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Whiteblock Research Concludes EOS Is Not A Blockchain, Not Scalable And Lacks Economic Transparency

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Blockchain testing company, Whiteblock, published the results of a comprehensive research of the EOS blockchain titled EOS: An Architectural, Performance, and Economic Analysis.

The study concluded the following:

  • EOS’ architecture is not fundamentally a blockchain-based network
  • Network throughput is less than 50 TPS in a real-life setting
  • Consensus issues
    • No Byzantine fault tolerance
    • Faulty voting mechanism
  • EOS token is solely for purchasing computational power from the 21 block producers (BP)
  • There is no transparency on the configuration and processing power of the BP
  • EOS would need to redesign a ‘significant portion’ of its structure for it to be successful

Although very thorough and well researched, the report was heavily criticized by EOS community members due to the fact that several of the authors and contributors are indirectly involved with Ethereum (via a company called ConsenSys founded by Ethereum co-founder).

Centralized, slow, and flawed non-blockchain system

EOS is not a blockchain

The researchers explain that the network’s core structure does not cryptographically validate transactions but that it is only “implemented in proximity”. According to them, EOS is more like a cloud service where users use their tokens to gain access to services.

Less than 50 TPS

Furthermore, Whiteblock explains that in terms of transaction speed, EOS falls short of what the development team led by Dan Larimer promised in the whitepaper.

The performance section of the report reveals that in a real-life setting, the network can process less than 50 transactions per second (TPS), which is miles away from the thousands claimed by devs.

Centralized block producers

The level of decentralization on EOS network was also scrutinized, and called highly questionable, as the model where the power is concentrated in 21 block producers is said to be flawed and lacking transparency.

The supposed “Ethereum killer” was called insecure and the consensus did not demonstrate Byzantine Fault Tolerance.

Needless to say, the published research raised some eyebrows throughout the community of EOS supporters. Some of them claim that, since the research was funded partially by the EOS’ competitor, ConsenSys company, it represents a clear case of the conflict of interest.

Not a biased report

Whiteblock’s CTO Zak Cole gave an interview in order to clear up accusations of the report being biased and to provide explanations on the report.

As an answer to skeptics, Cole emphasized the neutrality of the research by saying that his research team doesn’t favor Etherum nor EOS as main competitors for the leading smart contract platform in the industry.

For those who don’t know, Bitshares was co-founded by Dan Larimer, and the technology behind it is also used partially by EOS.

“We’re blockchain people,” he declared, further explaining that the intent of the research wasn’t to compare the two in any way but to provide a scientifically based opinion of the EOS network.

When asked about the EOS’ TPS rate, Cole answered that the team noticed a substantial decrease in the number of successful transactions as the number of users on the network grows.

He concluded the interview by criticizing the EOS community for being doubtful of such tests and said that this kind of defensive stance may present a huge problem for the development of the EOS network.

The EOS community should focus their attention on validating the report rather than criticizing it blindly. In the end, numbers don’t lie.

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Source: https://xbt.net/blog/ethereum-blog/whiteblock-research-concludes-eos-is-not-a-blockchain-not-scalable-and-lacks-economic-transparency/

Blockchain

Ethereum Wallet Transfers $215 Million Worth of ETH

ETH Whale moved 71,191 coins to an unknown wallet on 22 September.

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The network activity of Ethereum has jumped substantially since the start of this week amid the price volatility of ETH. Whale Alert, a prominent blockchain tracking and crypto analytics platform, recently highlighted a transaction worth $215 million involving the transfer of 71,191 Ethereum from an unknown wallet.

The mentioned transfer was executed on 22 September at 16:06 UTC. In a separate transaction, a crypto whale account moved 21,587 Ethereum from digital exchange Binance to an unknown wallet. Since the London Hard Fork, Ethereum’s overall whale activity has increased sharply.

The exchange supply ratio of Ethereum saw a jump in the last few days but the overall trend remained negative. The latest data from Santiment shows that some ETH holders dumped the world’s second-largest digital currency during this week’s market volatility.

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“During the recent dip, there was an influx of ETH to exchanges, likely indicating that some people have sold off during this dip. Overall, ETH supply on exchanges remains on a downtrend which is a good thing as it alleviates sell pressure. ETH’s Daily Active Addresses remains rather active over the past 6 months, indicating the health of the network is still strong,” Santiment highlighted.

Ethereum 2.0 and ETH Whales

Ethereum’s network upgrade is probably the most important development for the world’s second most valuable digital asset. Since the launch of Beacon Chain in December 2020, the ETH network saw a jump in large transactions. Ethereum whale accounts accelerated the movement and accumulation of ETH since the London Hard Fork in August 2021. On 21 September, a leading ETH whale account moved 75,730 coins to an unknown wallet.

After a sharp decline of approximately 20% in the last seven days, Ethereum is now back above the price level of $3,100. The cryptocurrency gained nearly 8% in the last 24 hours. The overall market cap of ETH touched $370 billion today. The cryptocurrency now accounts for 18.5% of the overall crypto market cap.

