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EOS holders can now earn interest through crypto lender Celsius Network

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Cryptocurrency lending platform Celsius Network announced today the latest token to be supported by its platform: EOS, the fifth-largest cryptocurrency by market cap.

Celsius customers will now be able to stake EOS tokens and earn interest on their holdings. They can also borrow cash or stablecoins against EOS funds for as little as 3.45 percent APR, according to the company’s statement.

EOS launched in 2017 through an ICO issued by open-source software publisher Block.one. The coin currently trades for roughly $3.28 per token, according to data from Messari

Block.one recently settled charges with the Securities and Exchange Commission over the 2017 ICO, which the Commission alleges constituted an illegal offering of securities. In a controversial move, the SEC ordered Block.one to pay merely half of one percent of the purported $4 billion that the company raised in its token sale, roughly $24 million.

Block.one CEO Brendan Blumer expressed his enthusiasm regarding the coin’s addition to Celsius in a statement: “We are excited to see the EOSIO ecosystem growing with Celsius’ support for EOS,” he said. “Block.one believes that retail deposit solutions are an important growth nexus for mainstream adoption of digital assets as transparent and competitive stores of value.”

As a provider of stablecoin-backed loans, Celsius announced in mid-October that customers could now take out loans supported by the True Great Britain Pound (TGBP), the True Australian Dollar (TAUD), the True Canadian Dollar (TCAD) and the True Hong Kong Dollar (THKD). Prior, the company only offered loans supported by Tether (USDT), USD Coin (USDC) and the Gemini Dollar (USDG).

“We’re doing our part to help decentralization scale by adding hundreds of millions of new users to the digital asset community by offering innovative, customer-centric financial services, including borrowing and lending,” Celsius CEO Alex Mashinsky explained at the time.

Celsius Network claims to store nearly $400 million in assets and lent out approximately $2.2 billion in crypto-backed loans since October 2018.

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Bitcoin-friendly travel agency Destinia now accepts ETH, EOS, and more

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Spain is not one to be left out of the burgeoning crypto industry.

Destinia, one of the country’s largest virtual travel agencies, announced last week that will now allow its customers to pay for their next trip with five additional cryptocurrencies—and not just Bitcoin.

The company now accepts Bitcoin Cash, EOS, Ethereum, Litecoin, and Dash as payment methods for any plane or train bookings, as well as hotel accommodations and travel packages.

Destinia has been a crypto-friendly business for quite a while. Back in 2014, it began accepting Bitcoin (BTC) as payment, and was one of the first businesses of its kind to enter the crypto world at the time.

For Destinia, it’s all about innovation and strategy: “Destinia’s philosophy is to open as many doors as we can, to have variety and payment possibilities to facilitate the traveler’s experience,” Cristina Verdi, responsible for payment methods and treasury, said in statements shared by Spanish outlet Muy Pymes.

Accepting Bitcoin has been quite lucrative for Destinia. In 2018 alone, a total of 7.23 percent of its customers chose to pay with Bitcoin, according to the company.

Destinia is also looking for new partners to improve the user experience and simplify the operations carried out by its clients. “With our new partner, the user can use different wallets to finalize their purchase and also select whatever crypto they want,” Verdi said, without providing further details on this partnership. “With this, we obtain a fast, simple and secure process, fundamental characteristics for the e-commerce user.”

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It appears that Destinia’s new mystery partner is Gocoin, a startup created in 2013 to develop payment processing solutions based on cryptocurrencies and blockchain technologies. For now, the payment option for “Bitcoin and Altcoins” is unavailable for the U.S. and English-language version of the Destinia website, though it does appear on the Spanish portal.

The crypto ecosystem in Spain has experienced sizable growth as of late. According to the Spanish news portal El País, the number of stores that sell gift cards exchangeable for cryptocurrencies has grown from 4,000 in 2018 to more than 30,000 so far this year. Coin ATM Radar ranks Spain as having the fifth-most crypto ATMs in the world.



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Block.one settles charges with SEC over $4 billion EOS ICO

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Block.one, the company behind the EOS cryptocurrency, today settled charges with the U.S. Securities and Exchange Commission by agreeing to pay a $26 million fine over its unregistered ICO.

In 2017, Block.one raised the equivalent of $4 billion through the ICO that launched EOS.

You do the math.

As usual, the object of the SEC’s enforcement action has settled with the Commission without admitting or denying the charges. What’s unusual, however, is the relatively light penalty that the SEC has opted to levy against Block.one.

No disgorgement. No rescission (forcing Block.one to refund the many billion dollars-worth of tokens it sold). No nothing—other than a civil penalty that amounts to nearly one half of 1 percent of what the company raised in its ICO.

“A number of US investors participated in Block.one’s ICO,” Stephanie Avakian, co-director of the SEC’s Division of Enforcement, said in a statement. “Companies that offer or sell securities to US investors must comply with the securities laws, irrespective of the industry they operate in or the labels they place on the investment products they offer.”

Yeah, but, do they really?

For the last two years, the SEC has gained a reputation within the crypto industry for its campaign of Shock and Awe against ICO-funded startups that have been treated to a crash course in federal securities laws. Today’s move from the Commission served up a whole lotta shock, and heaping dose of awe, but of an entirely different flavor.

And reaction to the news from legal experts and industry insiders across the cryptosphere has so far been exactly what you’d expect.

