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EOS (EOS) With Another Hackathon In Sydney After Honk Kong’s, Calls For Technical Mentors

The market looks favourable and EOS, the world’s fifth largest cryptocurrency by market capitalisation, is enticing its community and developers, who are avid lover and contributor to the cryptocurrency, by staging another Hackathon Event where bounties would be won.

Previously, a Hackathon event took place in Hong Kong, and now, the cryptocurrency is announcing an impending Hackathon which will take place in Sydney.

EOS, in a release made known that through the event, it will be welcoming applications from developers who are willing volunteer as Technical Mentor at the event come August 4–5.

The Cryptocurrency with widely appreciated use cases stated that to be a potential applicant, one would have been following the development and launch of EOSIO, have DAPP which is already working on the platform, and lastly understand everything about “cleos,” “nodeos” and “keosd”.

For interested applicants, a link which is directed to EOS Hackathon Website where Mentor Application Form would be filled out was included in the release.

Benefits Of Applying For The Event.

  • For every selected applicants, hotel and airfare expenses from the applicant location to Sydney and back will be covered by the foundation.
  • Another vital importance of being a part of the event is that selected applicant will have the privilege to discuss about the platform and educate others building innovative projects on EOSIO.
  • As a mentor one would be entitled to various numerous rewards.

Since the event is not the first of its kinds, other benefits enjoyed at the hackathon event in Hong Kong will also be made available.

EOSIO Hackathon Event In In Hong Kong

Earlier, on June 10, EOS announced that it will kick-start the EOS Global Hackathon series in Hong Kong, and Block.one will be the one launching it.

At the event where 90 teams displayed their work for appraisal, top three teams walked away with cash prizes and stood the chance of being a competitor at the final where US$500,000 would be won.

Return Of Cryptocurrency.

Cryptocurrency is now having a rebound. There is hope that EOS will also enjoy from this massive increment in value.

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3 Reasons why Tron (Trx) had a better Mainnet Launch than EOS

May and June were months of great importance for cryptos and blockchain technologies. The NY Consensus 2018 outperformed the expectations of all analysts (in almost all areas except for their influence on the prices forecasts), and taking advantage of this hype; several altcoins made notable announcements.

Some of the most important announcements were those of Tron (TRX) and EOS. With both projects having great potential, investors and analysts followed their progress with high expectations.

Tron (TRX) announced its independence at about the same time as EOS. Both cryptos promised to revolutionize various aspects of the industry, attracting the public with a promise to decentralize virtually anything.

Being two of the most closely watched projects of the season, it was normal for both of them to raise the bar of public expectations to a very high place. Both blockchains have highly enthusiastic communities, so it is difficult to make comparisons without affecting one or the other, but it is easy to spot some reasons why Tron (TRX) had a better Independence process than EOS:

Better media coverage, communication with the public and promotional events

Tron (TRX) is a cryptocurrency created by Justin Sun, a young businessman who is also no less than a pupil of Jack Ma: the creator of the Alibaba Group.

Jack Ma presents Justin Sun, creator of Tron (TRX), with DiplomaJack Ma presents Justin Sun with Diploma

It is normal that learning from a teacher like Mr. Ma, Mr. Sun’s business tactics were successful both in the economic arena and in the image they generated of the public.

Justin Sun has become the showman of the crypto sphere. Probably few people have such a presence in the community. He is currently at a level of influence similar to that of personalities such as Vitalik Buterin (ETH), Charlie Lee (LTC), or Roger Ver (BCH).

EOS does not have a public figure with relevant influence. And the team does not have meaningful communication with its community despite being a massive project. This made many users feel disconnected from what was happening in the development of EOS. This problem became more critical after the security problems that EOS suffered.

The Constitutional Crisis

While in development, Tron (TRX) faced some severe accusations of plagiarism of its white paper, however, Justin Sun came forward – albeit in a dodgy manner – and managed to overcome it. From then on, the constant contact only generated trust in the network. Right now, Tron has ongoing Super Representative Elections with plans for a constitution according to schedule.

EOS, on the other hand, has suffered from accusations of extreme centralization, which combined with a questionable way of managing power by the block producers have led to the proposal of a reform of its constitution less than a month after the launch of the mainnet.

