EOS Hot Sauce #16

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.

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

Block.one EOSIO Strategic Vision: Users

Block.one released Part 3 of their article series elaborating on their strategic vision. In the previous 2 parts they talked about Scalability and Developers, and this week they touched upon the users and how they are planning to cater to this important and significant part of the community.

Topics of focus:

A Consistent Front End
The front end is where users interact with the blockchain and sign their transactions. It’s also the place where fraudulent activities are most likely to happen. In order to prevent such events from happening, Block.one is working on a framework of standardized security features such as advanced support for  Ricardian Contracts and a toolkit for validating on-chain image rendering, text, and attachments, so that the terms a user is agreeing to are clearly indicated. The desired result here is straight-forward interfaces that allow users to feel more secure and provide an overall streamlined experience

Enabling WebAuthn Support
Private keys and passwords are another inconvenient hassle for users and present major attack vectors. Through the integration of WebAuthn, a new World Wide Web Consortium (W3C) standard for key and password management, EOSIO will enable additional layers of authentication such as the EOSIO supported YubiKey, built-in authenticators such as fingerprint sensors, and other biometric confirmation tools. 

Enhanced Resource Management
New functionality allows developers of applications based on EOSIO to have a more flexibility over billing for CPU and Network usage. For the first time, they’ll be able to cover fees for their users, alleviating any adoption barriers related to transaction costs.

Decentralized File System
Nowadays, decentralized applications are hosting only the most essential data on the blockchain, such as the underlying smart contract. Additional data such as user interfaces are still built off-chain, representing single points of failure and potential for censorship. Block.one is currently exploring ways to enable on-chain storage at a low cost to allow applications to become truly decentralized.

In other news, Bart Wyatt, a former blockchain skeptic and now director of blockchain engineering at Block.one, gave some interesting personal insights on who he is and what it’s like to work at Block.one in a video released on Twitter. 

It’s always good to see the people behind a company and the way that Block.one is reaching out to attract more talent is coming across charming and natural. Technology is made by people for people and its development is not detached from being human.

In that context, Block.one, namely their offices in Blacksburg, are being recognized as an integrated part of their local community. A local newspaper featured the company and Virginia Tech Foundation CEO John Dooley proposed a joint initiative to grow blockchain development in the area. He was quoted saying: 

“Block.one represents a massive opportunity that should not be ignored.  The company is positioned as an early leader in the booming blockchain industry; it has a reported $3 billion in financial backing; it was co-founded by Christiansburg resident Dan Larimer, and it has expressed interest in growing its Blacksburg office. If Block.one succeeds, so could Southwest Virginia — the theory goes.”

Earlier, Block.one allocated $3 Million USD while the  State of Virginia and Virginia Tech themselves each invested an additional $250K USD in order to develop a blockchain curriculum at Virginia Tech. 

The appreciation for Block.one and their product EOSIO is a phenomenon that reaches across the globe. The protocol again took first place in China’s monthly crypto rating.

Exciting times are ahead with many innovations being implemented in the next EOSIO code update scheduled for September 23rd. To get a better idea of what’s to come, EOS Authority compiled a nice webpage with all the info regarding the EOSIO 1.8 upgrade.

Bithumb Voting Update

The Korean Exchange Bithumb recently stated that 10% of all EOS issued is in Korea yet there are no Korean BPs in the Top 21 ranks. In order to represent the Korean Community in the governance process of the EOS public network, Bithumb will delegate the voting rights to a 3rd party. 

Bithumb ensured that they will keep the EOS tokens of their users safe and will keep a sufficient amount of liquid EOS  so that users will be able to withdraw at any time.

Furthermore, if Bithumb generates interest through the staking of company or user tokens  (i.e. REX or BP rewards), the company will explore ways to share some of these profits back with their customers. 

If customers disagree with the way Bithumb intends on staking their tokens, they’ll have the opportunity to easily opt-out.

EOSFinex Launch

Since the launch of the EOS public network, we have seen several decentralized exchanges harness the power of fast and fee-less transactions. This allows DEXes built on EOSIO to protect themselves against front-running, something that has plagued many DEXes built on slower blockchain networks. The announcement of  EOSFinex, the decentralized and EOSIO based version of Bitfinex, was celebrated by many as it promised to bring increased liquidity to many EOS based trading pairs.