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Gabriel Shapiro, an attorney and founder of the crypto-focused ZeroLaw, pulled no punches: “Honestly I think this is a bad look for the SEC,” he wrote on Twitter. “This sends a message that violating securities laws can be quite profitable.”

Nic Carter, partner at Castle Island Ventures, echoed the sentiment: “The lesson here is that the government will not protect investors or demand disclosure from issuers,” he wrote.

What’s more, beyond avoiding costly penalties and rescission orders, Block.one has also dodged any requirement to register EOS as a security. The SEC’s order, as Block.one noted in its own statement regarding its settlement today, deals strictly with the ERC-20 “placeholder” token that the company sold to investors during the ICO—and not the EOS token that is currently in circulation.

In so doing, the SEC sidestepped making any decision regarding the status of EOS today—security or non-security—which means cryptocurrency exchanges will not necessarily be required to delist the token.

To be a fly on the wall of Kik’s (former) headquarters right now.



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EOS price crashes by a third in under two hours in crypto market crisis

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The crypto market is in freefall, with coins posting double digit losses across the board. Among the worst hit is EOS, a blockchain platform designed to be more scalable than Bitcoin.

Just two hours ago, the price of EOS was $3.32 per token. Now, it’s sitting at $2.73—a loss of 17 percent. If we expand our window to the last 24 hours, it’s even worse: EOS is down nearly 29 percent since the start of the day.

The cryptocurrency platform is now down 67 percent from highs of $8.38 per coin on the first day of this year.

It’s not known what has caused this market downturn. It’s possible that a lackluster response to Bakkt’s launch—even though it was initially received with much fanfare when it was announced—was behind the selloff. But it could be any number of factors.

Just yesterday, EOS founder Dan Larimer was tweeting about, “an amazing solution to vote buying,” offering more information to come. But it looks like vote buying on the EOS network will be the least of his worries today.



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Ethereum is undervalued, EOS way overvalued suggests new metric

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Venture capital firm Placeholder has created a metric designed to measure the value of smart contract platforms. It takes the value of a smart contract platform’s network (e.g. Ethereum’s market cap) and compares it to the value of the tokens issued on the platform. The underlying thinking here is that if a network is operating as the base for more valuable tokens, but isn’t worth very much, then it may be undervalued. In contrast, if it is far more valuable than the sum of its tokens, it may be overvalued.

According to the metric, dubbed “Network Value to Token Value Ratio” (NVTV), Ethereum has the highest ratio and is, therefore, the most undervalued compared to other platforms, such as Stellar, Waves and NEO.

On the other end of the scale is EOS, which, according to the NVTV ratio, is trading at 234x times the value of its tokens, suggesting it is overvalued. Ethereum, meanwhile, is only double the value of the tokens built upon it. In fact, all of the networks studied are more valuable than the sum total of the tokens built upon them.

But with crypto full of manipulation and fake trading volume, any new metric has to be taken with a pinch of salt. Chris Burniske, partner at Placeholder, acknowledged the problem of fake transaction volumes but argued that comparing market caps should result in a more genuine metric. He said, “The ratio has its own flaws, but our thinking is the market price of assets is the most ‘efficient metric’ crypto has.”



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Abrupt EOS block producer demotion sparks concerns over centralization

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On June 7, one of the EOS network’s most consummately professional block producers—the companies that run nodes to validate the network—was unceremoniously voted out after nearly a year of stellar service. Though EOS New York was swiftly voted back in, some observers are pinning the events on a group of Chinese whales who colluded to rig the results. Is this fair, and indeed, is it bad?

EOS’s brand of democracy is super quick, with votes on who gets a place in its 21-member strong cabal of network operators taking place every 60 seconds. Block producers operating at any one time are charged with hashing together transactions on the network, which they do every half a second.

EOS New York, an independent and self-funded producer that was voted in 375.4 days prior to  June 7, wasn’t strictly voted out, but instead saw its ranking—visible here—slide below 21, with other producers taking its place. There is a dearth of raw data, making it difficult to ascertain exactly who cast which votes, and who ended up with a commanding share of the vote. But a cursory glance of the voting registry shows that nine of the twenty one current reigning champions are based in China. 

In the EOS community on Reddit, observers said the EOS New York ouster was the final straw—a sign a powerful vested interest had taken control. “We need to stop the Chinese from colliding [sic],” wrote one observer. “And eossingapore [another popular block producer] is not run by Singaporeans…it’s run by China.”

Nevertheless, in comments to Decrypt, EOS New York spokesman Kevin Rose was sporting about the loss. “We are independent and self-funded,” he wrote. “We are confident in the value we bring to the community and will work our way back. We reinvest back into EOS through open-source software, community leadership, governance.”

But he also acknowledged that there were problems with the voting system—which gives deeper-pocketed voters more clout, and in some cases results in block producers paying voters to turn up to the polls—and said that a “whale” might have swayed the results. “Large token-holders, colloquially known as whales, exist,” he said. “These whales vote, and in DPOS voting matters. Because voting participation is low relative to the total tokens in circulation when some of them vote it can be felt.”

Sam Cassett, the CSO of Ethereum incubator ConsenSys—a competitor to EOS and the financier of Decrypt—described the network’s vulnerability to whales as a “point of centralization.”