Security Issues

The constant bugs and security issues with EOS were noticeable during the EOS mainnet release process. From a hack that allowed a rogue miner to hijack the entire network to smaller bugs that appeared on a very constant basis, security issues were always presen

To avoid this situation, the EOS team funded a bug bounty program with a $10k reward cap.

As a comparison, Tron (TRX) announced a $10M rewards program. The motivation of the developers to dig the Tron code (TRX) and improve it, is evident

Conclusions.

Both EOS and Tron (TRX) are promising blockchains. Both could in the future revolutionize DLTs by playing a fundamental role in the decentralization of various projects. The reasons mentioned above are merely three that demonstrate strength of Tron (TRX) over EOS; however, it is clear that this does not mean that one is better than the other. Undoubtedly EOS could have been better than Tron (TRX) in other areas, however, in the end, they both have the same goal: to benefit users and make the world a better place.

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EOS Set to Amend its Constitution Barely Two Weeks After Mainnet Launch

In what continues to be one of the most eventful sagas in blockchain history, EOS is set to abolish its controversial constitution. This move comes barely two weeks after the launch of its mainnet.

A Do-over of the EOS Constitution

In a Reddit post by “SonataSystems,” screenshots from the EOS telegram chat show excerpts of a conversation between Dan Larimer and Simon Case. Larimer is the chief technology officer (CTO) of EOS. The discussion can be viewed in the image below.

The proposed changes seem to address many of the burning issues concerning the constitution. The new framework will cover only major blockchain problems like the type the DAO suffered after the hack. This new constitution on the face of it strips power away from the 21 block producers (BPs) who have been accused of monopolizing control of the blockchain. It also significantly limits the oversight responsibility of arbiters like the EOS Core Arbitration Board.

Critics have derided EOS for its apparent lack of decentralization with BPs holding far too much power. Also, many have criticised the need for a constitution or any human form of governance on a blockchain. They argue that one of the fundamental philosophies of blockchain technology is governance by computer code – which unlike humans, is always impartial.

The reaction to the proposed changes has been split between support and those who believe that the plan is yet another failure waiting to happen. A Redditor with the username “jjordan” remarked:

This is good news. The current interim constitution is far too long and leaves far too much open for (mis)interpretation. Short and sweet, if anything at all, is all the constitution we need, [sic] IMO.

Conversely, another Redditor with username “ifisch” expressed doubts about the plan, saying:

This won’t change anything. Block producers can still do whatever they want, and they’re the only ones bothering to vote anyway (with enough power to matter). The entire constitution concept is flawed and pointless.

EOS Ranked Highest by China

In a recent development, China released an updated blockchain ranking which put EOS right at the top, edging out Ethereum. According to the Chinese government, EOS excels in both technology and innovation. However, the blockchain didn’t score so well in the applicability metric. The previous blockchain ranking by China saw Ethereum in the number one position.

Regarding price movement, EOS is currently having a wretched June, down by about 50 percent from its month high of $15. The price has declined by almost seven percent within the last trading day. The much-touted project has suffered several setbacks stretching back to the pre-mainnet launch period. Recently, both the 21 BPs and the ECAF issued several freezing orders on accounts suspected of being involved in phishing scams during the mainnet launch.

Do you support the plan to amend the EOS constitution? What are your opinions on the presence of a constitution as part of blockchain governance? Keep the conversation going in the comment section below.

Image courtesy of Reddit and CoinMarketCap.

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BPs Freezing Seven Accounts is a Violation of the EOS Constitution

EOS BPs Violating its Own Constitution

EOS is back in the news again, this time for apparently violating its constitution. According to reports, the 21 EOS BPs have frozen seven accounts allegedly involved in a phising scam. The decision to freeze the accounts has brought up a lot of controversies. Many critics say it is yet another example of the lack of decentralization in the EOS project.

Details of the Freeze

The 21 EOS block producers (BPs) unanimously voted to freeze seven EOS accounts. There are allegatins that these seven accounts held stolen funds from a suspected phishing attack. The BPs decided as part of the EOS911 protocol which was initiated by EOS42 – one of the 21 BPs. This initiative enables the recovery of stolen funds. However, the main bone of contention is that the decision by the BPs contravenes the provisions of the EOS constitution. Article IX of the EOS constitution states:

Dispute Resolution – All disputes arising out of or in connection with this Constitution shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules.