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Source: https://www.financemagnates.com/cryptocurrency/news/ethereum-wallet-transfers-215-million-worth-of-eth/

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Xfinite Announced its Collaboration with Algorand Foundation

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[PRESS RELEASE – BVI, September 22, 2021]

Blockchain platform Xfinite has announced its collaboration with Algorand Foundation, to build trust with public and permissionless infrastructure for a borderless economy. Xfinite and Algorand Foundation both have the mission of building an inclusive ecosystem, improving the way people interact with blockchain solutions.

Algorand Foundation aims to enhance blockchain development by leveraging its protocol and open-source software to reduce the barriers to blockchain adoption. Algorand’s technology gives everyone the opportunity to benefit from a scalable, fast, and trustworthy ecosystem combining a strong collaborative community with technology companies, developers, and users of the platform. Its consensus mechanism is pure proof-of-stake (PPOS), bringing even more security, speed, and sustainability to online transactions. Algorand is a world leader in carbon-negative technology. It also allows users to make payments at lower fees in a fraction of time.

It comes along with Xfinite’s vision to encourage blockchain mass adoption and revolutionize digital media, through innovation using customer experience, data-driven engagement, and ecosystem economics to support community growth. With this major partnership, Xfinite is developing modern and unique use cases running on blockchain technology. Using the technology behind Algorand, Xfinite can support brands and creators, offering a new way to interact with their consumers, whilst the audience is rewarded for consuming high-quality content. The Xfinite Entertainment Token, XET, is designed to reward Xfinite’s users and creators through tokenizing engagement and creating a circular economy.  XET has been listed on MEXC on 15th, September 2021.

Algorand offers features such as Algorand Standard Assets (ASA), a standardized Layer-1 mechanism to represent any kind of asset on Algorand’s blockchain. That means fast, secure, and low-cost operations like never seen before, once they are built directly into Algorand’s Layer-1. Through this robust blockchain, Xfinite reduces common challenges in the market like bad processes, intermediaries, fees, and delays, creating an incredibly efficient platform for users and organizations.

About Xfinite

Xfinite is a blockchain-based platform designed to re-establish trust between consumers, content creators, and publishers. The Xfinite ecosystem helps the media and entertainment industry combat advertising fraud by increasing transparency and creating a new habit of engagement. Xfinite has established various partnerships with global corporations in order to drive innovation and create new use cases for blockchain technology. Recent partnerships include Dailyhunt, SpiceJet, and Eros Now.

About Algorand Foundation

The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.

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Source: https://cryptopotato.com/xfinite-announced-its-collaboration-with-algorand-foundation/

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NFTs are Helping to Save the Environment

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In the last decade, there has been a growing awareness of the importance of sustainability, both locally and globally. The current growth in technology has made it possible to do more with less, which has led to the rapid expansion of the global population while at the same time causing unprecedented destruction of our natural resources.

We also have an unprecedented understanding of climate change and its effects on our world. As a result, many people are seeking ways to live more sustainably, both personally and professionally.

Protecting the Rainforest

The Amazon Rainforest is in trouble. In fact, it’s in very big trouble.

In the last few decades, nearly a fifth of the Amazon has been deforested and converted to agricultural land for purposes like soybean farming and cattle ranching. Deforestation is the leading cause of Brazil’s greenhouse gas emissions. Globally, tropical deforestation causes around 20% of annual greenhouse gas emissions.

The rainforest covers 5.5 million square kilometers (2.1 million square miles), or 40% of South America’s area. It stores an estimated 120 billion metric tons of carbon — equivalent to 10 times the carbon humans release into the atmosphere each year. Yet, humanity is still actively destroying one of the keys to life.

Amazon Watch is a leading environmental organization fighting the degradation of the Amazon. This is one of the initiatives supported by Next Earth, the project selling NFT tiles from a digital replica of Earth. With each NFT purchase, 10% is allocated to environmental organizations like Amazon Watch.

Cleaning the Oceans

Our oceans are in crisis. The rapid degradation of the environment is putting marine life in danger, and many experts believe that we may be reaching a point of no return.

As the world’s population grows ever larger and more industrialized, it has put an increasing strain on our natural resources. With over three-quarters of fish stocks fully exploited or over-exploited, and it’s expected that by 2050 there with more plastic than fish in the oceans by weight, there are serious concerns about what this means for the future of our ecosystem.

The solution to this problem is not as simple as banning plastics – although that would certainly help – it will take a major overhaul of how we live our lives to change consumer behavior. But perhaps technology can play a part too?

The Ocean Cleanup is one initiative aiming to remove plastic waste from our oceans. As with Amazon Watch, an allocation of NFT purchases on Next Earth are donated to this environmental group.

Innovative companies like Next Earth have come up with solutions that make us rethink how we consume digital content; from virtual real estate, and soon to land art, which can be bought and sold as NFTs.

These NFTs allow people to express themselves by owning unique assets, rather than just being “branded” users on social media platforms or having their data tracked online. This allows them greater control over how they present themselves online, which has obvious benefits for society beyond just looking cool: freedom from conformity improves mental health.

Ultimately, NFTs are powerful in many ways: As tools for creative self-expression, and also as ways to support your famous environmental initiatives, from cleaning up plastic in the oceans to saving our precious rainforests.

Photo by Shai Pal on Unsplash

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Source: https://www.newsbtc.com/news/company/nfts-are-helping-to-save-the-environment/

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