“Small numbers of entities that hold large amounts of tokens can corrupt this voting process, as in what just happened,” he said. “The governance mechanism has failed to work as planned, and instead there is capture of the process by a small number.”

To Rose, this is nonsense. “Us moving out of the top 21 and back in again is like taking the cherry off the top of an ice cream mountain and then putting it back,” he said. “The fact that the voting is so close among most of the top 21 is good. Block Producers should be able to be moved. Would incumbency not be worse?” 

But the problem, added Cassett, wasn’t just the possibility of a conspiracy. “My point is that the entire system of governance is poorly designed,” he said. “It has just punished a good actor that has devoted considerable supply-side resources to the network. Ideally, any good actor that wants to help should be able to.”

Put it this way: There are one hundred block producers in waiting, according to EOS Authority. Only 21 of these can validate blocks at any one time, meaning 79 full-fledged companies just sit around doing…nothing? But as Rose said, the block producers do contribute other things to the network. “We run world-class infrastructure, we lead issues of governance, we develop open-source tooling, user tools, and are working on an EOS specific hardware key,” he said, to name a few.

Still, jury’s out.

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Bots made 75% of transactions on all EOS dapps per report

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Just a quarter of EOS dapp transactions were made by real people, a new study claims.

The report was written by AnChain.AI—a blockchain startup which uses machine learning to analyse blockchain data. It concludes that 75 percent of transactions on EOS dapps were made by bot accounts using automated programs to make high levels of transactions.

In addition, the report found that half of all the EOS accounts using dapps were bots.

EOS—like most dapp platforms—suffers from too few users, so the research findings are a matter for concern. According to dapp explorer DappRadar, just five EOS dapps had more than 1,500 users in the last 24 hours.

But the results of AnChain.AI’s report shouldn’t be a surprise. EOS transactions have no transaction fees, so there’s nothing to stop people spamming the network or using bot accounts to make thousands of automated transactions every day. Instead the network charges dapp developers storage fees, paid in the cryptocurrency RAM.

There are many reasons bot accounts are used. Dapp users may, for instance, be perfecting gaming strategies. Something that needs thousands of transactions will be easier if bots are used to make automatic transactions.

Backing up the report’s finding is data from DappRadar, as seen in the image below. This shows that the dapps with the highest daily transaction volume have remarkably few users.

Metrics such as user activity and daily volume are important indicators of a dapp’s success. Yet, as AnChain.AI points out, bot activity calls this all into question, making the industry “difficult to understand, regulate, operate, and secure.”

The dapp ecosystem is still maturing and is unregulated, and monitoring blockchain transactions that may be run by bots is hard.

Until processes are standardized and detection tools improve, it’s wise to take any stats from dapp ranking sites, such as DappRadar, with a pinch of salt.

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Coinbase opens up EOS trading to all U.S. customers, except those in New York

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Coinbase announced today that the EOS cryptocurrency will now be available to buy, sell, and trade for its retail customers across its many platforms, including Coinbase.com and its Android and iOS apps.

The San Francisco-based crypto exchange had previously opened up EOS trading against USD, EUR, and BTC strictly for its Coinbase Pro clients in April.

However, as with every recent addition to the Coinbase lineup of cryptos, its latest addition will not be available for trading in the state of New York or the United Kingdom—at least, not initially—due to local regulatory constraints.

Nevertheless, Coinbase has been actively expanding its coin offerings as of late.

Last week, Coinbase followed through on its previously announced plans to add the Ethereum-backed stablecoin DAI to its retail platform. The week before that the exchange expanded trading of Ripple’s token XRP to the Big Apple, presumably after hopping over whatever regulatory hurdles were preventing it from initially doing so.

Following the news, the price of XRP spiked some 24 percent—the XRP Army seemingly pleased that The Standard had gained ground.

So far, the price of EOS has not similarly responded to Coinbase opening up trading of the token. Currently priced at around $7.86 per coin, according to Messari’s OnChain FX, the price of EOS has actually gone down slightly since Coinbase first announced the news.

Where’s the EOS Army when you need it?

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The Ultimate Guide To Understanding EOS Accounts

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EOS uses a different account structure than most cryptocurrencies you know. While it might seem complex at first, it is not that difficult once you understand the basics, all of which will be covered in this article. So, how do EOS accounts work?

Default EOS accounts

Account structure

Every user has one or more accounts on the EOS blockchain. EOS accounts are human-readable identifiers that are stored on the blockchain and they are required to push or transfer any (valid) transaction to the EOS blockchain. These accounts can also be owned by multiple people depending on the permissions configuration.

EOS accounts are 12 characters long and can contain the letters a-z and the digits 1–5. These account names replace the long and clumsy wallet addresses that are used in most cryptocurrencies.

Furthermore, every EOS account has permissions. Permissions can be seen as requirements which need to be fulfilled in order for a transaction to go through. An EOS account has 2 native permissions by default:

  • Owner: shows ownership of the account and is needed to make any changes to the ownership the account. This key(s) for this permission is/are best kept (safely) offline, as they are not needed to do most things on the EOS network.
  • Active: used for transferring funds, voting for producers and making other high-level account changes.

Besides these 2 native permissions you can create new, custom, permissions that fit your needs.

Each permission has one or multiple keys and/or account name(s) associated with it. Each key or account name associated with a permission has a certain weight, and each permission has a certain weight threshold which needs to be met before a transaction requiring that permission is accepted.

