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Expectations: what EOS will do to hit the target?

Dan Larimer wants to replace the EOS constitution, Jack Ma calls Bitcoin a bubble but continues working on his blockchain project and ERC-721 will be officially confirmed as an Ethereum standard.

A few weeks after EOS mainnet launch Dan Larimer proposes to completely change its constitution, changing the governance model and switching to the common ‘code-is-law’ paradigm.

This change will also remove Article XV, a controversial rule about losing an address in EOS and everything associated with it after 3 years of inactivity in network. However, this new variant of constitution contradicts all previous statements by EOS developers about blockchain governance.

Well, it could have ended even worse. They could have disappeared with money, and we would follow the news about the SEC chasing them around the world. But it’s more prosaic here, but in reality, it’s not much difference from the previous scenario. They still got their money and they didn’t fulfill their promises.

The whole EOS agenda was built upon the statement ‘code is law is unusable in real life, Ethereum is outdated, we’ll build our own blockchain with fast blackjack and block producers’. The ignorance of the fact that every human being acts on his own benefit, block producers aren’t the exception. It’s lying on the surface, and it’s very unlikely that EOS developers didn’t know it. Otherwise, they are officially the most beautiful naive people on Earth. We love innocence and naiveness, but this kind of people shouldn’t be designing trustless governance models. Now we’re seeing the consequences: their initial model seems to be failing two weeks after the launch and it’s failing spectacularly.

The whole selling point of EOS is now eliminated, it doesn’t have any difference from other blockchains. But does it matter now? All funds are raised, there are no more tokens to sell, and now it’s time to try to make it function at least on par with other blockchains, or start actually designing it for real-world user. Ethereum killer shot himself in the leg. But the question is still pending, for many weeks: was it all worth $4 billion?

Alibaba Group founder Jack Ma calls Bitcoin a bubble again.

At the same time, he believes that technology itself is useful and even may help revolutionize many industries. His company, Alipay, is currently working on their own blockchain direct payments system.

Jack Ma’s opinion about Bitcoin being a bubble isn’t surprising, we heard it from him before. The interesting news is his involvement in blockchain technology and this payment system that is being developed by AliPay. Recently Jack Ma announced that his new international remittance service carried out the first transaction and it was completed within 3 seconds.

It’s always great to see examples of real-world use for blockchain, instead of a brainless buzz. Of course, this project could be nothing more than an attempt to stay relevant, but with resources of Alibaba, there’s a big chance that it could become something big in Asia.

One year has passed since the beginning of an ICO craze, but we still have a shortage of real use cases for blockchain. But as we have big companies entering the competition now, things can change, as these companies are usually about business, not about chasing dreams. Time for Alibaba, Microsoft, Volkswagen, IBM, and Amazon to change everything?

ERC-721 standard is going through a finalization process to be recognized as an officially confirmed Ethereum standard.

ERC-721 is widely known as a collectible token, but its use isn’t limited to simple games. This type of tokens can represent any physical or digital assets, thus making it useful in nearly all kinds of fields, according to its creators.

What does it mean for everyone? ERC-20 is a good old standard, but it’s limited in many ways. All ERC-20 tokens are the same, they are interchangeable, they only difference is their name. ERC-721, despite being used so far only as a token for CryptoKitties and similar collectible games, has unique features, being unfungible.

Any token can have its own unique properties, thus making him the one of his kind. It allows to create tokens, that would be digital versions of real-life objects, and thus present the right for ownership. For example, all real estate can be tokenized, with parameters like city, street, apartment type, etc. Then the ownership can be transferred by simply sending it to another address, not much difference from CryptoKitties, but much larger opportunities when applied to real life. It could give Ethereum its so much needed push, not in terms of price, but in terms of adoption.

Many databases could migrate to Ethereum in future, creating new economy. Your car, your real estate, your stocks — everything could become a token, sitting in your wallet. Wanna sell your car to another man? Create a smart contract, you get the money safely and send him your car’s token, now he’s the owner and anyone can check it by looking at his address. Endless opportunities.

Originally published on Finrazor.

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-- is an independent crypto market navigator. We cover every cryptocurrency, ICO, blockchain essentials, and almost every other crypto finance topic. Follow the latest news, uncover crypto trends, find new investment opportunities.

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Finrazor Team is an independent crypto market navigator. We cover every cryptocurrency, ICO, blockchain essentials, and almost every other crypto finance topic.