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More Excitement in Q3 of 2018 as Bitfinex Is Working on A Decentralized Exchange Built on EOS

Just yesterday, Ethereum World News wrote about how the Tron (TRX) Community was excited on the possibility of TRXMarket launching a Decentralized Exchange for future tokens created on the Tron Network. The same TRXMarket is also running for election as a Super Representative further proving that it will be independent of Justin Sun and the Tron Foundation. This is as it should be; when we remember that the Tron project wants to decentralize the web.

When the article containing the above information was posted on Reddit, one Redditor was quick to point out that EOS and Bitfinex were collaborating to build a decentralized exchange. The exact words of Redditor NickT300 were as follows:

EOS is going to have 2-3 Pure Decentralized Exchange Platforms coming out this year. Bitfinex is coming out with one called EOSFinex. No more middle man, no more needing to upload your ID, photographic documentation. NOTHING.

EOSFINEX

In an announcement back in February, Bitfinex announced that it was working on building a high performance Decentralized Exchange on the EOS.IO platform. EOSfinex is meant to combine the scalability and speed of EOS with Bitfinex’s industry experience to deliver an “on chain” exchange designed to offer a fast, transparent and trustless platform for the trading of digital assets.

Bitfinex CEO, J.L Van Der Valde would go on to state that:

Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform and it is our hope that this collaboration will allow significant advancement for all decentralised exchange

About eosfinex.com

Further investigating the information, we find that the EOSfinex exchange is currently under development but you can submit your email to get updated on the progress. A screenshot of the website can be found below.

EOS Website. Source, eosfinex.com

Centralized Exchanges need to Evolve or Perish

The continual news of Decentralized Exchanges being developed is a considerable threat to Centralized exchanges. More so since they have proven to be vulnerable to hacks as was the case with CoinCheck and Bithumb just to name a few. There is also the concept of anonymity that Centralized exchanges lack. Once decentralized exchanges are fully functional, we might see a mass exodus of traders from traditional exchanges, to these new platforms.

Disclaimer: This article is not meant to give financial advice. Any 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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EOS (EOS) Continues to Attract New DApps and Those on the Ethereum Platform

The EOS (EOS) cryptocurrency has never looked this attractive for purchase in a very long time. The last time it was hovering at current values of $5 was back in mid March when it was valued at $4.34 before it set itself for a bull run that was catalyzed by the Mainnet launch that was scheduled to happen on the 2nd of June.

Due to the Mainnet launch, EOS peaked at levels of $21.56 on April 29th, before declining to about $10 four days before the launch. It would then spike to $14.89 on the eve of the Mainnet event. Since then, it has continued to weather the continual crypto market frustrations that has been brought about by bad news in a bear market.

But all is not lost. Underneath the news of Bitcoin ETFs, Ripple lawsuits and Stellar being listed on Coinbase, EOS is slowly but surely attracting DApps (decentralized Applications) that were initially on the Ethereum platform as well as changing the minds of any that were planning to develop on ETH.

In a tweet a few hours ago, @MeetDotOne – an EOS-centric twitter handle and page – brought to our attention the list of DApps now available on the EOS platform. The tweet was as follows:

Further zooming into the infographic provided,a good guesstime would bring the total number of DApps now developed on EOS to over 100. We also find that the DApps are categorized further as follows:

  1. Wallets
  2. Gaming
  3. Exchanges
  4. Development Services
  5. Education
  6. Airdrops
  7. Media
  8. Charity
  9. Recruitment
  10. Social Networks
  11. Data Services
  12. Healthcare
  13. Music
  14. Sidechain
  15. Copyright
  16. Security
  17. Service
  18. Consumption
  19. Fintech

Recent blockchain ratings by the Chinese Government

The Chinese Government, through the China Electronic Information Industry Development (CCID), has ranked EOS in the number one position – for a second time – in a list of best blockchain platforms according to the three categories of Technology, Applicability and Innovation. EOS managed to edge out the fan favorites of Ethereum, Nebulas, NEO and Stellar to stay at the top of the list for a second time.

Considering the fact that more DApps are choosing EOS over Ethereum and that the Chinese government ranks the platform best, one is tempted to conclude that the current price of the coin is seriously discounted. The Bitcoin ETF aftershocks have affected the value of EOS. The current value can also could be a good entry point for any crypto-trader who did not manage to get some EOS back in March when it was valued around $5.

Disclaimer: This article is not meant to give financial advice. Any 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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Another Chinese City Embraces Blockchain Technology

The city of Nanjing which is the capital of the Jiangsu Province in China, has committed to investing a total of 10 Billion Yuan ($1.5 Billion) in a blockchain investment fund geared at promoting public blockchain projects and the general token economy.

The Zhongguancun Blockchain Industry Alliance that is based in Beijing, is teaming up with the city of Nanjing to launch the fund. The blockchain indsustry alliance was formed by government research institutes and blockchain companies in the country such as China Internet Network Information Center, China Unicom Research Institute, China Information and Communication Research Institute, Century Internet Group, Aerospace Information Shares, and Lighting Capital.