To help you understand all of this information we have included the above image, which visualizes the permissions structure of a default EOS account. As you can see, the owner permission has a default threshold of 1, and 1 key with a weight of 1 associated with it. The same goes for the active permission which has a default threshold of 1, and 1 key with a weight of 1 associated with it.
This means that only the (private) key associated with the owner or active permission is required to perform any transaction requiring the owner or active permission.

Account resources

Now you are familiar with the structure of an EOS account, it’s time to learn about account resources. Each EOS account has 3 resources: CPU, network and RAM, which all allow users to do different things. We will explain each resource individually below using a metaphor by EOS Asia.

If the EOS blockchain was a train, CPU, RAM, and network could be explained in the following way:

Network would be the available seats in each train leaving and entering the blockchain. Your chair will always be reserved, and if u need it, it will be yours. BUT, if no one is on the train, you could lay across a bunch of chairs because they are free! So network is a way to make sure you have somewhere to sit when the train leaves.

CPU is how often you can ride the train, and works much like network as far as allocation goes. You may have a train ticket, but of course the ticket is only usable on certain days and times.

Now the EOS train is pretty laid back, so any unused space is free to use re: CPU and network, until the people that paid for the space need to use the space.

CPU and network are joint resources that together are called BANDWIDTH.

RAM is your storage space on the train. If you need to bring a ton of luggage, you need to pay per bag to check your bags onto the train. If you do not need to bring a lot of luggage, you can sell your storage space to others that are riding on the train.

CPU and network can be obtained by staking EOS, which is essentially locking your tokens for a certain time. When the user wants to move their EOS they can unstake their tokens, essentially making transactions free. RAM can not be obtained through staking but can instead be bought and sold and is used to hold other tokens for example.

Putting it all together

You now understand both the structure and the resources of EOS accounts, so it’s time to put all of this together in order to fully understand EOS accounts.

In the above image you can see how the account structure is related to the account resources. The light blue lines indicate CPU & NET are needed to perform any action requiring that permission. The red line indicates RAM is needed to hold other tokens. This should give you a solid understanding of how an EOS account operates.

Multisignature accounts

Using the permissions structure within EOS you can do many interesting things. One of those things is creating a multisignature account, which is relatively easy on the EOS network. In general, a multisignature account (more commonly known on other blockchains as a multisignature wallet) is an account that requires more than 1 signature in order to perform a transaction.

EOS accounts are more complicated, as they have multiple permissions with multiple actions associated with that permission, instead of a single possible action which is the case on most current blockchains. As a result of this more complicated account system it is possible to change the earlier described threshold of a permission that needs to be met before any transaction requiring that permission can be executed. It is also possible to then add multiple keys with different weights to the permission.

Using these principles you can then require multiple keys to sign a transaction before it (and the action that the transaction performs) executes, essentially making your permission a multisignature permission!

We will give a more in-depth explanation on how this works and how to do this yourself in a future article.

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Lumi Wallet integrates EOS, announces support for EOS block producers and DApps

The development team of Lumi Wallet continues to broaden its ecosystem and isn’t going to slow down. In the latest update, Lumi wallet introduces support for EOS blockchain.

EOS is a promising blockchain protocol, which acquired popularity among the developers and is on par with Ethereum and Tron. After the last update, Lumi wallet can support virtually any token based on this blockchain. Moreover, Lumi’s team is working on EOS DApps integration and already started adding EOS-powered tokens to the wallet.

Another Lumi’s direction of work dedicated to EOS integration is a partnership with EOS block producers, the key players, who manage and directly influence the development of the whole platform. Lumi confirmed the collaboration with Minergate, a popular cryptocurrency mining pool, which actively gains a foothold in the platform, aiming to become a significant EOS block producer. Now the development team works on the implementation of the voting system into the app.

Lumi places its stake on the EOS ecosystem, actively engaging in the community and supporting projects based on the blockchain. In the next update, Lumi would introduce EOS DApps support and open account creation.

“EOS ecosystem still has a relatively high entry threshold, starting from registration, which can frustrate inexperienced users. We want EOS user experience to be as intuitive as possible, making Lumi the easy entry point to all DApps and EOS platforms. That’s why EOS account creation with Lumi would take only two steps, one minute and would be completely free.“

Diana Furman, Lumi Wallet CEO

Lumi Wallet comes in the form of IOS and Android apps, and a web wallet. Currently, the wallet supports BTC, ETH, BCH and the majority of ERC20 tokens. It provides a high security level, is completely anonymous and has an eye-catching design. It steadily increases the number of supported tokens and soon will become open-source.

It is equipped with a one-click exchange, so users can buy and sell coins and tokens available on the platform. The wallet also provides price graphs that allow users to check currency rates for any date and all price-related information.

Lumi Wallet is active on Twitter, Facebook, and Reddit.

EOS block producers scrap consitution for new user agreement

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The EOS block producers, who run the blockchain network, created a new user agreement governing the EOS cryptocurrency on Friday. Anyone who uses the platform is required to adhere to its conditions.

Yet the new agreement is technically illegal, at least according to the blockchain’s now invalidated constitution, which stated that it could only be changed by a vote with 15 percent turnout. The vote to replace it had only a 1.74 percent turnout but, although it failed to meet constitutional conditions, the block producers decided to make the changes anyway . But if the first constitution could be so willingly disregarded, the new one is—potentially—just as toothless.

