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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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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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EOS MainNet Launch In Limbo as Voting on The Platform Proceeds At A Slow Pace

How many EOS tokens are needed to activate the EOS MainNet platform? The number comes to 15% of the total token supply. The EOS platform was designed in a way that this number of tokens have to be staked so as to vote on block producer candidates. Staking tokens allows EOS token holders to vote for up to 30 block producers. The votes are in turn weighted by how many tokens are staked.

The EOS MainNet was technically launched on the 10th of June and 8 days after EOSIO v1.0 was released by Block.one. However, the 15% of tokens needed for staking has not been achieved. This number translates to 150 Million tokens. As of now, and through EOSAuthority.com, the number of staked tokens has reached 66.115 Million. This translates to 6.611% of the total supply and 44% of the number needed for staking.

There is some progress though. For according to a report only yesterday, the staked tokens had reached 48.119 Million. Therefore, there has been an increment of 18 Million in a day. If this increment persists, the needed percentage for staking, will be reached in less than 5 days.

Several theories have been put forth to explain the reluctance by users to stake their coins for voting. The first one being that the process is a bit complication with users fearing accidentally exposing their private keys in the process. There is a youtube video from the same website of EOSAuthority.com, that explains the entire procedure for any EOS holder willing to stake their tokens and is unsure of the procedure.

A second reason as to why the required number has not been reached, is the psychology behind waiting for others to first do something for more to join in. Vahid Toosi of EOS SW/Eden, believes that when the tokens pass the 40 million mark, more users will feel comfortable and the tokens will come flooding in.

A third theory is that the EOS Whales (those with a high number of tokens) are waiting for other whales to vote so they have a clearer picture of the effects of their own voting.

All in all it is a waiting game. Once you stake your EOS tokens, they are locked till the needed 15% is achieved. When this number is reached, the chain is considered as valid and normal functions are activated.

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EOS voting issues raise centralization concerns with election now run by one block producer

The EOS community is preparing to vote for the inaugural 21 block producers (BPs) that will initially run the network, but there is mounting confusion and concern about how this is being handled.

The original plan after launching the mainnet would be that voting would initially be overseen by the 21 appointed block producers (ABPs). Once the vote was completed, which is determined by when 15% of outstanding tokens have been staked and taken part in the voting, the ABPs hand over to the elected BPs.

However, this system, which had the benefit of random selection of ABPs and a sufficient number to mitigate concerns about centralization and censorship resistance, has been abandoned. Instead, just one block producer has been selected to run the election, which some community members say could undermine trust from the outset. Here’s a screengrab from the conversation on Telegram between lead developer Dan Larimer and others:

Telegram chat regarding EOS votingTelegram chat confirming that just one BP will now run the election

It appears that the EOS New York group were charged with the task of facilitating the selection of the ABP that will conduct the election but the criteria for that selection has not been communicated, although it is thought to include a checklist that included the level of technical competency of the BP and its resources.

The selection on the single ABP is confirmed by the video (56:00m) of the live conference call of BPs held yesterday in which David Moss says: “I have selected, um, uh, uh…actually between EOS New York and myself randomly selected an ABP.”

At this point there is no way to independently verify the randomness of that selection or the other criteria used.

The election is scheduled to begin today(10 June) at 13:00 UTC.

How to vote

Besides the actual organisation of the voting, which given a year to prepare is somewhat shambolic and opaque, there is the issue of how to vote.

As we reported yesterday there are a number of voting portals springing up, but token holders have no way of totally verifying their trustworthiness. That matters immensely because to vote requires token holders providing their private key. There is as yet no graphical user interface application for voting and block.one has not indicated that it will provide one anytime soon if ever.

With just one anonymous BP in charge of voting, trust in the voting procedure is being somewhat tarnished. However, there may of course be good reasons for abandoning the original plan to do with getting the blockchain running more quickly and avoiding the danger that some of the original 21 block producers might drop out, which would be a problem for the continuation of the chain.

Ivan from the EOS Sweden group asked about the anonymity issue on the conference call and the replies (in bold) were not encouraging from a business professionalism perspective let alone trustfulness. It is worth reproducing this at length:

The ABP is appointed block producer, basically the community appoints someone to act as a block producer to bootstrap the network, is that correct?

