Brendan Blumer, the CEO and co-founder of Block.one — the company behind EOSIO (EOS), took to Twitter to express his concerns regarding the suggested ‘EOS Worker Proposal System’ (WPS) on March 15. Developers at EOS Nation and Attic labs revealed details about the WPS in a YouTube video on March 9.
Currently, in testnet, the WPS allows EOS token holders to suggest or vote on funding proposals. After a 30-day voting period, funds will be distributed to winning proposals through smart contracts. The WPS developers are currently seeking support from Eos’ 21 block producers.
Despite expressing his gratitude towards those working on the proposed system, Blumer tweeted that he is concerned about the kind of impact the WPS may have on the EOS network. He warns that authorizing EOS’ block producer to direct token-holder funds toward projects “without a clear or measurable return of value” carries many risks, including “open[ing] the door to corruption and external scrutiny.” Blumer states:
“Further, the WPS system may alienate EOS from some others in the blockchain community and media, and therefore potentially stake it’s future largely on the success of the WPS system itself. I am concerned about the risk profile and odds of this bet.”
Though he expressed his support for “specific projects” in the decentralized finance (DeFi) space, Blumer believes that “without sustainability, enforcement capability, and measurable returns,” many DeFi projects have a poor prognosis.
The WPS was first described in the original EOS whitepaper, published in 2017. It has taken two years to gain traction as a proposal, however, as the community waited for EOS’ inflation to drop to 1%. 50,000 EOS has already been designated for WPS — currently worth roughly $95,000. This may be increased to 75,000 EOS ($142,000) in the future. Eos users seeking to request funds for a project will need to pay a 100 EOS fee and conform to voting and budgetary standards to prevent spam.
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Binance Supports An Ontology Upgrade
Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet. Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users’ Binance account, it indicates. Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.
The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago. According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and the distribution method remains unchanged.