EOS news summary (jan. 13th)
There was quite some EOS excitement over the last few days about “special announcements” coming from the Korea meetup. So what was the news?
EOS Venture Capital
Block.One announced they now have over 1.1 billion dollars in funding. That’s a combination from the crowdfund and big VCs investing in Block.One. This was expected but now it’s official.
Another thing that was expected and got confirmed is a 1 billion dollar fund for investment in companies/dApps that will work with EOS. Is this big news? Well, at least it’s a very big commitment to the EOS ecosystem. Imagine Google providing 1 billion dollar to app developers even before Android was launched.. Or Apple releasing a test-iPhone promising to invest 1 billion dollar in Apps in 2006…. If you think about it that way it’s actually an amazing decision by Block.One. Now of course this isn’t a “dApp-builder-airdrop”. EOS VC will invest in these companies with the goal to make money. But still though it’s definitely something that can fire up the ecosystem and good for us as users. EOS VC will work with other VCs and the first partnership with announcement is expected in the coming weeks.
Everipedia Airdrop
Everipedia is an outspoken organisation when it comes to EOS. They like the idea and already confirmed they will move their operations to the EOS blockchain. The idea is that writers/helpers/volunteers get IQ tokens as a reward for making Everipedia better. It’s like writing/editing articles on Wikipedia and get a reward from the community. Will this improve the quality of the content? Who knows. But at least it’s a great idea to try out. Today the news came that Everypedia will airdrop their IQ-tokens and that they won’t hold on ICO to raise capital. That’s something to be well respected. We still have no idea on how many tokens they keep for themselves but as a hoddler of EOS-tokens you’ll get IQ tokens for free.
Development Update
Yes there was another update today…. A lot of people might have missed it but it’s quite a good one actually.
Scheduled transactions (combined with free transactions) makes EOS.IO the first “Turing Complete Smart Contract Platform”. This means that it will be possible to create a smart contract that will automatically perform an action multiple times per second on an ongoing basis without any outside input.
Wooottt….. this is like a real universal computer. Using a feature like this you can make API-like price-feeds about everything trading on a decentralized exchange (DEX) to give just one example. Today you’ll need an external program to read out the whole blockchain and get information.. With this feature you’ll only need to read out 1 simple address/contract to give you all the details.
In an effort to support interoperability between contracts we have been developing a token standard for contracts. This standard will be similar to the idea behind ERC-20 tokens and enable many contracts to interoperate with each other.
Our token standard will have many advantages over traditional ERC-2* tokens:
- Transfers may contain memos for application data
- Sender and receiver can execute code and reject the transaction
- Benefit from the EOS.IO permission system
- Native tokens are implemented using the same code
- A single contract can create and manage multiple tokens
As we all know ERC-20 tokens really impacted the ICO ecosystem and brought quite an amount of trust into crowdunds. Back in 2014 both MaidSafe and Ethereum needed to program their own “vending system” to give people an x-amount of tokens for an Y-amount of Bitcoin. The ERC-20 standard made this process way easier for projects running a crowdfund. So it’s a good sign that the EOS devs are already working on standards like this.
Our single threaded code is on track to sustain 5000 TPS with a 0.5 second block interval, and delivering finality within 2 seconds.
This is also great news…. Remember this quote from Dan?
The idea was to have a 1 second blocktime. But with 500 ms. blocks things are even more interesting from a user perspective. Next thing we’ll have to see is how adding extra cores scales the number of transactions. Is it 1-on-1? Like adding 1 core brings another 5000 Ts? Or is it a bit less… Like every core brings an extra 80% of that number? Remember this is all focused on the performance of 1 blockchain. Adding extra chains will already bring a huge amount of scaling. The Dawn 3.0 testnet coming at the end of February is focused on both adding extra chains and multi-core. Great times ahead.
Share your ideas on the EOS Community Forum.