Yeah, exactly.

And how will that choice be done?

It has been done already. The appointed block producer was notified yesterday, I think.

So who is it?

So, we don’t know.

Ah, okay. So, but…yeah but someone knows, right? Someone knows…

Yeah exactly, a few people know, a few people know, a few select people will know.

Alright, why is this secrecy?

Um, there are several reasons, several reasons for it. Um…why is Satoshi secret?

Uh huh…yeah I don’t know, security reasons, doesn’t want to touch, uh…so you think it’s the same?

And now the ABP node is very important. The ABP will be the only one producing blocks on this chain until we reach the 15%, which means that EOS, the EOS chain is validated.

With the market cap of EOS at $12 billion and $4 billion raised in the ICO, there is a lot of money at stake. Given the complications and doubts surrounding voting, it is disturbing that no one at block.one has taken the time over the past year to workout how the bootstrapping to get a chain up was likely to work in practice.

Each token has 30 votes but how are token holders to be sure that their votes for their BPs of choice are being counted correctly or votes counted at all? How are smaller token holders to know whether or not the larger holders are colluding to keep a certain set of BPs in the 21?

As the network grows and voting tools improve, this may all turn out to be fuss about nothing, but it again highlights the issue of blockchain governance and the struggle to get it right. The questions around the EOS election process are legitimate questions that are now probably too late to get answers to before the voting begins.

This is how Eric Wall put it on Twitter:

EOS is trading down 8% at $13.32 with the rest of the market also in the red with bitcoin off nearly 5% at $7,272 at time of writing.

The command line tool cleos, available from the EOSIO github/wiki, is the recommended way to vote but requires a certain level of technical skill. Here’s a video walkthrough of setting up voting on the eosportal.io portal including installing the Scatter software. Once the block producers have been elected, voting becomes a continuous process updated every three minutes.

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Will EOS (EOS) Manage To Patch Vulnerabilities Before MainNet Launch?

The internet has been abuzz with news of discovered vulnerabilities in the EOS (EOS) platform ahead of the MainNet launch on the 2nd of June. The discoveries were made by China based internet security firm, Qihoo 360 who later notified the EOS project members in what the firm considered as ‘epic vulnerabilities’.

The vulnerabilities were relayed to the EOS team early today morning with Qihoo 360 highlighting that rogue attackers can use a malicious smart contract to gain control of all the nodes in the network. What can then proceed to happen, is the attacker will probably manipulate transactions at will and cash out. The attacker was also noted as being capable of using the nodes as a botnet system that can be used to mine another cryptocurrency network or even launch a full blown cyber attack.

The report is quoted on discovering the following:

Due to the decentralized computing characteristics of blockchain networks. A security vulnerability in the implementation of a blockchain node may cause thousands of nodes to be attacked. Even a denial-of-service vulnerability that is considered to be relatively harmless in the area of ​​traditional software vulnerabilities may trigger storm attacks on the entire network in a blockchain network, causing a huge impact on the entire digital currency system.

The report goes on to explain how the attacker can do whatever he wants once he has access to the EOS super node including gathering information on the EOS users’ keys, profiles, private data and more.

The question now is, with such vulnerabilities identified, will the EOS team be able to still launch the MainNet on time or will they postpone the launch?

The team at EOS has even announced a bug bounty program via twitter through their team member, Daniel Larimer who posted the following just 16 hours ago:

Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One.

The crypto-market has had a knee jerk reaction to the news with EOS currently trading at $11.63 at the moment of writing this and down 2.82% in 24 hours. The token had bottomed at $10.94 this morning around 6:34 am, UTC. Only time will tell if the security vulnerabilities will be fixed before the MainNet launch, or if the launch will have to be postponed.

The current EOS MainNet launch countdown reads 4 Days, 7 Hours and 15 Minutes at the moment of writing this. Time is indeed a factor.