EOS block producers forced the user agreement through after months of debate in Telegram channels and online. It was first proposed by block producer “EOS New York” in February and  marks a departure from many of the ethical requirements in the previous constitution, replacing them with more explanation about how the EOS blockchain platform works.

The user agreement is thus less wide reaching than the old constitution as it doesn’t include external ethical obligations, such as bans on perjury, vote buying and violence. Before it said that you own your EOS coins even if someone else steals your private keys—but this has gone too.

Instead, the agreement delights in informing users that EOS code is law—to use a much repeated phrase—without exception. For example, it informs users that, if they lose their private key, they are not entitled to their coins. This, on the surface, makes things more straightforward and removes the pseudo-legal constraints in the old constitution that were criticized for being unenforceable.

But, even though the new one is fairly limited, it remains to be seen if it carries any power whatsoever, as the last constitution was so readily set aside by the block producers. It also appears that they have the final say over the network, regardless of the supposed voting-based governance system. And this means just 21 entities control the entire network.

In defence of this cartel-like behavior, block producer “EOS Canada” justified the move by arguing that block producers are voted in by the community. “This mentality completely ignores the fact that it is the token holder community who gets to decide which Block Producers make up those 21 Block Producers at any given moment,” EOS Canada wrote, in a blog post.

However political affiliation is not a feature of voting in block producers. Their purpose is to keep the network running and enforce decisions made through the governance system, not to bypass said system and enforce their own rules. In the new user agreement, the absence of the condition for block producers not to collude is of concern. More worrying is what they might choose to do next.

Source.

Why we built our blockchain business on EOS instead of Ethereum

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This is a guest post by Satya Avala – the co-founder and CTO of Ampersand Markets and former director of engineering at Yahoo Finance.


The debate over EOS versus Ethereum has persisted since EOS first launched last year. It was a discussion we held internally when we began the planning process for our own blockchain-based technology.

Our criteria for evaluation was simple: We needed to choose a technology that could support an unbounding financial market, assist with heavy regulation, and is consumer centric.

In the end, it wasn’t a fair fight. To build an enterprise-grade financial product using blockchain with high scalability, low latency and zero transaction fee, EOS was our choice. In our opinion, it is currently the best available public blockchain platform. We chose EOS for several key reasons:

First, and perhaps most obvious, is EOS’ ability to execute more transactions per second than Ethereum. This functionality is essential for supporting a feasible financial marketplace with the potential to scale multiple times over. Established, sophisticated markets are comprised of tens of millions of trades per day. The Nasdaq, for example, records more than 10,000,000 total trades every day the market is open, in a six-and-a-half-hour span.

While no blockchain technology is at quite that capacity, EOS currently can execute more transactions per second than Ethereum. For comparison, EOS can handle 1,000+ transactions per second (tps), whereas Ethereum can currently support 10-20 tps. The all-time high transactions per second number as recorded in the EOS network monitor is 3,996. With Ethereum, it is around 26 tps. On a cumulative scale, this difference only magnifies.

Second, EOS’ design means we can scale our platform with no impact to users, regardless of whatever may be running on the blockchain. This is critical to the longevity of our business and thus an essential criterion for our decision. The EOS platform is designed for parallel execution to scale to theoretically millions of transactions per second.

Third, EOS provides an extremely robust permissions and governance structure. This includes features like account-level authorizations, which in financial markets is critical for functionality.

The EOS platform provides important support by giving account/role level permissions and group level authorizations. In the case of financial transactions, this means determining whether an action is properly authorized. EOS gives fine grained and high-level control over who can do what and when. This feature is like multisig in Ethereum, but a lot more flexible.

Fourth, transaction costs on the EOS blockchain are much cheaper than on Ethereum. This means we can bank on greater profit margins.

On the Ethereum network, there are many pending transactions, to the tune of about 5,000 at any one time. Because of this, users have to pay ever increasing “gas prices” to get transactions cleared. In other words, some transactions in Ethereum will never be executed unless an additional fee is paid to push a transaction into miners’ dashboards. Without this extra cost, transactions would sit in Ethereum purgatory.

With EOS, on the other hand, the transaction processing fee is zero for the end user. The blockchain app developers take on the cost by staking EOS tokens to reserve computing resources like cpu, ram, and net.

Last, but certainly not least, smart contract development in EOS is done using C++. For technology developers, this provides an immense amount of control. C++ is a full-featured and battle tested language, providing reliable functionality for developers and engineers. Since we are building an enterprise grade financial technology product, we didn’t want to take a chance with the relatively young, yet-to-be-proven language used for Ethereum, Solidity. And, we simply find C++to be a superior product that our team was very experienced in.

For these reasons, we chose to move forward with EOS. We also believe these are the reasons EOS will be the foundation for the financial markets of the future. Its design is well-suited for the growth and sophistication of such a market, and we are confident in its ability to support our own design.

Source: VentureBeat

Crypto exchange Bithumb hacked for $13 million EOS

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Bithumb, South Korea’s largest crypto exchange,  was hacked last night for three million EOS ($13 million). This is the second time the exchange was hacked in less than a year. This time, however, the exchange believes it was compromised by its own employees.

It has also been reported that up to 20 million XRP ($6 million) was targeted by the thieves, but the funds were secured by the exchange in the nick of time.