The Nanjing city blockchain initiative was announced at the first Industrial Public Chain Summit (IPCS) which was attended by high-level government officials such as the Deputy Secretary of the Communist Party of China, Luo Qun.

VeChain (VEN) partnership with the Gui’an New Area

Nanjing joins the Gui’an New Area in the Guizhou Province of China which partnered with the VeChain (VEN) project back in December 2017. The Gui’an New Area is part of a 5 year plan of the Western Development Program that is being pushed by the Central Government State Council of China. The plan is geared towards strategic development of new major cities in the Western inland region of the country.

Gui’an New Area is a unique economic development zone directly controlled by the Central Government with preferential policies, funding, and privileges directly by the State Council of the People’s Republic of China.

VeChain is therefore mandated to be the blockchain technology partner of the local government of Gui’an to plan, design and implement processes that will pilot the first truly smart city in the country.

Recent blockchain rankings in China

Despite the government of China placing a ban on all crypto related activities in the country, it has periodically published blockchain rankings through the China Electronic Information Industry Development (CCID).

The last rankings in late June placed the EOS and Ethereum platforms at the top of the list using the three categories of technology, applicability and innovation. The blockchain developments in the country of China are encouraging and could be the gateway to further blockchain adoption around the world.

[Photo, Nanjing City. Source, flickr.com]

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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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Bitmain is Now One of The 21 EOS Block Producers

Bitmain, the controversial company specialized in crypto mining created by Jihan Wu has added a new achievement to its successful history: The team is now one of the 21 block producers of the EOS blockchain.

The Chinese company is known for virtually dominating the ASICS market. With very little competition, Antminers are undoubtedly the kings of the business.

In addition to dominating the mining hardware market, Bitmain also rules mining activity itself. Many of its equipments are put to work on a profit-making basis which directly goes to them.

At this moment, Bitmain runs AntPool, one of the world’s leading BTC and BCH mining pools with 15% of the total BTC hashing power. Also, BTC.com, another subsidiary of Bitmain, controls nearly 23% of the total mining power. If to this we add that Bitmain also holds stakes in ViaBTC (which controls around 10% of BTC hashing power) having invested over 3 million dollars on that pool, there is a general opinion among analysts that Bitmain controls almost half of the mining power of BTC hash rate, having the capacity to carry out a 51% attack on the network if they considered it convenient.

Jihan Wu and other advocates reject such accusations. They argue that it would be illogical to carry out such a task because of the economic losses this would represent.

Bitmain Enters the EOS Universe

However, the world of cryptocurrency is an extremely lucrative business, and Bitmain does not seem to settle with BTC and BCH. A few hours ago they tweeted they got enough votes to be one of the 21 EOS Block Producers.

This would allow EOSAntPool to participate in the processes of block forging and elections in the network with considerable -yet not as widespread- power as that which they possess over the BCH and BTC network.

According to the information provided by EOSAntPool, they have now received more than 51,000 votes, which would generate a daily reward of 840 EOS. This translates into an average profit of 7,467 USD, based on the value of the EOS token at the time of writing ($8.89).

Having now a stake in EOS, Bitmain would put an amount of $2.7 million a year into their pockets, which would represent approximately 1% of their total annual earnings by comparing the results to last year’s profits and counting on consistent EOS token prices.

Similarly, another of the controversial block producers is Bitfinex. The Exchange, which has recently been the target of several scandals accusing it of using USDT (a stablecoin created by the same team) to manipulate the cryptomarket, is currently the largest block producer in the network with a total reward of 1020 EOS per day.

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EOS Team Propose to Rewrite its Whole Constitution

EOS, one of today’s most promising blockchains, is going through a rather complicated process after its mainnet launch announcement.

The long-awaited bullish run has not happened, and a series of problems and disagreements have tarnished the birth process of this blockchain, casting doubt on its functionality, at least in the short term.

EOS logo

One of the most recent events that caused some annoyance among users was the order to freeze 7 EOS addresses. Similarly, other articles criticized the extreme level of centralization of the network.

However, there is little that the development team can unilaterally do, as the group behind EOS, Block.one, delivered the code to the community to give the network a higher level of transparency.

Despite this situation, on Thursday, the EOS team revealed on its official Telegram channel the proposal for a new Whitepaper “EOS.IO Technical White Paper v2“.

EOS Arbitration: Not The Best Implementation Right Now

The EOS team proposes to change the Whitepaper starting from the basics. One of the controversial aspects seeks to reduce the power of arbitrators over the decisions affecting the network:

“Bottom line … damage to community from ECAF is greater than funds we hope to restore to users … Arbitration should be limited to correction of intent of code… Freezing should be limited to code not function at intent.”

Dan Larimer

Such statements are a reference to the freezing of the addresses following a dispute over the theft of private keys.

A Blockchain’s Gotta Do What a Blochckchain’s Gotta Do

Shortly afterward, Dan Larimer, CTO of Block.one, published an article in which he talks about the importance of code as “law” in a blockchain, and how that should be the focal point for arbitrators.

