中文丨English
Organized and initiated by EDAO, EOS Chinese community weekly communication meeting is an online communication activity facing the EOS Chinese community. By holding regular meetings, it aims to exchange community dynamics, share project development achievements, discuss key points of community development, and reach consensus and expand the ecology to the fullest extent possible.
At 8:00 p.m. on September 11, 2022, the weekly communication meeting of EOS Chinese community (№5) was held online.
The meeting lasted: 71 minutes.
Number of participants: 30.
Main contents of the meeting are as follows:
1. Reviewing ENF weekly report
Explanation of the connotation and operation mechanism of Trust EVM: Trust EVM embodies multiple connotations in EOS ecology. First of all, EVM is a technology; and simultaneously is the abbreviation of the project Trust EVM on EOS; as well as the token will be issued by Trust EVM. For more information, please check the Medium of Trust EVM.
About ENF: ENF is currently recruiting marketing talents. At present, ENF staff are mainly interacting with other ecosystems, which may bring back good news.
There are many DAOs on EOS: the number of DAOs on EOS may be large, but most of them are with small scale and insufficient treasury funds. EdenCN and EDAO are also one of the DAOs on EOS.
2. How does EVM help EOS
Eleven: The EVM running on EOS will consume resources, which is good for EOS. Moreover, EVM is hosting Hackathon, hoping to attract some GameFi teams. Furthermore, EVM/EOS must be an important trading pair after the EVM token is launched, and some EOS will be staked, which will be good for the price.
Ponge: In addition to the above benefits, an important function is to activate activities on the chain, encourage funds to withdraw from the exchange and back on chain, so as to strive for EOS’ pricing power. Currently, the pricing power of EOS is up to the exchange, and a large number of EOS in the exchange make them BPs, which is very unfavorable to the development of EOS. Moreover, at present, it is believed by the people in the crypto world that EOS is a dead chain. If people’s attention can be attracted by Trust EVM, it’s already a great promotion for the price of EOS.
3. Q&A
Q: Is there any hope for EOS?
Ponge：
From a general perspective, the EOS Network Foundation is doing the right thing. Let’s review what the ENF has done: the original economic model on EOS only rewards BPs. After the establishment of ENF, inflation has been increased theoretically, but we all know, inflation is just a digit game. Essentially, ENF has taken away 2/3 of the rewards from BPs.
ENF uses these EOS on Pomelo and encourage the development of community projects; and its efforts in Yield+ make large-size DeFi projects can have rewards just like BPs; furthermore, it also wants to expand the number of BPs, to increase the competitive pressure of BPs, and dilute the rewards of each BP. The whole process is to straighten out the EOS allocation, so that people who work harder obtain more EOS.
Eleven：
If there are more BPs, each BP will face greater competitive pressure. If you do well, the reward will be maintained, if not, the BP will be defeated by others. Its what the community asked in a long time. In addition, it is also expected that a BP elimination mechanism can be established.
EOS has made many contributions to the entire Crypto industry previously. DeFi and GameFi were once the project types that EOS was proud of. EOS is capable of carrying large-scale applications. It is not technology but capital that restricts the development of EOS. At present, what we can do is to be ourselves first. ENF is also sparing no efforts to attract some capital., thus I believe EOS is still worth looking forward to.
Q：What is the difference between the Ethereum PoS mechanism and EOS?
Eleven：
There are 21 fixed outgoing BPs selected by DPoS mechanism, while PoS randomly generates blocks among all BPs that meet the requirements. Moreover, there is a punishment mechanism in Ethereum.
Rowney：
Ethereum PoS mechanism is quite different from the DPoS mechanism of EOS. As long as Ethereum owns 32 ETHs, BPs can be built, and then blocks can be randomly generated in all BPs, 21 BPs will be selected by the EOS through voting. The PoS mechanism of Ethereum is not as centralized as that of EOS.
Ponge：
I’m not very professional, nor do I know the details of ETH’s PoS mechanism, let me briefly talk about the DPoS mechanism of EOS.
From my perspective, there is a big problem in this mechanism, because proxy voting means that you don’t need to rely on real users to vote to select BPs. Particularly, many users voluntarily gave up their voting rights, while the exchange misappropriated the voting rights of customers’ assets. Moreover, as things stand, interest groups have already been formed and there is no way to break them.
The current situation is that the exchange has become the actual choice of BPs. The BP is the one to whom the exchange votes. All BPs should purchase tickets from the exchange to please it. However, how did the right of the exchange come from? It got it for nothing, it stole it, meaning that it should not belong to it in theory.
This has also result in problems in the economic model of the whole chain. People who work harder do not get more rewards, thus everyone loses the interest to more forward. The exchange has no currency price interest binding with EOS.
Under the PoW mechanism, miners are willing to keep the currency price stable or even increase, because they also need to sell mining machines. However, under the DPoS mechanism, it is the BPs that break the rule.
In terms of the PoS mechanism of Ethereum, there may also be N BPs set up by an exchange while all rewards are left in the exchange. However, there is a big difference between Ethereum and EOS, namely, miners of Ethereum don’t bear the governing responsibility. However, when EOS was designed at the beginning, these two roles were mixed together, which led to these problems. However, with the emergence of ENF, BPs of EOS are basically “miners”.
EDAO WorkGroup
2022/9/11