According to Dovey Wan, founder of cryptocurrency investment fund Primitive Ventures, the hack occurred between 1:00 and 3:00 PM (GMT) yesterday. The stolen EOS was moved to other exchanges including Huobi, Changelly and Coinswitch.

When the attack was discovered, Bithumb shut down its deposits and withdrawals process. In a statement, Bithumb said that the “incident involved insiders” who had access to the private keys of the account. It also said it had notified the Korea Internet and Security Agency and the country’s Cyber Police Agency, and was working to get the funds returned. We have reached out to Bithumb for comment.

It appears the hacker tried to also steal large amounts of XRP from a separate account, but this might have been stopped in flagrante . Block explorer XRP Scan posted on Twitter that one account showed large amounts of XRP being sent from one account, with some transactions going to Bithumb’s main wallet and some going to external wallet addresses. However, it has been pointed out that some of the transactions had failed to go through, suggesting the exchange managed to thwart the theft.

Bithumb was previously hacked for $31 million in June, 2018. Ultimately, it managed to claw back half of the stolen funds. Can it do the same this time?


This post was originally published on Decrypt. Bitnewsbot curates, examines, and summarizes news from external services while producing its own original material. Copyrights from external sources will be credited as they pertain to their corresponding owners.

Most of EOS and Tron dApps Are Related to Gambling or ‘High-Risk’ Activities

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While the dApp war between Ethereum, EOS, and Tron continues, Hard Fork has recently taken a closer look at what they actually offer. After analyzing data from DappRadar, they came to the conclusion that most of the most popular dApps that are based on EOS and Tron are related to gambling or other high-risk platforms.

The gambler’s darlings

72 percent of all EOS and Tron dApps belong to the ‘gambling’ or ‘high risk’ categories, which come with a warning for uninitiated users. In sharp contrast to this, only 8 percent of all dApps on the Ethereum network are in the same crowd.

PoW vs. PoS

The reason behind such a huge difference in their directions is ostensibly rooted in their consensus algorithm. Ethereum relies on the Proof-of-Work (PoW) algorithm that presupposes fee for miners, but both EOS and Tron allow performing zero-fee transactions. That makes them particularly enticing for the developers of gambling dApps that are usually based on repetitive activity.

Blockchain games

As reported by U.Today, only 28 percent of all dApps are currently hosted by the Ethereum network after enjoying a complete dominance in this niche just a year ago. Blockchain-based games represent 52 percent of Ethereum-based apps, but they are yet to reach even a modicum of success Crypto Kitties enjoyed during the peak of the crypto market.

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This post was originally published on UToday. Bitnewsbot curates, examines, and summarizes news from external services while producing its own original material. Copyrights from external sources will be credited as they pertain to their corresponding owners. 

EOS Price Remains Afloat as EOS/BTC Notes Solid Gains

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eos crypto

The big question of the day is if and when the top cryptocurrency markets will show any signs of recovery So far, the wait seems far from over, as the hourly candles continue to look more bearish than usual. No market in the top 15 is noting gains except for the EOS price. While the uptrend is minimal at best, the market still clings to these small gains like there is no tomorrow.

Traders Expect the EOS Price to Pull Back

When the top cryptocurrencies remain bearish for nearly two full days in a row, a lot of unrest is triggered among investors and speculators. That is a rather normal turn of events, as the current outlook is anything but positive. For EOS, the current pressure is bothersome as well, albeit not necessarily definitive. It is one of the few markets to note an uptrend in BTC value, which is rather remarkable.

Over the past 24 hours, the EOS price has risen by 0.17% to $3.65. This has proven to be a solid support level, although a minor pullback seems all but inevitable at this time. What is more intriguing is how EOS/BTC went up by 1.88% during this latest bearish trend. With a value of 92.625 Satoshi, it would appear EOS is doing a lot better than most alternative markets available today.

Although there seemingly isn’t much to get excited about, keeping tabs on the latest EOS developments is always a good idea. The latest edition of EOS Echo offers a lot of information, ranging from Eosfinex to Loom Network and Bancor’s new unified wallet. It is a good source for weekly updates and developments, as there seems to be a lot going on behind the scenes of this project.

Looking beyond the news, it seems traders are not too confident where this current price trend is concerned. CryptoNail expects a major resistance level to drive down the EOS value in the hours to come. While EOS is not necessarily following Bitcoin’s price pattern by any means, it is only normal some correlation will occur sooner or later.

A very similar bearish outlook is shared by Nico, who expects a somewhat interesting price shift to occur fairly soon. Although there are some bullish signs, Bitcoin is leading this dance one way or another. As such, it is only normal caution is warranted at this time, primarily because Bitcoin’s momentum remains uncertain and indecisive. Changing that scenario will not necessarily happen overnight, by the look of things

For the time being, it remains to be seen if this EOS/BTC ratio can be sustained or even improved upon further. I that is not the case, the USD losses will become apparent fairly quickly, as Bitcoin looks to drop even further overnight. An EOS value of $3.5 or lower seems rather unlikely, although it will primarily depend on whether the $3.6 level can act as solid support.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com



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EOS Price Doesn’t Budge as EOSFinex Beta Release Draws Near

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eos price predictions

As the top markets continue to struggle for any real traction, it quickly becomes apparent today will not be the best of days for most currencies. The EOS price, while looking somewhat promising on the hourly chart, has yet to overcome a few hurdles along the way. For the time being, this market falls victim to the same bearish pressure as all other top cryptocurrencies. Not the trend traders had hoped for, but the ship can be turned around with too many problems.

