HelloEOS' Update

EOS Node Upgrading

On July 18, EOSIO v1.0.9 was released. The technical team of HelloEOS updated the EOS node version to the mainnet 1.1.0. The new functions introduced by the upgrade version are as follows:

• The Mango DP plugin
• Read-Mode: HEAD
• Nodeos Quality of Life Improvements (e.g. faster syncing and database size guards)

Participation in the BPs Zoom Meeting

The periodic BPs Zoom meeting was held on July 19. The main issues discussed are as follows:

• Emergency response and disaster recovery;
• How should the ZOOM conference link be shared
• EOS governance and referendum.

HelloEOS Took Part in the 2018 EOS Community Conference

On July 20, HelloEOS took part in the 2018 EOS Community Conference in Seoul, Republic of Korea, calling on the worldwide nodes to support the one and only EOS Mainnet, and encouraging the token holders to actively vote for community governance so as to build a vibrant, healthy and prosperous EOS ecosystem together!

HelloEOS Participated in the OKEx Industry Win-Win Conference

On July 21, Zicen from HelloEOS was invited to the OKEx Industry Win-Win Conference, held in Sanya, China. Many blockchain tycoons, investors, OKEx partners and leading media organizations gathered together to discuss the future development of blockchain, the performance improvement of basis technology, as well as how to accelerate the efficient application of blockchain technologies, how to utilize the advantages of these technologies to serve the real economy and how to promote the sustained, rapid development of the industry.

Weekly Hotspots & Major Events

Zicen and Alex: Be wary of EOS forks in the name of sidechains

In an exclusive interview with IMEOS, Zicen of HelloEOS and Alex of EOS Heizhuang Group expressed their opinions about the EOS mainnet, sidechains and forks.

In the terms defined by the traditional cryptocurrency market, any blockchain can be considered a sidechain attached to the parent through a two-way peg which allows for assets to be interchangeable and moved across the chain. For instance, either Ethereum or Litecoin can be taken as a sidechain to Bitcoin. This operation can be realized through the use of "Hashed Timelock Contract (HTLC)".

However, this means nothing to EOS!

In terms of HTLC, both parties should make a transaction request on the two blockchains so as to complete the exchange between tokens. In accordance with the regulations, the maximum waiting time is up to 1-2 days.

Currently, there is no build-in inter-block communication (subchain) in EOS. Moreover, the access control system of the inter-block communication is not fully mature, for example, it's not decided whether a 15% threshold is required or not. Given the circumstances, no one has ever verified the so-called execution of a cross-chain smart contract between two separate blockchains built upon the EOSIO software. There is not much we can do. Every specific operation requires a corresponding independent contract. Unfortunately, this concept has not yet been translated into practice. Indeed, the essential point of this operation is that an account should be opened respectively with both blockchains and it should be able to run relevant smart contracts. Additionally, it's impossible to address the problem of high registration fee for users caused by the increasing RAM prices.

Therefore, the so-called sidechains in the market right now are those forked chains disguised as sidechains. No matter how they name themselves, these so-called sidechains have no direct relationship with the EOS mainnet. The relationship is only unilateral wishful thinking of the forked chains. Only the subchains which fully recognize the rights of EOS token holders and enable an inter-block communication can be regard as those directly related to the EOS mainnet.

The TPS of EOS Mainnet Beat a Record of 3000 Transactions Per Second Last Week

The number of transactions per second (TPS) on the EOS mainnet hit a highest point last week, reaching 3,097 TPS. This is consistent with BM's prediction that TPS can exceed 1000. Compared to Ethereum's dozens of TPS, EOS is the fastest trading platform for smart contracts. In addition, the number of blocks produced by the EOS mainnet has surpassed that of Ethereum at 10pm on July 16, GMT+8.

On July 18, as for the ultimate goal of hitting millions of TPS, BM discussed this topic in the Telegram EOS group: "EOS will eventually scale to millions with IBC."

On July 19, when BM talked about the EOS Mainnet TPS in the Telegram EOS group, he mentioned that the value of TPS is not related to its number (except when as the calculation of usage). TPS is just the latest MHZ war and soon it will be core-count (sidechain war).

The discussion on EOS RAM is continuing.