He also mentioned that it was essential to consider the possibility of eliminating excessive arbitration to achieve greater objectivity in the blockchain and combat the possibility of mob-rule proliferation :

“Users of the EOS blockchain need some guarantees from the community in order to feel safe and secure. If everything on the blockchain is subject to mob-rule, then no one is safe. If the community does not have strong, objective, organizing principles, then everything is subject to interpretation and becomes unpredictable and arbitrary

Block One calls for an end to all arbitration orders other than to render non-binding opinions on the intent of the code.”

This post concluded with a proposal for a Constitutional Referendum with some very interesting suggestions, among them preventing block producers from freezing accounts.

Evidently, such proposals raised some questions around users. Some of which could not yet believe Larimer’s intentions to rewrite the whole constitution:

“Am I correct, in understanding you’re proposing removal of the entire current constitution, and replacing it with one that only refers to arbs being able to rule on code VS intent and code vulnerabilities / hacks like DAO?” a Telegram user asked

To which Larimer responded: “yes.”

The EOS community has not yet taken a clear direction on this proposal; however, the results of a possible adoption could be positive, at least at first sight.

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EOS (EOS) and Ethereum (ETH) Rank Highest In New Rankings by China

The Chinese government, through the China Electronic Information Industry Development (CCID), has recently updated its blockchain rankings. In the new list, EOS (EOS) has managed to edge out Ethereum (ETH) from the number one spot. ETH was ranked first in the last rankings by the same authority almost a month ago.

The new rankings claim EOS as being the best blockchain network in the world of technology and innovation. However, EOS did not rank as well in Applicability by the overall index found it at the number one position. The full list can be found below.

CCID Rankings. Source, medium.com/@coinness

The top 5 blockchains in terms of technology where EOS, Steem, Ethereum, Bitshares and Stellar. With respect to application, the ranking was NEO, Ethereum, Qtum, Stellar and Nebulas in that order. In terms of innovation, EOS topped the list followed by Bitcoin, Cardano, Ethereum and Litecoin.

EOS has managed to be ranked first even after the MainNet was launched only days ago with incidences of delayed voting as well as several compromised accounts being frozen on the platform by Block Producers. However, as soon as the EOS constitution is ratified, governance issues will be a thing of the past. Block Producers will take a back seat and let the community decide on issues pertaining to the platform.

With the EOS MainNet live and unlocked, users can now trade their EOS in the numerous exchanges that the coin is listed on.

CoinFalcon makes it easier for users to do so by launching the CoinFalcon EOS Shuttle. This feature allows users to import their EOS coins to Coinfalcon using their private keys with ease. Whether it is from the MainNet or from any choice of storage, users can now deposit into their CoinFalcon account and trade across USDT pair. All they have to do, is create an account on the easy to use platform.

More information about how to import your EOS can be found on the CoinFalcon blog page that explains it in four easy steps as follows:

  1. At your Dashboard on the platform, click the deposit tab on the top navigation bar
  2. Select EOS as the currency and click import from private key
  3. Enter your private key into the input and click import
  4. You will see a transaction ID if your import was successful. It might take a few minutes until your deposit will appear

In conclusion, EOS believers, users and HODLers have a new reason to be bullish about their favorite platform and coin. The CCID has ranking it number one in a process that has seen EOS dethrone the previously ranked number one platform of Ethereum.

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Are You Ready for The Binance 4 Hour System Upgrade On the 26th of June?

In an announcement not more than 4 hours old, the popular Cryptocurrency exchange known as Binance, has notified its users its intentions of carrying out a system upgrade in 2 days. The scheduled upgrade will be carried out on the 26th of June and will take 4 hours beginning 2 AM, UTC time.

The announcement was as follows:

Fellow Binancians,

Binance will perform a scheduled system upgrade shortly after 2018/06/26 2:00 AM (UTC). The upgrade will take approximately 4 hours. Binance will suspend withdrawals and trading during this period. We apologize for any inconvenience caused, and thank you for your patience.

Thank you for your support.

Binance Team

2018/06/24

Crypto traders are requested to be patient with the exchange during the system upgrade.

The exchange is ranked second in terms of daily trading volume and at the moment of writing this. Binance is currently handling $1,022 Billion in daily trade volume according to coinmarketcap.com. Also to note, is that only a few months ago, the same exchange was handling in excess of $2 Billion in daily trade volume. This observable decline in daily trade volume corresponds to the ongoing general crypto market decline that has been further accelerated by a loss of total market capitalization of close to $20 Billion this Sunday morning.

Binance has been the preferred exchange for not only crypto-traders, but also crypto projects such as ICON (ICX), EOS (EOS), VeChain (VEN) and Tron (TRX). With respect to the first two projects of EOS and ICON, Binance has flawlessly facilitated token migration from the ERC20 platforms to each of the MainNet blockchains. The exchange is currently handling the ongoing TRX token swap that ends later on today with the Tron Independence Day. Binance will also support the VeChain (VEN) token migration that is to occur at an undisclosed date in July.

The exchange has come a long way from its ICO days only a year ago to date. Binance has evolved to being the most preferred and trusted platform for a lot of traders across the globe. With the new upgrade, the exchange is surely to implement stronger cyber security measures as well as other upgrades that will enable the exchange to continue being the preferred choice of many traders.

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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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