The winner of Eternal Trusts compo & ET Meetup
Dear community and dear participants of the Eternal Trusts hackathon!
Last week, we concluded our blockchain competition, where developers could try their hands at creating hybrid public/private smart contract systems with EOS and Hyperledger.
In total, 75 open source devs have joined our hackathon!
This initiative marks a start of a big open source community around the project that will assist our core team in the development process, which will always remain open and transparent.
One of the participants, Jess S., not only was solving challenges but also provided valuable feedback about the project. We congratulate him on his victory in the competition and invite him to contribute to Eternal Trusts further!
Eternal Trusts meetup on August 25th
Last Saturday, the team of Eternal Trusts gathered together to organize a blockchain analytics meetup and discuss the protocol’s future, its architecture, and the wide range of potential use cases for banks, fiduciaries, and family offices. Kirill Silvestrov, our founder and CEO, shared the story of company’s evolution with the audience and reiterated his vision of revolutionizing the fiduciary industry with a solution that is more secure, more transparent, and more affordable.
This meetup has proven to be a very effective way of talking to our community and gather feedback, that’s why we would love to turn it into a regular tradition. Stay tuned, we will be announcing new events as they come up!
Below we’re providing the correct answers to the hackathon quiz. If you want to check your understanding of the ET Protocol architecture, instead of scrolling down we suggest you to go to https://eternaltrusts.io/hackathon and solve the quiz by yourself, and then verify your answers here:
Answers to the quiz
Which of the statements about Eternal Trusts are correct?
dApp clients do not necessarily need to have ETT tokens left in their personal wallets for the Purpose Execution Flow to work
True.
Clients require the ETT token for the Purpose Execution Flow to work
False.
dApp founders can set the amount of rewards for oracles and private nodes to 0 ETT, if their system is centralized and the company pays salaries in fiat
False, dApp founders can set a very small amount as a reward, but not zero. v
The more clients a dApp has, the more ETT tokens will be held on the addresses of the dApp participants.
True.
For each new client, the dApp founder will have to purchase more ET tokens
False.
The reward for oracles, owners of private nodes, and service providers is only paid in ETT tokens.
False, service providers can also accept EOS and stablecoins.
In order to possess the required token stakes on their accounts, service providers are not able to buy ETT tokens in the open market, only dApp owners and DAO directors can create stakes for providers and thus assign or deprive them the provider role.
False, it is an option, but not necessary.
dApps can only earn ETT tokens that come to them from the clients’ funds.
False, any fees are optional, also, it can be EOS instead of ET Tokens.
Due to the fact that all movement of tokens is public, it is always possible to estimate the aggregate number of clients of all ET-Protocol based dApps
False, all mixers will be implemented in Hyperledger.
All dApp pricing parameters are strictly fixed in a particular number of ETT tokens, they do not change and do not depend on the market value of ETT
False, all prices are fixed in USD.
Rules of token holding can be violated for some time, thus preventing the private node or the oracle / provider from participating in Purpose Execution Flow. After getting back to the required ETT amount, the address can participate again without any loss of reputation.
False. reputation will be lost in case of demurrage.
Private nodes will encrypt client data and all communication between participants — between clients and oracles or among different oracles
True.
One and the same person/address cannot simultaneously be the oracle and the service provider
False.
One and the same person/address cannot simultaneously be the oracle and the DAO-director.
False.
DAO directors can vote through a multi-sig to control the movement of clients’ assets, without becoming the oracles of the dApp
False.
DAO directors have the right to change the Oracle-protector for a client without the client’s signature, by the same mechanism which is used to form the oracle network.
False.
One and the same person/address cannot simultaneously be the provider and the DAO director.
False.
The competitors of ET will not be able to completely copy the architecture of the protocol and take the source code from ET, since the ET-Protocol smart contracts will already be in public blockchain.
False.
Owners of private nodes will be able to decrypt client’s data, so the data must be protected.
False, only Oracles with decryption keys will be able to decrypt client’s data.
Since the dApp web interface is generated by a centralized server, it is a point of failure for the whole dApp. In the event of an attack on the website, all the dApp activity halts.
False.
The stake share in ET tokens for the service provider is determined by the dApp creator, which has the right to change it depending on various conditions, including the service provider reputation.
True.
Each Hyperledger private node network will be integrated with the rest and form a global private network for the ET protocol with one private blockchain for all participants, only with separate scopes.
False, there will be only closed private networks.
EOS smart contracts can work with all major blockchains (e.g. cryptocurrencies like bitcoin) without intermediaries who will need to be trusted.
False.
ETT token is not a strict requirement for the implementation of this system. Everything can work directly with EOS, but the token is needed for greater freedom in pricing and to make the technical implementation of smart contracts easier
True.