Based on Article IX of EOS’ controversial constitution, BPs don’t have the authority to make such decisions. The power to resolves disputes is solely in the hands of an “arbitration body.” The role of the BPs is to carryout out the resolutions reached during arbitration.

BPs Circumvent ECAF

The EOS Core Arbitration Forum (ECAF) was the arbitration body for this dispute. ECAF declined to take any action, citing limited authority to actthe in the matter. This decision was based on the fact that the main EOS constitution is yet to be ratified – only an interim constitution is in place at the moment.

With ECAF unwilling to act, the appears the BPs took it upon themselves to come to a decision. In a blog post by EOS New York, the BPs said:

We plead with the accompanying Block Producers/Candidates that the ECAF must step forward to issue the emergency freeze action on the affected accounts. Without this, we proceeded as a group to review the evidence ourselves and came to a difficult decision of executing based upon the evidence brought forth.

Reactions to the Actions of the EOS BPs

The decision by the BPs to freeze the seven accounts has generated a lot of debate within the cryptocurrency community. The major focus point on both sides of the argument is on the philosophy of blockchain immutability and decentralization. Critics like Jackson Palmer of Dogecoin, cryptographer, Nick Szabo, and Bitcoin Foundation co-founder, Charlie Shrem disagree with the decision of the BPs.

Most critics are against the monopoly of the 21 BPs. According to them, such a situation hardly qualifies as a decentralized blockchain. For the supporters of the BPs, they blockchains need protocols in place to punish bad actors.

The freezing of the seven accounts is the latest in a list of controversies surrounding the EOS project. A few days ago, activities on the mainnet shut down after a bug was discovered. The mainnet launch itself was plagued by bug issues as well as concerns over the voting process.

What are your views on the EOS decentralization debate? Do you think the 21 EOS BPs are monopolizing the control of the blockchain? Keep the conversation going in the comment section below.

Image courtesy of Twitter (@ummjackson, @NickSzabo4, and @CharlieShrem).

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EOS Showcases Proper Governance by Freezing 7 Accounts After MainNet Hiccup

The countries of Greece, Britain, the United States and several other nations, have forever been embattled in the claim that each is individually the oldest democracy in the world. If these countries cannot accept in a democratic manner, as to which is the oldest democracy, then it is easy to understand the current growing pains being experienced by the EOS (EOS) Community. The platform was launched less than a week ago on the 10th of June. Therefore, decentralization is not 100% functional.

With the launch of the platform came the delay in voting brought about by lack of reaching the 150 Million EOS tokens needed for staking. Eventually, the community managed to elect 21 block producers and the platform went live on the 14th of June. But two days later, the network would experience a freeze due to a software bug.

Block.one, the EOS creator, was then reported to be working on creating a patch for the bug. What then proceeded, is that the block producers held a conference call to discuss the problem and how to solve it without compromising the rest of the token holders.

The decision was then reached that the block producers would lock seven compromised accounts. These accounts could potentially allow ‘thieves’ to misappropriate funds on the platform due to the bug.

This action seemed like an overstep of their mandate and throwing decentralization out the window. But during difficult times, comes the need to make quick executive decisions. Block producers are meant to be executors of discussed and voted decisions, and not decisions makers. But given that the EOS constitution has not been ratified, it is within their powers to act as they did.

This scenario can be compared to the well thought out water landing of the US Airways Flight on the Hudson River by Captain Sullivan. He took control of the aircraft and acted to the best of his ability. So did the EOS block producers with respect to how they handled such ‘a young democracy’ on the blockchain.

EOS42 issued a statement on Steemit about the Block Producers decision to Freeze 7 EOS accounts. In the statement, the following was said acknowledging the difficult decision:

Given the time sensitive nature of this case, Block Producers debated this difficult decision for over two hours today on a call. On the one hand we could protect token holders, on the other this on the surface appears a dramatic overstep of our role in the constitution and BP agreement, which is to be the executor only of arbitration decisions, not to also be judge and jury.

However, the following was added to explain why the decision was reached to freeze the 7 accounts.

…our own conclusion is that if a ratified EOS constitution and arbitration was in place, then it would indeed be a fundamental overstep of Block Producers to do more than action arbitration decisions. However this is not currently the case, so the question was whether we would freeze the tokens on 7 accounts identified as already unlocking (meaning potential thieves could appropriate funds in under 24hrs), to subsequently enable ECAF when able to review and pass a ruling – and protect token holders to the best of our ability.

