EOS Hot Sauce - Volume 7
REX, voting, eosio.saving, future of inflation, LiquidApps, stable coin algorithm, WordProof and more!
REX has arrived
Nine month ago Dan Larimer proposed the EOS Ressource Exchange (REX), a model beneficial for token holders to earn interest and for developers to minimize their costs for network resources. Last week, REX finally went live and millions of EOS have since been exchanged for REX! Special thanks goes out to EOS Authority for all the great work they did while building and testing REX.
REX is a system contract and therefore very safe to interact with. REX tokens can be purchased at a multitude of interfaces, find a complete list and a detailed introduction of the REX system here and here.
On top of earning interest, lending your EOS into REX allows you to continue to collect airdrops. When you purchased REX tokens, we recommend moving them into savings, which is a similar security feature like staking EOS tokens.
By forcing accounts to vote for at least 21 Block Producers in order to purchase REX, REX was designed to increase voter turnout on the EOS Mainnet. We are happy to report that REX has had a successful launch and it’s popularity has led voter turnout on EOS Mainnet to reach new all-time highs!
Voting is Important
As REX is bringing more EOS tokens off exchanges and into account, token holders need to vote in order to be able to purchase REX tokens. Let’s go over some of the helpful tools and websites that makes it easier for you to make educated voting decisions.
Technical details of Block Producers can be checked on our EOS Nation BP Validator, which displays a variety of important information in a practical scoreboard format.
Besides reliably producing blocks and being generally responsive to the network, a Block Producer should also represent your opinion on the direction you want the EOS Mainnet to take. Chainrift’s new tool helps you do just that by asking a few questions and presenting the best BP match based on your answers.
To make your decision, we recommend using a combination of both tools allowing you to cover both technical and political considerations when voting for a Block Producer.
Choosing a proxy to delegate your votes to is another great way to vote for 21+ Block Producers. Find out about all the proxies and their voting philosophies on the Aloha EOS website.
Please vote for EOS Nation.
eosio.saving and the Future of Inflation
Many members of the community are currently discussing the inflation model of the EOS Mainnet. Since launch, the network has had a 5% inflation rate. One percent goes to Block Producers and 4% goes to the EOS savings account, which was was originally meant to fund the Worker Proposal System (WPS).
As a large portion of the community believes we should retire (burn) the accumulated funds in the eosio.saving account, EOS Nation has put up a 2 part MSIG to do exactly that. Part 1 is a Forum Announcement while part 2 retires the tokens from the account.
While EOS Nation supports burning the inflation that was accumulated so far, deciding on the right amount of inflation needs to be carefully considered.
Dan Larimer can often be found in the EOS chat on Telegram sharing his opinions on various topics. Regarding inflation on the EOS Mainnet, he recently said this:
I’d strongly recommend disabling 4% and burning savings. Only increase inflation if cost of being a bp increase.
A great discussion around the topic also happened on EOS Radio with Ashe and Zane (Freedom Proxy) hosting Luke Stokes (eosDAC), Scott Sallinen (Greymass) and Yves La Rose (EOS Nation). We strongly encourage you to take some time to listen to this in-depth discussion. The whole show is great but if you are short on time you can look for the timestamps in the video description for various topics / people’s opinions. The inflation discussion starts at 30:15.
Liquidapps’ offer keeps extending
Liquidapps, the team that brought us vRAM, vAccounts and the DAPP token, announced the development of additional tools to further improve the EOS Mainnet.
Among those improvements is a much needed oracle solution.
In short, oracles provide and verify real-world data to the EOS blockchain, so that smart contracts have reliable sources of information. Furthermore, Liquidapps introduced XIBC, a Chain Oracle, which has already successfully read data from Bitcoin, Ethereum, Tron, Cardano, Litecoin, and Bitcoin Cash.
In a recent tweet LiquidApps explained:
“Blockchains are by default blind to the outside world, and even to other blockchains, but through the eyes of LiquidApps’ DAPP Network, EOS dApps can now see.”
Another service the LiquidApps team is working on is decentralized random number generation provided by DSPs. Random numbers are essential for the security of a smart contract and a few dApps have been compromised due to an insufficient method of generating randomness.