The RAM expansion scheme which BM proposed previously to release 1KB per block is increasing slowly and steadily. In order to meet the needs of trading/speculation, the DRAM trading will be introduced later. However, it is still unclear that the DRAM trading to be launched online will be fit into what kind of RAM derivatives. Therefore, IMEOS interviewed the co-founder of EOShenzhen, Wang Yunpeng on July 17 about his speculations on relevant topics:

• As a futures derivative, DRAM can attract speculative funds in terms of appealing rates and leverage, so as to release some of the speculative real-time RAM;
• In the long run, DRAM can help identify the real price in the RAM market, contributing to the stability of the RAM market and reducing volatility;
• Because the RAM market is too fluctuated when exceeding a certain price range, the leveraged trading is risky. Coupled with the complexity of derivative trading, DRAM is more suitable for professional investors.

On July 29th, members of the Telegraph BP Group asked why DApp users are not allowed to replace the developers to bear the RAM costs of development. If DApp brings many benefits to users, users can also accept the corresponding fees. Luke in the telegram group feels that this is a valid idea, but it can't solve the current RAM being overused by applications and speculation. There may be better ways. BM believes this is a proposal. Market allocation disputes are usually arrogant and centralized plans and the proposed solutions have similar catastrophic side effects. Adding supplies through software and hardware is the most effective solution, so as to DRAM.

On July 22, BM raised the topic of RAM in the Telegram EOS group.

• RAM pricing is the important point deserves an attention rather than RAM volatility. Volatility can also lead prices to fall, but the price only bounces around the average price. For them, what is required is price averaging.

• Changing the status quo of the RAM system is like interfering with the medical insurance system in the United States.

• The need for RAM can only be met by increasing the supply. Because if we ban RAM transactions in the market, RAM will not be free, but will be unable to circulate. At the same time, if we prohibit the purchase of RAM through the market, but through the order transaction, the price is still the same.

• In addition to increasing RAM supply, allowing shorting RAM and starting DRAM, other proposals are all against. Speculators can sell RAM at any time to make money. RAM can't be distributed. It's valuable to the web, and anyone should be willing to pay for it.

• Do not think that RAM rental is a viable method, it will only make speculation more serious. RAM rental will only allow speculators to buy more resources to collect rents, so that RAM prices continue to chase. Increasing the RAM supply is effective, which will increase the price of speculators who buy RAM.

Block.one Receives Strategic Investment from Silicon Valley's Leading Investors Peter Till and Louis Bacon.

On July 16, Block.one announced that the world-renowned venture capitalist and entrepreneur Peter Thiel has invested in the company, along with other notable investors, Bitmain, Louis Bacon and Alan Howard. This round follows an earlier round led by Christian Angermayer, Lansdowne Investment Company Ltd, and Galaxy Digital's Mike Novogratz. Brendan Blumer, the CEO of Block.one said that, "As Block.one prepares to announce its future plans, we're excited to welcome key strategic investors aligned with our values of creating a more secure and connected world". This investment round follows Block.one's recent announcement that former CFO of Commonwealth Bank of Australia, Rob Jesudason, has been appointed company Group President and former Jefferies Asia CEO, Mike Alexander, will lead Block.one's EOS VC arm.

On July 16, Brendan Blumer said in the EOS official Telegram group that Block.one has been focusing on technological innovation: EOSIO as a protocol enables mainstream decentralization programs to reach large technology companies such as Facebook, Uber, Airbnb and other blue-chip organizations, and equips these programs with the capacities required for competition. Block.one is now focusing on internal evolution, which is a time-consuming task, but the Block.one team is working hard to demonstrate a change that can only be achieved through EOSIO high performance.

BM discussed the governance issues with the community

On July 16, BM mentioned some prerequisite components needed to achieve higher level governance in the Telegram governance group:

• Pubilicly verified identity.
• Arb power limited to bonds.
• Voting influence based on bond size.
• Community justice insurance proportional to bond size.
• Basic income that flows into bonds first and can be confiscated to pay victims.
• Jurisdiction selection process.
• Public forum for disputes cases to present evidence.

All of the above coded into intent of code is law framework. BM also said that stolen keys would be thing of past and outside scope of governance.

On July 17, BM further replied the issue related to EOS bond in the Telegram governance group:
The purpose of a bond is to give the arbitrator some leverage over some of the users' asset. It is a form of general-purpose escrow. Also he mentioned that, the bond should double as the insurance against other people's default. The community should insure those with large bonds more than those with small bonds. The "proper bond size" = "value of insurance + requirements of business partners"

=END=

Block Producer Account Name：helloeoscnbp
Location: China
HelloEOS Community
HelloEOS BP
HelloEOS Weibo
HelloEOS Wechat：hello-eos
HelloEOS Twitter
HelloEOS Telegram