EOS Price Shows Some Signs of Promise

It is evident the current cryptocurrency market trend is not too promising for most of the top markets. That is not entirely abnormal, as nearly everything in the top 15 will follow Bitcoin’s lead when it comes to price changes. EOS is a dutiful follower in this regard, even though holders and traders had expected something entirely different. Bucking the pressure will not be easy by any means, but it is not impossible either.

Over the past 24 hours, the EOS price has reduced by 1.54% in USD value, bringing the price down to $3.67. There is also a smaller EOS/BTC downtrend with a 0.62% loss. Because of this second development, the current value sits at 90,736 Satoshi. Neither of these trends is exactly beneficial to EOS, but it seems the EOS/BTC losses can be offset without too many problems. The current trading volume is also interesting, as it sits at $1.663bn.

There are quite a few interesting EOS-related developments on the horizon, by the look of things. First of all, the EOSFinex platform has gotten closer to being released. It is expected a beta will become accessible in the next few weeks to come, That in itself will bring some positive attention to the platform itself, as well as the EOS currency in its own right  Whether or not it can impact the EOS value in any way, is a different manner.

There is also some community excitement regarding the EOS World Expo. It is a good example of how this ecosystem continues to grow. According to the official Twitter account, there is a growing list of apps and attendees to keep an eye on. Additionally, there may be multiple announcements in the coming weeks, although no further details have been provided in this regard. An interesting future lies ahead either way, although no price impact is expected at this time either.

The recently issued “rankings” of blockchain ecosystems released by the CCID continues to spark many different discussions. There are plenty of people who consider EOS and Tron to be on the same level, even though the CCID has a very different opinion. EOS is favored for its creativity and basic tech, whereas Tron seemingly has better applicability. Rest assured these rankings will continue to shift around quite regularly in the months to come.

When looking at the bigger picture, it quickly becomes apparent things are looking neither bad nor good for EOS at this time. If the EOS/BTC can be overcome without too many problems, there is a good chance the situation will improve sooner rather than later. A push to $3.75 would certainly become plausible at that time, although no one can accurately predict how things will evolve in the coming hours, especially with the weekend right around the corner.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com



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China Favors Tron and EOS in New Crypto Ranking but Downgrades Bitcoin

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China’s Center for Information and Industry Development has released its latest crypto project ranking. Tron and EOS top the list out of the 35 crypto projects evaluated while Bitcoin has been downgraded slightly. The center also evaluated the projects independently based on basic technology, applicability, and creativity.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

March Ranking

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 11th update of its crypto project ranking report on Friday. The number of crypto projects evaluated this month was 35, unchanged from the previous month.

“The results show that the world’s three major Dapp platforms — EOS, Tron, [and] Ethereum — still rank in the top three, [and] the scores are 155.7, 146.7 and 142.8, respectively,” the center wrote. Tron debuted last month, replacing Ethereum as the second highest ranked project. EOS has been in the top spot since it started being ranked in June last year. This month, BTC ranks 15th, down two places from the previous month. BCH also fell slightly from the 27th spot to the 31st spot.

China Favors Tron and EOS in New Crypto Ranking But Downgrades Bitcoin

3 Sub-Rankings

All 35 crypto projects were also evaluated based on three sub-categories: basic technology, applicability, and creativity.

The basic technology “sub-index accounts for 64% of the total index,” the center described, noting that this category “mainly examines the technical realization level of the public chain, including function, performance, security, and decentralization.” The top projects are EOS, Tron, Bitshares, Steem, and Gxchain. “Since the Constantinople upgrade, the efficiency of the Ethereum network has improved, and the Ethereum basic technology index has also risen from the 9th [place] to the 6th,” the CCID pointed out. Nonetheless, it found that on average “the basic technology index has slightly decreased from the previous period.”

China Favors Tron and EOS in New Crypto Ranking But Downgrades Bitcoin

The applicability “sub-index accounts for 20% of the total index,” the CCID continued, adding that this category mainly evaluates “the comprehensive level of public chain support for practical applications.” The top five projects are Ethereum, NEO, Nebulas, Tron, and Ontology. Unlike the basic technology category, the center said that on average “the applicability index has increased from the previous period.”

The creativity “sub-index accounts for 16% of the total index,” and the top five projects are Bitcoin, Ethereum, EOS, Litecoin and Lisk. This category focuses on “continuous innovation in the public chain,” the CCID explained, adding that “The innovation sub-indices of Litecoin, Bytecoin, EOS, Nebulas and Hcash have increased significantly from the previous period.” However, the center concluded that overall “the average value of the innovation sub-index has declined to a certain extent compared with the previous period, indicating that the activity of global public-chain technology innovation is decreasing.”

What do you think of CCID’s latest ranking? Let us know in the comments section below.


Images courtesy of Shutterstock and the CCID.


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EOS Co-Founder Has A Massive Bitcoin (BTC) Prediction – BTC To Reach $333,333?

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The crypto space has been flooded with Bitcoin-related predictions this year.

The great thing is that so far, most of them have been bullish and they also come from relevant people, that’s what makes them so valuable.