[Photo source, gawker.com]

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Binance, Bitfinex and More To Support EOS (EOS) Token Swap

The current countdown to the EOS (EOS) MainNet launch reads 5 Hours, 9 Hours and 50 Minutes at the moment of writing this. At exactly 22:59:59 UTC on June 2nd, EOS tokens will become frozen on the Ethereum blockchain and the MainNet launch will occur shortly afterwords.

It is therefore with this background that Ethereum World News wanted to inform you of the known exchanges that will be supporting the token swap.

  1. Binance – The popular exchange made the announcement less than 8 hours ago that it will be supporting the token swap. EOS deposits and withdrawals will be suspended from May 31st, 0:00 am (UTC) and the swap will be initiated. The exchange also added two more trading pairs for EOS: EOS/BNB and EOS/USDT
  2. Bitfinex exchange reassured users that it will be managing all the technical requirements related to the swap to ensure a smooth transition.
  3. Kucoin exchange made the announcement via its twitter page and gave similar instructions of halting withdrawals and deposits on the 31st of May. The exchange also requested that you deposit your EOS onto their exchange as soon as possible for them to facilitate the swap for you. You can then withdraw your EOS once the swap is complete
  4. Cobinhood prides itself as being on of the few exchanges that do not charge trading fees for each transaction on the exchange. The exchange also announced it will be supporting the token swap just today
  5. BigONE exchange announced that it will be supporting the EOS swap two days ago on its website. The exchange has similar plans to suspend trading during the said time period
  6. Bitbns will be carrying out the token swap for its users with the exchange handling all the technical details
  7. Kraken made the announcement on its website that it will be supporting the token swap
  8. OCTBTC will also handle the swap on behalf of its users
  9. CoinSpot stated that they are ready for the swap
  10. OKEx will be also ensuring a smooth transition to the MainNet
  11. BitMart pledged its support for the token swap
  12. Mercatox will support the token swap together with all its technical intricacies
  13. Zebpay will be carrying out the EOS swap for its users
  14. and so will CoinDCX

Therefore, Ethereum World News has managed to find the above mentioned exchanges as the ones supporting the EOS token swap that begins on the 31st of May. All users are advised to transfer their EOS to these exchanges before then to facilitate easy token migration to the EOS MainNet.

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3 Reasons To Be Bullish About EOS (EOS)

Three days ago, the EOS (EOS) development team released EOSIO Dawn 3.0 on Github. This is in anticipation of the final release of EOSIO 1.0 that will grace the crypto-verse in June of this year. By releasing EOSIO Dawn 3.0, the EOS team have lived up to their constant project developments such as releasing EOSIO Dawn 2.0 four months ago. Such constant updates and developments are what crypto-traders and believers look forward to on a daily basis with blockchain projects.

So why should you be bullish about EOS (EOS) moving forward?

Firstly, the recent launch of EOSIO Dawn 3.0 proves that the project is on track to develop the much anticipated ‘most powerful platform‘ in the world of blockchain. With June less than 2 months away, the final EOSIO platform will give prominent platforms such as Ethereum and the Tron Mainnet – that is also slated to be released on 31st May – a run for their money and users. Moving forward, June will be a showdown of platforms and corresponding action in the markets.

Secondly, past market performance of EOS has proved that it can skyrocket to outer space faster than Jay Kay from the legendary British band Jamiroquai, can say Cosmic Girl. Early Crypto traders had spotted EOS being only valued at $0.84 on November 1st, 2017. Two and a half months later on January 13th, the same EOS was valued at $18.16: a 2,000% value increment. EOS did not maintain double digit values in the markets due to the FUD shaking the crypto-verse with respect to regulations, hackings and massive dumping of BTC in the markets by so called whales. But EOS has settled comfortably above $4 over the past month and is currently trading at $5.86.

The third reason to be bullish about EOS, is the large community supporting and rooting for the project. The EOS Telegram chat group has over 43,000 very active members. EOS has an almost similar number of over 43,000 strong on Reddit. The project is also followed by over 131,000 Twitter users. This means there is a lot of support for the project in the crypto-community. And when there is support by HODLers, nothing major can go wrong in the markets as can be seen with EOS maintaining levels above $4.

All in all, June will be the moment of truth for the EOS project as the development team plans on releasing the much anticipated EOSIO 1.0.