In January 2020, Block.one released EOSIO 2.0 as an upgraded protocol enhancer for $ 3.2 billion blockchain-based software. After the release of the new version, some exchanges such as Coinbase have raised issues with network performance, pausing deposits and withdrawals.
Meanwhile, the EOS community voted on the proposal to cut inflation from 5% to 1%, marking the second token burning event since Q2 2019. Some EOS supporters point to milestones. This is evidence of increased decentralization, critics say the purchase of votes and the expansion control of block producers are making everything of the project a reality. lack of democracy.
Release of EOSIO 2.0
As Bitcoin Magazine Having previously reported, Block.one released the EOSIO 2.0 update in January 2020, three months after announcing the new version of the software in October 2019. Block.one claims that EOSIO 2.0 is Improve speed and security for blockchain network.
Regarding speed, Block.one claims that EOSIO 2.0 is 16 times faster than the previous version. Other features in the new release include multithreaded support, Quickstart web-based integrated development environment as well as WebAuthn support.
Multi-threaded support allows the processor to perform multiple transactions at the same time by allowing the Block manufacturer to have multiple block signing keys. Previously, EOS BPs had only one block signing key, which meant that it was impossible to determine the access location because the key had a negative impact on the block manufacturer's requirements on the blockchain.
The Quickstart Web IDE feature aims to simplify the process of developing projects based on EOSIO 2.0 software. According to the announcement of Block.one, regarding the release, the Quickstart Web IDE eliminates the entry barriers for developers, allowing them to create demo applications while being able to make and track changes to. with their projects.
The addition of the WebAuthn feature allows signing transactions without adding the browser extension of the new software. According to the announcement, WebAuthn will ensure that projects built on EOSIO 2.0 even have stronger security mechanisms against scams and other data breach attack vectors.
Concerned network degradation
Prior to the release of EOSIO 2.0, the EOS blockchain was reported to have handled congestion issues. The launch of EIDOS in November 2019 caused a disruption online, as nodes with less computing power had difficulty propagating transactions on the blockchain.
The blockage caused by the EIDOS token airdrop is the latest in a series of performance that has caused EOS's blockchain network to degrade. In mid-June 2018, two days after the mainnet launch, transactions were frozen for a short time.
In early February, Coinbase released a status update stating that “EOS network performance is declining”. Two days later, the cryptocurrency exchange giant suspended deposits and withdrawals from EOS tokens. Block.one's spokesperson has rejected Complaints about the degradation of the EOS network:
“The description of EOS's network performance being” degraded “is inaccurate. The transfer and confirmation times of the EOS network are working as usual. Working closely with Coinbase, we have identified scalability issues with the integration of EOSIO software and their necessary tools to track all economic activity of assets. digital powered ".
Block.one's spokesperson also revealed that the latest updates to the EOSIO software have made the EOS network work well beyond the integrated protocols currently in use by Coinbase. Commenting on the way forward, he said that both Block.one and Coinbase are working hard to solve the problem.
Regarding the purchase of votes
EOSIO 2.0 has been launched, seeing the EOS network enter a new and improved stage for developers, but issues related to vote buying and the overall focus of blockchain still exist. In a report okay Binance Research Announced in February, EOS's governance protocols were described as insufficient to prevent abusive buying votes.
According to the research, the current structure of EOS is to encourage focus on consolidation, allowing block producers to order the governance of the entire ecosystem, so transactional protocols such as vote trading are beneficial to singular has set. Therefore, theoretically, BPs can collude with each other to ensure the results are in their favor regardless of the rest of the network.
In some ways, the current issue of buying votes is a result of leaving EOS constitutional draft, including provisions that raise grassroots consensus and prohibit vote trading. However, the constitution was never and was soon replaced by an end-user license agreement, the licensing agreement was silent on many community-driven amendments in the draft constitution.
EOS owners can own their tokens by voting for up to 30 BP. The number of votes awarded to each BP depends on the number of tokens placed by the user. Services called voter authorization have arisen to eliminate the need for token holders to go through the process of selecting BP to vote.
These voter authorizations can provide a set of BPs for voters that can theoretically recommend the formation of voting conglomerates. This is because trust is encouraged to provide BPs that share their inflation rewards – so can be distributed to token holders using the trust service.
This relationship between BPs, trustees and token holders chooses a general description of the issue of buying votes on EOS. However, some stakeholders of EOS argue that the decrease in voters not only supports EOS whales but also promotes value for token hodlers.
Voter rebates just drive value back to token holders, and when universally accepted, levels the playing field. Block producers should be able to compete on cost and rebates accomplish that. I'm a huge supporter.
– Brendan Blumer (@BrendanBlumer) February 8, 2020
Burn EOS tokens and reduce inflation
On February 25, the EOS network burned 34 million tokens held in Eosio.saving's account, while reducing the supply growth of new tokens from 5% to 1%. This is the second time EOS tokens have been burned in less than a year.
Back in March 2019, one offer has been launched to reduce the annual inflation rate for EOS from 5% to 1%. As part of the proposed protocol change, members of the community also made a specific decision about tokens accumulated in savings accounts.
Of the more than 17.3 million votes, around 16.5 million agreed with the proposal earlier in the week, resulting in over 130 million EOS tokens being burned. Under the new 1% inflation rate, BPs will directly receive new tokens generated each year without any part being transferred to a savings account.
According to Cointelegraph
Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →