Reading news about EOS is like sinking in a rushing mountain river: you got there by answering the call for adventure, a lot of exciting things are happening all at once and you can’t really grasp onto something without slipping further. The end is imminent – you’re drowning. Unless you have a decent kayak and team that can navigate you along the way.
That’s why we at Lumi came up with the idea of a weekly digest about EOS. Lumi Wallet just started integrating the blockchain, and understanding and digesting all the news about the platform on a day to day basis wasn’t an easy task.
But from the deep waters of subreddits, medium posts, and various newsfeeds, we managed to comprehend the first issue of our brand new EOS digest.
We would like to not only aggregate the latest news about EOS, but also highlight the most interesting ones – with additional explanations and links to a wide variety of sources to follow through if the topic catches your attention.
The best thing about EOS is it’s a really unique, ever-growing community, and we want to introduce it to our readers as the platform itself. So, welcome aboard and let’s surf the waves!
OFFICIAL EOSIO UPDATES
At the beginning of this week, Block.one rolled out EOSIO V1.8 Consensus Protocol upgrade, which introduces a lot of new features. It is focused on upgrading the consensus protocol and optimisation of the resource usage between users and dApps. The latter is particularly interesting due to the growing interest between dApp developers on the EOS platform and the coming introduction of REX.
However, it is still only a Release Candidate – the latest stable release is still v.1.7.3.
COUNTDOWN TO REX
This week in the EOS community was all about the REX. No, REX is not an ancient dinosaur, but an idea that was proposed by Dan Larimer on August 2018. The feature went through a lot of tests and discussions – and was finally activated on May 1, 2019. On the site of block producer, EOS Authority, you can even see a countdown clock to this event, and all eyes in the EOS community were drawn to it.
But why all the buzz?
REX is short for “Resource Exchange”. It allows token holders to lease out their spare EOS tokens to Dapps and others that need resources in return for “rent” and access to community funds like RAM fees and name auction fees. REX is a marketplace inside the EOS blockchain, it is not tradable on other platforms and allows its users to lease their network resources, getting back equal or even bigger compensation – never less than what was put in.
As Dan Larimer said himself:
“EOS holders “own” the resources, they lend them to the REX to get income… holding EOS and not putting them in the REX is like owning a house and not living in it or renting it out.”
After such statements, the excitement in the EOS community was quite understandable – “passive income” is a magical combination of words for any person’s ears. Now REX is officially implemented, so we’ll come back next week and show the first users’ impressions on this new feature.
If you want to learn more about REX, you can read a comprehensive FAQ about it here.
Spring is marching all over the northern hemisphere. Flowers are blossoming and birds are migrating back from their wintering places, just like new dApps growing on the EOS platform and already established ones fleeing from Ethereum and other blockchains. Why is this happening?
Rules of nature are harsh. dApps need decent transaction speeds to function properly, scalability potential, smart contracts and no transaction fees. EOS provides all of that and therefore developers tend to shift to it. Seems as simple as that.
But we have to keep in mind that most of the claims about migration are just rumours, even with some of them being quite believable ones. There are still 1893 dApps on Ethereum and only 251 on EOS. But Ethereum worked to accumulate this number for more than 3 years and EOS shows exponential growth, while all criticisms of the elder platform stay valid.
The market stats for this week show that ETH dApps remained flat, while EOS-based dApps regained growth in Weekly Active Users – a shocking 43% compared to the previous week, hitting a cap of 270,000. On the other hand, all this growth happened mostly due to a high-risk ROI dApp “EOS Global”. Still, the transaction volume of EOS stays higher than ETH dApps, and even ETH and TRON dApps combined, at an impressive 152 million.
We’ll monitor further trends in the dApp industry and the neverending battle between EOS and ETH.
BLOCKCHAIN FOR LIBERTY
And in more exotic news: Free Republic of Liberland, a sovereign nation founded on the 13th April 2015, seeks to build an open source government and decided to use EOSIO software as the foundation for it. Well, for a nation that is located in a small floodplain of the Danube river, on a disputed territory between Croatia and Serbia, a good foundation is something of essence.
But, all jokes aside, the very idea of a Decentralized Autonomous Government, which is laid out in an article, is one of the most important fundamental notions around blockchain-based technologies. There is a voting system inside EOS, as in a few other blockchains, and it is constantly challenged and upgraded. The option of testing it in political governance, even of a micronation, is a perfect opportunity to broaden the horizons for future governing principles based on decentralization.
Before buying your tickets to Liberland, you can read a bit about the ideas and hardships of Blockchain governance in this guide.
THE EOS COMMUNITY
This week there is another countdown besides the one to the REX release – and it’s still on. Endless Dappathon is one of the biggest showcase opportunities for EOS developers to show their products and for users to ask their questions.
The overwhelming interest of the community this week was focused on REX, but there were also other topics discussed, such as development opportunities provided by the open-source nature of EOS and private transactions based on the blockchain.
And that’s all for this week!
Next one will bring us the first impressions of REX, so stay tuned – change is in the air.