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Lack of Decentralization Exposed with Reversed Transaction

Blockchain protocol EOS, run by Block.one, has just become the subject of a new crypto scandal. It all began on November 9th, when a picture emerged on Reddit of a moderator on EOS reversing a transaction that had already been confirmed.

Decentralized?

According to the Reddit user u/auti9003, a reverse transaction occurred without the owner’s permission. The arbitrator, Ben Gates, referred to the blockchain project’s constitution as a basis for his decision. Gates wrote:

“Under the powers afforded to me as arbitrator under article 6 of the Rules of Dispute Resolution, I, Ben Gates, rule that the EOS account in dispute should be returned to the claimant with immediate effect and that the freeze over the assets within the said account is removed.”

Many EOS users weren’t happy with the findings posted on Reddit. One user by the name of ethswagholder said:

“What a pile of garbage is EOS? Why would anyone use this over a bank account and traditional legal system? These guys raised $4BN to recreate the legal system using a token that is neither censorship resistant, nor immutable. Brilliant.”

>> Sherbank CEO: Expects Industrial Blockchain Adoption in Under Two Years

This isn’t the first time EOS’s model of governance has been questioned. Back in early October, allegations were made accusing the platform’s major block producers (BPs) of “collusion” and mutual voting. It was suggested that the main EOS nodes took part in mutual voting, with a handful of payoffs to remain in power of the EOS blockchain.

Daniel Larimer, CTO of Block.one, confirmed the project’s lack of decentralization in an interview last month. Larimer told Colin Talks Crypto:

“Decentralization isn’t what we’re after. What we’re after is anti-censorship and robustness against being shut down.”

Well, that should give you some peace—ha! Larimer still claims EOS is more decentralized than Bitcoin (BTC) and Ethereum (ETH) because it takes 11 BP’s to control the network. For Bitcoin and Ethereum, it would only take around three to four pools.

Featured Image: Depositphotos/© garloon

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EOS News | Fourth EOS Global Hackathon Location Revealed

In EOS news today, Block.one announced the location for its fourth EOS Global Hackathon.

EOS Global Hackathon

The fourth location for the EOS hackathon was released today by EOS’s maker Block.one. It will take place in San Francisco, California on November 10-11th. Like all of the other events that have already taken place, the hackathon challenge will be released on the day of the event.

Registration is $10 a person. Teams are allowed to participate in this event, but each team member must pay their fee separately. Block.one is now accepting applications for the fourth Hackathon event.

>> First EOS Hackathon Results

Past Hackathons

The first EOS Hackathon was held in Hong Kong back on June 9-10th and had a total of 350 entrants composed of 90 teams from 17 different countries that participated! $144,000 USD was awarded at the event, and the top three teams will compete in the final hackathon in December.

The second Hackathon was held in Sydney Australia on August 4-5th and had over 50 teams participate. The developers in the hackathon programmed for 26 consecutive hours. $144,000 USD was given out to the winners of the event, and the top three winners were all Australian teams.

The third hackathon will be held in London, England on September 22-23rd. Block.one is still accepting registration for this event and the location has yet to be established. The CEO of Block.one, Brendan Blumer, and the company’s CTO, Dan Larimer, are all excepted to be judges for the third hackathon event.

Although the fourth event was announced today, the location within San Fran is still unknown. Block.one will also be announcing the grand finale hackathon location soon, but it is set to take place in December of this year.

Have any guesses? New York? Paris? Toronto?

Check back in for more EOS news.

>> India Crypto Regulations Hopefully Finalized by End of 2018

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China Ranks EOS Number One Again

The third round of blockchain rankings has been released by the Chinese government. Yet again, China ranks EOS number one.

The rankings, released by the government-backed China Electronic Information Industry Development (CCID), evaluate the public blockchain networks with three different metrics. The metrics include technology, applicability, and innovation.

Previous Leaders

CCID released its first set of rankings back on May 16th, where Ethereum was ranked the world’s top blockchain network.

As you can see from the first rankings, EOS wasn’t included at all. The second set of rankings were released back on June 21st, and EOS overtook Ethereum for the number one spot. Surprisingly, NEO, China’s version of Ethereum, has yet to make a number one appearance on the rankings.

NEO became fully backed by the Chinese government when the country started implementing all of its crypto regulations and its government firewall.

The second set of top 10 rankings were as follows:

  1. EOS
  2. Ethereum
  3. NEO
  4. Stellar
  5. Lisk
  6. Nebulas
  7. Steem
  8. BitShares
  9. Ripple
  10. Qtum

China Ranks EOS Number One… Again

The new set of rankings released yesterday has left EOS and Ethereum in their same places. EOS is still at the top despite all of the complications the project faced when it launched its main net.

The evaluators must be impressed with EOS’ consensus algorithm, which uses a delegated proof-of-stake (DPoS) that prioritizes speed and scaling at the expense of some decentralization.

Ethereum, however, is currently still using a Proof-of-Work (PoW) consensus algorithm but has recently published a roadmap to transition to PoS.