2019 should see the prices of the digital assets surge and this year is also expected to bring crypto mass adoption.

BTC to replace gold and hit $333,333

The most recent Bitcoin prediction comes from EOS co-founder and CEO Brendan Blumer.

He said that BTC would inevitably become the number one commodity to store value and this means that it will also be able to replace gold.

Gold has roughly $7 trillion outstanding. If Bitcoin were to replace gold and its market cap soared to $7 trillion, each Bitcoin would be worth around $333,333.

After all the 21 million BTC have been mined, Blumer said that the crypto’s transaction fees would also increase, but there will be a solution to this issue.

Scaling solutions such as the Lightning Network will be able to create cheaper options for transaction BTC.

Bitcoin trading volume hits 11 billion

BTC has seen some pretty impressive achievements these days, and these are usually what lead people to make positive predictions.

For instance, the latest good news is that the daily trading volume for Bitcoin (BTC) managed to surpass $11 billion yesterday, March 15. This hasn’t happened at all since April 25, 2018.

There have been a lot of positive predictions regarding Bitcoin in 2019, and they keep coming.

Another recent prediction worth mentioning comes from the Fundstrat founder and head of research Tom Lee who just said that he believes that the most important digital currency is only six months away from a bull run.

In the latest interview with CNBC, Lee said that Bitcoin’s fundamentals are now stronger than they’ve ever been.

Bitcoin has also recently broken the $4,000 level, and we’ll have to wait and see where BTC goes from here.



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Tron Defeats EOS And Ethereum In Daily Transaction Volume And Gets Compared To Google – Justin Sun Announces Second BTT Airdrop

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Tron’s Justin Sun’s bag of good news for the community seems neverending.

Tron transactions surpass EOS and Ethereum (ETH) put together

Just recently, Tron’s CEO and most enthusiast promoter revealed on Twitter that the daily blockchain operations that are conducted by Tron (TRX) surpassed EOS and ETH put together.

Tron successfully managed to outperform both rival blockchains and it has 27 million more transactions on a daily basis compared to its competitors.

The Tron community received the news with excitement, and someone even compared Tron to Google.

Someone said “Bottom line is that $TRX has more DApp volume. That’s what the original post was about. Hey, I like EOS as well, but $TRX is killing it in DApps….whether you like $TRX or not.”

A person posted: “Can’t argue against stats. $TRX is the equivalent of Google. ETH is equivalent to Yahoo and EOS well I’m not sure it will survive another 2-5 years perhaps equivalent to AltVista for those who remember early internet days.”

Second BTT airdrop

Justin Sun also proudly announced the second BTT airdrop on Twitter. Regular BTT airdrops are performed via crypto exchanges and wallets that support this huge BitTorrent promotional initiative.

“Following BitTorrent (BTT) airdrop announcement, we would like to confirm that the exchanges and wallets below will support our airdrop program starting on February 11th, 2019, when TRON’s block height reaches 6.6 million*.”

Go to Medium to see all the supporting exchanges and wallets.

BitTorrent assures maximum decentralization

Recently, Justin Sun made another exciting announcement.

He recently said that the display for the demo launch of BitTorrent (BTT) is impressive.

BitTorrent is powered by the Tron blockchain technology, and it seems to operate with maximum efficiency and speed, just as Sun was expecting.

Tron’s CEO also said that the BitTorrent (BTT) demo highlights optimum decentralization.

This is a huge milestone for the Tron project.



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Crypto Price Predictions: Litecoin (LTC), EOS, Tron (TRX), And Monero (XMR) – Profitability In The Short/Medium Term

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2019 brought more positivity in the crypto market after a 2018 which left the market missing a huge chunk of its market cap.

Now, things seem to be moving in term of prices, and according to experts, Bitcoin has already hit bottom.

There are a few coins which look bullish in the short term, and they include EOS, Tron (TRX), Litecoin (LTC) and Monero (XMR).

Tron (TRX)

Todaysgazette reports that TRX is struggling to recover and it looks to have a bullish trend for the next 15 days.

They write that “In the medium term (> 1.5 months), the cryptocurrency does not present a good overview, assuming a contraction to levels below $ 0.0225- $ 0.02215.”

Litecoin (LTC)

The same online publication writes that according to indicators, LTC’s present value is a product of a price correction and “its next levels are in points R1 ($ 48.25), R2 ($ 48.68) and R3 ($ 49.11) for an estimated period within the next 15 days.”

The online publication also notes that the worst scenario is LTC to return to the levels of $43.39 in April/May.

EOS

EOS has a short-term yield of about 24% if it manages to stay above the support level of $3,4874. “Its worse scenario projected in the medium term is for levels of S2 @ $ 2,7583,” according to Todaysgazette.

Monero (XMR)

Now, XMR is trading in the red, but price predictions are bullish.

Smartereum is quite bullish regarding price predictions for the privacy-oriented coin. They see XMR reaching $650 this year, and the five-year forecast is around $2000.

Bitcoinexchangeguide also reported that XMR long-term outlook is in a bullish trend.

It’s recommended to buy XMR at pullback areas, especially since the long term predictions for the coin’s price look bullish, according to more analysts.

The whole crypto market has been doing better in 2019, and the crypto space is getting ready for mass adoption.

More and more achievements are paving the way for crypto mainstream adoption.

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