network!
A Recent History of EOS CPU
During periods of high usage, token holders on the EOS network are able to transact according to how much EOS they have staked for resources. During periods of low usage, extra leeway is given to accounts that are transacting on the network. Just a few weeks ago, when usage was low, EOS accounts transacting on the network were given 1000x more resources to use compared to the amount they owned. Due to current high usage of the network seen in November 2019, that extra leeway is unavailable and users can only use the resources they actually own (1x).
During previous periods of low usage, resources were also abundantly available through the EOS Resource Exchange (REX) and, due to the high supply and low demand for those resources, they were also priced very cheaply. Users who needed resources to transact on EOS assumed that there would always be supply available to rent the day they needed it. For example, in September 2019, you could rent 4500 EOS in CPU for just 1 EOS.
During that time, a black-hat hacker exploited a weakness in a casino smart-contract and rented 1.2M EOS in CPU to make it work. This cost him about 300 EOS, and the exploit caught the attention of a skilled white-hat hacker and blockchain developer named Dexaran who proceeded to publish his first articles on EOS.
On October 1st 2019, Dexaran published a detailed article describing how the EOS network was reacting during a time of high usage, which is also sometimes called “congestion mode.” The article does a great job breaking down how the CPU resource is designed and also how it works and reacts to different levels of network usage. During the 3rd week of October 2019, Dexeran continued stress-testing the network while warning the community about it on Twitter. Although some accused him of “DDOSing” EOS, Dexaran defended himself stating he was protecting his investments by emulating the mass adoption of the platform.
Users and dApps took notice and started buying more resources from REX. This caused the first significant increase in REX usage with over 5M of EOS borrowed from October 19th to October 26th. Dexaran encouraged dApps to deploy the new EOSIO 1.8 feature that allows dApps to pay for CPU, which many have since done as mentioned earlier.
On November 1st 2019 the EIDOS airdrop smart-contract was activated and the network entered into high-usage mode and has remained that way ever since. This is caused by users mining the EIDOS airdrop by executing transactions using their CPU. Since then, the network has been in a constant state of high-usage, which can be represented by the amount of milliseconds of CPU allowed per EOS staked (CPU quota).
On November 4th, REX ran out of available resources to loan out to borrowers and caused a lot of distress for users and dApps who suddenly could not rent more CPU to continue transacting on the network. Since all of the EOS contained in REX was rented out, users who want to cash out their REX into EOS were placed in a queue that is filled as REX loans expire.
As shown above, users can expect about 4 million EOS of REX loans to expire on November 23rd and then a massive 52 million of REX loans to expire on December 1st. It’s likely that, on those dates, users who want to cash out from REX or borrow from REX will have a chance to do so.
The demand for EOS resources has gone up significantly over the last few weeks. Before REX exhausted its supply of EOS, the REX rental rate had surged up to 155 EOS in CPU for 1 EOS, which seems to indicate to us that EOS resources were previously under priced. Users have demonstrated their willingness to spend more EOS in order to continue transacting on the network. Combined with the recent flurry of dApp CPU innovation we have seen, we believe these are very bullish signs for the EOS network and have never been more excited for the future of EOSIO!
Effect AI's Partnership with the United Nations
In order for blockchain to really gain adoption it has to solve real life problems for real life people. This is exactly what Effect.AI has done by building a platform where users can earn EFX tokens by completing simple tasks and contributing to AI development. The hope for Effect.AI is that it will give users from developing nations the opportunity to earn some income. In order to test this in the real world, last year Effect.AI managed to partner with the UN for a pilot program with 12 youth from a disadvantaged city in Georgia.
Over the course of 1 year, the youth from Georgia were able to earn more income than the minimum wage and it’s with great pleasure that we share the news that the UN has considered the Effect.AI pilot a success! The new partnership deal with the UN includes the establishment of the Effect AI & Blockchain Centre, which will serve as a beacon to attract local businesses that are interested in AI and blockchain, as well as providing a safe physical space for youth to learn about these technologies and earn income on Effect.AI.
Over on the tech side of things, Effect Force has recently enabled subtitle translations via Rosette AI and WordProof. Things are moving fast and you can catch up on all the latest Effect.AI news by reading their October Update or watching the hour long interview with MaxDapp. If you only have a few minutes, we encourage our readers to watch the video discussing the UN partnership. Take a moment to appreciate how far we have come along with blockchain technology. We’re getting very close to unlocking a lot of value for people all over the world, and Effect.AI is a prime example of the tremendous potential and positive impact that EOSIO blockchain technology can have on the world.