The new list of CCID’s top 10 blockchain ratings are:

  1. EOS
  2. Ethereum
  3. Nebulas
  4. GXChain
  5. NEO
  6. Stellar
  7. Steem
  8. Lisk
  9. Waves
  10. Komodo

>> 2018 Fortune 40 Under 40: Vitalik Buterin, Brian Armstrong, and More Listed!

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EOS Transaction Speed is Breaking Records

EOS transaction speed: Transaction time is important. It has been a point of concern for many on the Bitcoin network for one, where congestion on the network has created a problem and transaction processing currently takes an average of 8-9 minutes.

In fact, transactions on Bitcoins network have ranged anywhere from 10 minutes to 30 minutes to even 7 days, 23 hours and 53 minutes at its peak in 2017.

But then there is EOS.

EOS transaction speed
Average Transaction times at the beginning of 2018

EOS Transaction Speed Breaks Record

EOS is blowing transaction times out the window with its near instant processing time, and officially, today, it has broken records as it nears 3,000 transactions in 1 second. Days ago, it crossed 2,000 TPS (transactions per second) and its all-time high is now 2822 TPS, though it is heading towards 3,000.

The network has surpassed Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) by a long shot. Ethereum currently boasts 15 TPS, and Ripple — 1500 TPS. EOS still stands way ahead. 

The latest speed was confirmed via Monitor.io, a data-speed checking website.

EOS and Scalability

Block.one, the team behind EOS, has always had a focus on scalability – an issue other networks don’t seem to be as concerned with and it is clear it is making substantial progress (however, it has been criticized for sacrificing its infrastructural decentralization in order to improve this scalability factor of the network, though this remains debatable).

The network has such speedy processing times because it supports inter-chain communications and because EOS use’s a DPOS (aka the distributed proof-of-stake) consensus mechanism, it can easily compute millions of transactions per second by allowing multiple blockchains to work in tandem as a single system, reaching hundreds, thousands and even millions of transactions per second a possibility.

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EOS Price Analysis

EOS transaction speed
Source: CoinMarketCap, EOS Price Chart

 

Currently, the coin has dropped to $8.32 after gaining over $2 in the last two days. This represents a drop of 7.25%. 

Will EOS hit 3,000 TPS soon? The road-runner of the crypto world surely can!

Featured Image: Deposit Photos/ Liufuyu

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EOS RAM Price Skyrockets | RAM Hoarding on EOS Network

EOS Network: EOS is currently the 5th largest cryptocurrency with an $8 billion market capitalization according to Coinmarketcap. Not only is EOS a token, it is also, more importantly, an infrastructure for DApps or decentralized applications. 

The EOS Network: What are DApp’s?

DApps are decentralized applications which run on the EOS open-source network. These applications range from wallets to games, and the EOS network currently hosts 140 of them.

Some DApps are tied directly to EOS, for example, an EOS wallet provider or coin index, but others are simply using the EOS open-source technology to launch their own projects. 

In May of this year, an update to the EOSIO architecture on which these DApps run was released by the EOS developer Block.one. This update was called EOSIO “Dawn 4.0” or mainnet, and along with some network improvements, it also moved the system to a new market-based RAM allocation model. But what does this mean?

EOS Network
Source: EOS dApps Ecosystem, Reddit

RAM and DApps

Simply put, RAM is needed by every DApp in order to run on the network and specifically in the setting up of new user accounts.

The intention of the RAM allocation model was to make transactions free; EOS CTO Dan Larimer explained that this shift was a way of financially incentivizing users to “sell” any of their unused RAM. The price of RAM would be dependant on a simple supply and demand model.

However, this week saw the start of a problem that Larimer did not foresee at the time; there has been an overzealous buying of RAM in order to hoard it away in anticipation of potential shortages in the future.

As a result, prices for RAM have spiked this week reaching a high of almost 920 EOS. This is equivalent to around $8,160 per 1MB of RAM. At those rates, new DApp account creation is astronomically expensive which renders the EOS network unusable for its intended purpose.

RAM Price Today 

Today, the price of RAM has lowered and currently stands at around 480 EOS / 1 MB RAM. Although, this is still a considerable amount at $4,339.47 USD.

The current EOS coin price is actually up 1.07% at $9.06 USD despite the controversy.

EOS Network
Source: Coinmarketcap

This weeks frenzy could be the sign of a long-term problem with the EOS network; where the network’s intended function as an operating system for DApps is futile because developers cannot afford to purchase the needed memory for their applications.  

Because there is a limit on the RAM, it suddenly becomes the commodity that governs the worth of the EOS network. As one Reddit user recognized: “If RAM supply is to grow at max 20% per annum as Dan [Larimer] suggested, then RAM supply is extremely limited for the foreseeable future…However, [the] EOS token itself is not the resource. RAM is the resource.”

The only solution to the issue (if users can’t calm themselves and stop hoarding RAM for the good of the broader ecosystem), is to increase the amount of RAM available. This in itself though could pose more issues.

How will Larimer fix this one?

Featured Image: DepositPhotos.com/Shell114

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