The community waited patiently until EOSFinex went live last week, bringing a different approach compared to other DEX models we have seen so far. EOSFinex is running its own EOSIO network called EOSFX complete with its own accounts, its own Block Producers and its own system token called the EOX. You can watch the EOSFX network activity on Bloks.io.

Users can get set up with Scatter. It’s important to know that if the first attempt to login doesn’t work, users must click the scatter button once again, which will result in Scatter creating an account using the same account name currently enabled. This process requires 2 actions, which Scatter will ask you to authorize.

Once logged in you’ll still need to transfer funds from your EOS public network account to the EOSFX network, and from there to your trading account. These steps are explained in MaxDapp’s great EOSFinex video tutorial.

While these first steps might seem a bit complicated compared to other DEXes, it’s important to keep in mind that EOSFinex aims to be a scalable trading platform that brings high liquidity and professional market making.  These are things that we have come to expect from successful centralized exchanges and we are excited to see them incorporated into the EOSIO ecosystem.

The main focus of EOSfinex seems to be performance, which explains why they chose to run their own network with independent resources and, for now, with only one BP. That allows them to achieve acceptable irreversibility times and exchange responsiveness.  Like many projects, eosfinex is starting centralized and plans to increase decentralization as the network grows. This could be achieved by adding more BPs to their network or even migrating to the EOS public network if the speed of the Last Irreversible Block (LIB) allows it.

pEOS Wallet

As we have reported in EOS Hot Sauce  #11, there are several approaches on EOSIO to create a more private way to interact on the blockchain. While PEOS is actually the youngest of these projects, it definitely has the most vivid community and delivers pretty regular updates. There are several reasons for its popularity, which include the token burn, a fixed supply, the PEOS funding for privacy projects and now most recently their working product released on Github. 

Interested Users can already download an early alpha version of the wallet named Bolivar and anonymize their PEOS holdings and send it either to EOS or PEOS accounts by utilizing the UTXO technology. 

Find the release on Github and watch a tutorial made by the project’s mascot Lucifer or by Rob from Cypherglass.

However, users should be aware that this is an early alpha and some things like the history graph will potentially show incorrect data.

Editor Guilds on Everipedia

By delegating votes to editors, the influence of selected editors and their potential to earn rewards is increased. Those rewards are then shared where half goes to the editor or content creator and the other half to the people that delegated their votes. This model allows professional writers and researchers to build out this great platform while creating an opportunity for passive income for IQ token holders.

Onessus Introduction

Onessus is an EOS project that was flying a bit under the radar until recently.  They recently announced plans to use the LiquidApps network as well the VOICE ID system, so we decided to take a closer look. 

The company has been working for almost 2 years creating over five unique dApp concepts that will be built on EOS and use the Onessus Void Token. 

There is currently 40-50 Billion USD lost due to fraud in e-commerce each year. The goal of this project is to create an e-commerce ecosystem that’s immune to fraud and give back users confidence when spending. 

At the core of Onessus’ model is the economic engine, which consists of  3 parts: a decentralized currency, the decentralized intermediary system, and a flexible marketplace with low fees.

Curious to learn more? Check out their website or watch the explainer video.

Chintai Leasing Features

In recent weeks the Chintai team released a couple of interesting articles about the services they are offering on their new platform, such as Automated Resource Management.

Chintai introduces features that allow developers to manage resources for their users in order to provide the best possible user experience and frictionless onboarding.

These features are:

  • Low upfront costs through a leasing model
  • Managing contract accounts and user accounts
  • Supporting RAM, CPU and NET management
  • Blacklisting of spam accounts

If this sparked your interest, you should read the full article.

The second release from Chintai introduced the Earning Economy via token leasing. Chintai enables token leasing for any token, and the team also provides insights regarding the potential impact of a leasing model on the token price. 

It’s an interesting read for anyone – especially projects that might want to open up further options to their investors.

BOScore Proposals

While the BOS community is getting ready for the BOSCore 3.0 update on August 6th, the next innovations are already in the pipeline!  The latest BOS Tech Update introduced 2 projects that applied for funds through the WPS system: both INdex and Omega want to bring on-chain token exchanges to the BOS network!

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

EOS Nation
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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.