WAX Nation Community
WAX Celebrity eSports Challenge Sponsor, new All Access Options and OIG Guidelines
Gaming is a rapidly evolving industry and the latest WAX promotion is leveraging two popular industry trends in order to increase community involvement: esports competitions and loot boxes. The Celebrity ESports Challenge started last week and is expected to reach 450 million video gamers across 31 countries. To add to the excitement, WAX account holders that are watching the events can also have the chance to win unique prizes via free WAX-powered loot boxes! Culminating with the finals at the end of January, The Challenge features matches played every Thursday giving viewers plenty of chances to win!
WAX is also making it as easy as possible to login to your WAX account through the WAX All Access portal. You can now sign in to your account from using a variety of popular platforms such as Google, Facebook, Discord, Reddit, Twitch, Twitter and more! Customers and businesses trust WAX All Access to make logging into websites simple, transparent, and secure.
We love seeing the convergence of mainstream media, esports and blockchain technology, but the question remains: are big video game companies ready to adopt blockchain technology? The answer might surprise you and it’s the topic of the latest episode of the WAX ON video series.
And rounding out this week’s WAX news, the WAX Office of the Inspector General has released more information about who the Inspector Generals are, as well as sharing a detailed list of the criteria that will be used to determine a Guild’s score. Each category is broken down into required skills, core criteria and bonus criteria where each item is either given full marks or none. The categories are administrative maturity, technical operations, technical contributions, geographic distribution, business development, and community engagement. We look forward to seeing all the great submissions from our fellow WAX Guilds.
Remember to vote for WAX Nation as one of your favourite Guilds on the WAX network! We appreciate the support and are honoured to be able to maintain and secure the WAX network.
EOSIO v2.0.0 Release Candidate 2
If it feels like there’s always another upgrade coming soon to EOSIO, it’s because Block.one has been remarkably consistent in delivering improvements to their open-source product. The next major upgrade, EOSIO 2.0, is expected to increase throughput by 5x and contains features that are a pre-requisite for Voice. The 2nd release candidate for EOSIO v2.0.0 was recently published, which includes a security fix for EOS VM and a few miscellaneous fixes for better stability.
Developed by the AIKON team, ORE ID is a simple tool for companies that are interested in adopting blockchain solutions or for developers that need an onboarding integration for their dApp while creating a seamless experience for users through the abstraction of the underlying blockchain. In their October update, the team introduced new features such as the new auto-sign function that comes in handy for processes in dApps that have frequent similar transactions. Further updates include the option to sign in with your Apple ID, the possibility to connect and manage several of your social logins via ORE ID, REX and first authorizer integration.
Evolution of EDNA
The EDNA project also shared some updates with the community. After some restructuring, all the different components are now aligned to ensure a successful launch on Worbli. EDNA has created a whole new token and utility model to ensure economic stability and regulatory compliance, a smart move since EDNA aims to turn DNA into an asset class.
The EOSWriter has now covered the news for the EOSIO community for almost a year, and what a year that was! For the upcoming birthday of the platform on November 19th, the team made themselves a perfect present with the launch of EOSWriter 3.0. The site got a complete redesign and many additional features were added. Congratulations to all the team at EOSWriter and happy first birthday!
ZEUS Ready for the Hackathon
The LiquidApps Hackathon is just a few days away, giving the community another chance to come together and participate in the development of EOSIO technology. Just in time for the Hackathon, the team introduced the Zeus IDE, an integrated development environment, especially for the Zeus SDK, which brings all the different LiquidApps solutions together in one production tool. We can be excited about what the Hackathon participants will come up with and the LiquidApps team itself seems to share the excitement, as Tal and Beni both appeared for in-depth interviews and Peter Keay released a bunch of new developer tutorials.
Sign up for the Hackathon
Beni Hakak Interview
TAL MUSKAL interview
Tutorial: Intro for Developers to LiquidApps
Tutorial: Intro to Scalable, Decentralized Storage with DAPP Network vRAM
Mythical Brings DGoods NFT Standard to Azure Blockchain
The EOSVC funded company Mythical Games shared some exciting news this week. The NFT token standard dGoods, which was created by Mythical Games, will be integrated with Microsoft’s Azure Blockchain. From this development we can see once again that chain interoperability is a desired feature for the future of blockchain applications and EOSIO players are leading the charge from all angles!.
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.
Thank you for sharing the EOS Hot Sauce!
Pour EOS Hot Sauce straight into your inbox
Subscribe to to the EOS Nation newsletter for weekly emails.
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.