The Block Producers went ahead to eventually freeze the said 7 accounts. They also emphasized a need to ratify the said constitution because without an agreed ‘document’, democratic rulings during critical events will continue being a challenge. Up until the constitution is ratified, the block producers have the mandate to make tough executive decisions. This is an example of good governance by the 21 Block Producers.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Bitcoin Continues to Tumble – Fourth Price Slide in as Many Days, Down 18 Percent in Seven Days

It appears Bitcoin’s troubles are far from the over. The number one cryptocurrency has been enduring a difficult few days. BTC has so far declined by almost 18 percent in the last seven days.

Bitcoin Falls Below $6,500

BTC slipped further on June 13, falling below the $6,500 mark. This latest pullback follows the significant drop over the weekend that saw it lose 10 percent in a matter of hours on June 10. Bitcoin is currently at its lowest price level since April is trading at $6,450 according to CoinMarketCap. The number cryptocurrency has experienced four sharp price drops within mere hours since June 10. This bear run has seen BTC dip by more than 50 percent since the start of 2018.

Reasons for the Decline

In the immediate aftermath of the initial price drop on June 10, mainstream media sources claimed the dip was due to the Coinraill hack. The coincidental timing between the price decline and the announcement of the hack on the South Korea-based exchange platform likely led to those conclusions. However, such notions have since been debunked. To begin with, BTC wasn’t stolen in the Coinrail hack. Secondly, the platform doesn’t rank among one of the top exchanges in the market. Thus, it is unlikely that the $42 million hack had much to do with the recent price drop.

According to Mati Greenspan on eToro, the reduction in prices currently seen in the market is most likely due to a market correction, saying:

The narrative that such a small hack caused such a large price reaction has definitely been overplayed.

Some commentators also identified price manipulation as the probable cause of the BTC price decline. Recently, the U.S. Department of Justice (DOJ) opened investigations into alleged shady trading practices in the Bitcoin market. The DOJ in collaboration with the Commodity Futures Trading Commission (CFTC) is investigating allegations of spoofing and wash trading in the cryptocurrency market. The U.S. government recently demanded that four major crypto exchange platforms hand over information on their operations.

Cryptocurrency Market is Bleeding

Bitcoin isn’t the only cryptocurrency facing significant price troubles at the moment. Ethereum, the second-ranked cryptocurrency has gone below the $500 mark and is now trading at $475. EOS continues its spectacular fall – failure to reach voting consensus is delaying mainnet launch, and the price is in free-fall. EOS has maintained double-digit percentage losses over the past four days. It has declined 40 percent in the last one week.

Litecoin and Dash are two other cryptocurrencies that are having a rough time of it. Litecoin, the sixth-ranked coin is currently trading below $100, its lowest price level since mid-December 2017. As for Dash, it has been in free-fall since the start of the year, losing 300 percent in the process – reaching a one-year low.

How low will BTC prices fall due to the present bear run? Is this the end for Bitcoin or is there any rebound on the horizon? Keep the conversation going in the comment section below.

Image courtesy of CoinMarketCap.

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EOS launches today 9 June 13:00 UTC after 100% of block producers vote to go live

EOS network to go live today as block producers line up for election

EOS is ready for take-off after 100% of block producers voted to launch the network. The mainnet goes live with EOSIO version 1.0.2 code at 13:00 UTC today.
The latest vote by EOS block producers, which took place this morning at 01:48 UTC, was streamed live, thanks to EOSGo, and can be viewed here. Community members had expressed concern about the lack of transparency of previous voting. More than 100 block producer representatives took part in the vote.

EOS is up 6% on the news at $14.67, according to coinmarketcap.

When the mainnet goes live then the serious business begins – voting for block producers.

Before voting can begin, EOS token holders will wait for a statement from block producers that it is safe to vote. Keep checking the official subreddit here or at EOSauthority.

Once the voting begins, for a chain to be enabled it has to have 15% of tokens in circulation staked to it and voting. It cannot be determined in advance how long this process might take. With EOS tokens very tightly held with, for example, just four mega whales – individuals or entities – holding 150 million tokens, which equates to 15% of total supply, the election may happen in relatively short order.

The hotly anticipated EOS launch follows a 12-month token sale that has raised $4 billion, making it the largest ICO to date.