(We’d like to mention here that Liquiddapps is not the only team working on a random number solution, OracleChain recently presented their solution as well)
Read a detailed explanation of the new DAPP Network features here.
Still not quite sure how the DAPP Network works? Check out their recent video for a simple and visual explanation of the the DAPP Network.
Are you a developer that wants to get involved with the DAPP Network? We suggest checking out Liquidapps’ DSP Portal development competition!
Proposed Stable Coin Algorithm
Dan Larimer released an article introducing a new pegged token algorithm, which is a heavily over-collateralized short position combined with the Bancor algorithm providing liquidity to both long and short positions. The model is designed for continuous liquidity and introduces a token called MMS for Market Makers and trading fees that are used to re-collateralize the market.
Dan Larimer’s interest in stable coins is well known as was the creator of the first stable coin ever, the Bit USD. This week he offers this new algorithm which he hopes the community will implement on the EOS Mainnet.
Time-stamping documents on EOSIO
Immutability or censorship resistance is one of the great features of blockchain technology.
Once data is saved on chain, it’s impossible to tamper with it. This finally gives content producers the chance to easily prove ownership of their intellectual property. There are currently 75 million publishers using the WordPress software, which accounts for about 32% of all websites of the internet.
WordProof, a new WordPress plugin, now utilizes the EOSIO platform to bring immutability to all those content producers. How great is that?
To learn more about WordProof we invite you to watch this short video from the creator of the project, Sebastiaan van der Lans.
If you’re interested in using the WordProof plugin on your WordPress website you can join the beta test group now!
One of the first websites that already utilize Wordproof is the EOS Writer, a great place to find out about all things EOS.
EOS Quick Bites
New release candidate
A new release candidate (Eosio version 1.8.0 ) was introduced by Block.one.
The release adds further security to the protocol and also allows the opportunity for dApps to pay for all the resources consumed by the dApps. This feature will avoid any shortage of resources on user accounts which will go a long way towards improving user experience.
Easy EOS Mainnet Onboarding
A new service called EOS Gift Card is an easy way to introduce EOS to new users. Sendeos.io, winner of 2018 EOS Ignite Hackathon, lets you send EOS to an email address and optionally guides first users through the process of setting up their account. Try it out and gift an EOS account to a friend!
Emanate Launch Imminent
Emanate, one of the fastest engines for the music industry, will soon be deployed on the EOS Mainnet. The EMT token was recently listed on several exchanges (NewDex, Chaince and WhaleEx) and the team is releasing a series of daily articles explaining how and why Emanate will help evolve the music industry. The launch of the platform, planned for Q2 2019, is more than “Spotify on EOS” as it also offers a smart contract framework for musicians to collaborate together.
Everipedia releases PrediQt WP and UTOX
After releasing the White Paper of PrediQt, the first prediction market based on EOSIO, they shortly afterward introduced a new smart contract which allows users to transfer tokens between EOS public keys, without an EOS account required to hold and transfer the tokens.
More stable coins
After several weeks of testing on the Kylin test net, PIZZA — USDE, an EOS based two-token stable coin system, went live on the main net. StartEOS Wallet app is the first wallet provider to support it. USDE is a crypto backed over collateralized stable coin with a 1:1 peg to USD. While USDE is the actual stable coin, PIZZA is the governance token, which allows decentralized decision making.
The stable coin is the result of much research done by the Stablecoin Research Institute, which includes EOS Block Producers, wallet teams, exchanges, medias and community members.
EOS Nation is a top Block Producer on the EOS Mainnet. Let’s connect:
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Disclaimer: The information provided above does not constitute investment advice, financial advice, trading advice, or any other type of advice whatsoever, and the information on our website should not be trusted as such. We present this information to you as general market commentary. The information does not constitute investment advice or any professional financial advice of any sort whatsoever. We do not advise or recommend that you buy, sell, or hold any cryptocurrency, digital token, ICO, or digital asset whatsoever. We advise users to conduct their own due diligence and consult with a qualified financial advisor before buying, selling, or holding any type of digital asset or cryptocurrency. We will not be held responsible for any investment decisions made based on the information provided on the website.