Chain competition

EOS Mainnet Launch Group and EOS Core are two groups of block producers that are competing to garner support for their respective chains, although it looks like there may just be one chain at launch, which will make it more straightforward to get a chain up and running and less confusion for voters.

A number of portals have been set up to streamline the voting process, such as this one from EOSphere (initially showing testnet). You will need to download software called Scatter to be in position to start voting.

After a chain has reached the 15% token stake threshold it will be deemed to be valid and all normal functionality activated.

At this point the appointed block producers who have handled the process up until this point will relinquish control to elected block producers. The community of token holders will vote in a continuous process that will be updated every two minutes to elect 21 top “active” block producers who will be ultimately responsible for verifying blocks on the chain.

Once an EOSIO chain is live, EOS holders who have voted can unstake their tokens and put them to use on the network.

EOS has a 5% inflation rate and block producers are rewarded with 1% of that amount. The 21 “active” block producers receive a 0.25% pro rata block reward and the remaining block producers (together with the active BPs) earn a vote reward of 0.75%.

Staking and future token value

Developers who want to build decentralized apps (dapps) on the network must stake EOS tokens in order to secure network resource such as RAM and bandwidth, although there are no fees for transactions. Block.one, the developer of EOS claim it can deliver enterprise scale transactions per second that could go into the millions. The chief technical officer at block.one Dan Larimer already has two successful blockchain projects under his belt – Steemit and BitShares.

Developers have been building dapps to run on the platform prior to launch and two that have been closely watched are Everipedia, which has the backing of Wikipedia founder Jimmy Wales and Iryo with its decentralized medical record storage solution.

Because of the staking system, app developers will have to tie-up tokens on the network. That should mean that in the event of dapps becoming popular more tokens will need to be staked on the network to secure the resource to keep dapps running efficiently. The effect of this should be to increase the value of outstanding tokens even after taking into account the 5% inflation rate.

Smart contracts cannot be created for three days after the block producers have been elected.

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Crypto-Market Gains $50 Billion: EOS (EOS), Cardano (ADA) and IOTA (MIOTA) Lead The Charge

To be simplistic with respect to the Crypto-market this Sunday, most of what a trader sees is Green! Most coins and tokens are recovering from the recent low levels experienced on Tuesday, 29th of May. On that date, Bitcoin (BTC) reached recent lows of $7,109 and took down the rest of the Crypto-market with it. The total market capitalization dropped to $303 Billion on the same day. However both BTC and the crypto market have improved. BTC is currently trading at $7,752 and up 9% from Tuesday. The total Market capitalization is also up $50 Billion to current levels of $352 Billion: an increment of 16.17%.

Earlier Bitcoin analysis had indicated that the King of Crypto would bottom out at the levels of between $5,500 and $5,700 sometime in June. But it seems the crypto-market has pulled a fast one on us.

Leading the charge to this ‘slight’ market recovery, are the coins and tokens of Cardano (ADA), EOS (EOS) and IOTA (MIOTA).

EOS (EOS) HODLers and fans are anticipating a flowless MainNet launch in less than 12 hours and at the moment of writing this. The EOS community seems unfazed by recent reports of Security vulnerabilities on the MainNet platform. The token is currently trading at $14.66 and up 34.12% from recent lows of $10.93 on the 29th of May.

IOTA (MIOTA) is also basking in recent news announcements of partnerships with Norway’s largest bank and a key logistics company affiliated to the United Nations. The coin that aims to change the Internet of Things, is currently trading at $1.96 and up 46.26% from recent lows on Tuesday of $1.34.

Cardano (ADA) has also not been left behind in terms of double digit market performance in less than a week. Tuesday saw the coin trading at $0.174. It has since risen by 34.9% to current levels of $0.2347.

However, prominent crypto analysts caution against traders believing that their is an ongoing crypto-rally. Ari Paul, co-founder of BlockTower had this to say about the recent crypto-market activity:

I’ve had chats with some very savvy fund managers in the last few days, all of whom said, ‘I don’t see where the new money comes from any time soon’.

On the same topic of analysts, they had also predicted the bottoming out earlier mentioned of between $5,500 to $5,700 which is yet to happen. Therefore, traders are left with the big question as to whom to listen to. But is always the case with crypto-investing, personal research and analysis is always advised before believing anything said and investing in any coin in the crypto-verse.

Disclaimer: This article is not meant to give financial advice. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.