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Cryptocurrency has its biggest problem ever: Is EOS a blockchain or a cloud service?

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Whiteblock research report indicates that EOS technical structure resembles that of cloud service built for computation and is not a true blue blockchain.

Research activity by cryptocurrency benchmarking firm called ‘Whiteblock’ appears to have overturned the amazing performance of EOS token on its head.  Their research report indicates that EOS technical structure resembles that of cloud service built for computation and is not a true blue blockchain which includes a fundamental matrix for key metrics such as “imputation.”

EOS has been a blockchain protocol that has been taking cryptocurrency community by storm, in the past several months.  It had reached the evaluation of nearly 4 billion US dollars in the space of a few months based on its EOS token and the RAM market which focused on being centralized service providers.

 

ConsenSys orders research

The apparent research was officially commissioned by one of the key players in the cryptocurrency space – ConsenSys. The company is engaged in developing the virtual currency ecosystem and has been influencing the startup space with its uniquely positioned investment to encourage worthy projects from seeing the light of the day and in the long term creating the ideal crypto-based solutions for mass adoption.

Whiteblock research was commissioned to encourage the creation of a written format or framework for developing a base layer blockchain protocol.

White block study which is available with Hard Fork states that the benchmarking organization (whiteblock) engaged in practical testing as well as experimenting on the EOS platform in controlled laboratory conditions.  A comprehensive and objective model of EOS was developed after considering its design, performance, the economics it offered and the overall participation of the black blockchain community in the evolution of the EOS token.

The evaluator found that Ethereum and Bitcoin ways are far different from those practiced on EOS especially in the context of validation of block and the accumulation of rewards. There was no proof-of-work concept in the blockchain of the emerging protocol, and everyone could become the contributor and built the network. The default control to select the process transactions (Block producers) was retained by EOS. The method adopted for such selection was a complicated ‘voting process’ and is commonly known as the Proof-of-Stake method.

The elections are complicated and begin with the assumption that every token has one equivalent vote. Hence, EOS users with more ownership have a stronger presence in the voting system, and eventually, control the working of the network.

Whiteblock’s research included building an EOS model and running the exact software. The blocks which were produced by this experiment was found to have the same functions as the block producer on the mainnet itself.  As part of creating the lab environment, the provisional nodes on the controlled test environment and configuration allowed the measurement of the behavior and the ‘deterministic manner.’

The first test was apparently completed in September and in the past two months, Whiteblock was able to establish that that EOS was only a cloud service provider working to develop computational power and had the blessings of block producers to achieve success via the shortcut – Vote of Stake and overlook the very essence of Blockchain Proof of work and immutability.

BLOCKCHAIN

Covered: EOS Global Hackathon, United States

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Block.One conducted the 4th EOS Global Hackathon in San Francisco, the United States where winners were awarded prizes worth $144,000.

Block.One the company behind the EOS Blockchain conducted the 4th EOS Global Hackathon in San Francisco, the United States where winners were awarded prizes worth $144,000.

 

What was the challenge?

The hackathon participants were told to build an application on the EOSIO Blockchain that would foster a fundamental competitive advantage by implementing a business model that aligns interests among stakeholders and drives more value back to users.

 

Winners

1st Price ($100000)

The 1st price was won by NouGit Team who developed a fully decentralized and incentivized GIT repositories.

 

2nd Price ($25000)

The 2nd price was won by Pollinate Team who developed an EOSIO based application that awarded a percentage of the shipping cost to the people for last-mile deliveries by picking up and delivering packages.

 

3rd Price ($10000)

The 3rd price was won by Six Degrees Team who developed an EOSIO based application that assists in facilitating need-based personal and professional relationships.

 

Endorsements

The hackathon was endorsed by Mike Novogratz, the CEO and founder of Galaxy Digital and Mike Lempres who is the chief legal and risk officer at Coinbase Exchange who were both judges for the contest.

Novogratz said that Block.One is a leading company in the Blockchain Industry and has a great hand in the blockchain revolution by bringing in the EOSIO platform and producing the environment for the broad adoption of the technology.

 

Block.One is also hosting the upcoming EOSIO Hackathon in Hong Kong, London, and Sydney. The Grand Finale of the Hackathon will happen in South Africa, Cape Town on 7th December 2018.

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#Blockchain

Google Trends sees pro-Blockchain enthusiasts even as research shows EOS is cloud

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is EOS is only a glorified Cloud service? Report by Google reveals that there are more netizens interested in the all-important ‘blockchain’ technology.

There has been a mini-storm brewing in cryptocurrency circles with researchers at Whiteblock a benchmarking firm reporting that EOS is only a glorified Cloud service and not a ‘true-blue’ blockchain technology since it lacks the most vital characteristic of a decentralized blockchain platform ‘immutability.’  At the same time, a fresh report by Google on its Trends feature reveals that there are more netizens interested in the all-important ‘blockchain’ technology lately, with the search for the latter technology overwhelming earlier searches for ‘cryptocurrency.’ Thus, a standardization seems to be in the offing as more projects begin to cater to demand by users.

The original research to look into the working of EOS platform and its technology was commissioned by cryptocurrency incubator and mentor, ConsenSys.

 

What does the test report by whiteblock say?

Whiteblock which tested EOS by developing a prototype found out that,

“EOS is fundamentally the same as a centralized cloud computing architecture [client/server] without the fundamental components of a blockchain or peer-to-peer network.”

 

According to the group of testing engineers, the experimentation provided an objective model of EOS design and addressed the economics and performance.

ConsenSys had appointed Whiteblock to research EOS back in September, and the latter has been testing EOS for over two months.

The highlight of the report is that EOS transactions were ‘cryptographically validated.’

More interestingly, the issue is with respect to EOS is that the project does not stop block producers from increasing their presence on this platform and gaining additional votes to influence decision making.

The main principle of EOS is proof-of-stake overriding the industry practice of Proof-of-work to establish ownership.

More importantly, Whiteblock found that in optimized settings the speed of transactions could not be higher than a 250per second, and that EOS wrongly marketed itself as offering 4,000 TPS.

Additionally, ConsenSys has said that it has received an expression of interest in further research and study focused on EOS by other industry players such as Microsoft, Ledger Capital, and University-based research commitments by USC, MIT with funds.

 

BIOT in the making

In the meanwhile Google BI via its Trends has now identified that there is an increase in searches for blockchain over that of cryptocurrencies. Industry research by the likes of Aftrek Market Research, a New York also indicates that there is a $254 billion marketplace for Blockchain Internet of Things (BIOT) by the year 2026.

 

The issue of Technical platform

Thus, as the investor and user community show increased interest in blockchain technologies, it becomes crucial for the industry to be able to categories platforms on the basis of the technology they use. Hence, the issue of EOS appears to be one of the early-stage problems which the industry will have to put into perspective so as to ensure there is uniformity in practices; much like the latest round of outcry given out by Russian regulators for a consensus-based regulatory system across the nations.

ConsenSys along with Whiteblock has announced that it would allow the tests on EOS by the benchmark organization to stream live in November. Other members like BHB network’s Zucco too concur with Whiteblock’s findings that EOS is cloud computing service with advanced computing power.

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Bitcoin

Latest mining equipment for Bitcoin, Ethereum, Bitcoin Cash, Monero and EOS

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In order to choose the respective mining equipment, below is a list of the most recent mining equipment required for the respective cryptocurrencies.

Detailing the list of mining equipment for BTC, BCH, ETH, EOS & XMR

 

Why is cryptocurrency mining needed in the first place?

Cryptocurrency mining is one of the domains which has emerged as a result of the cryptocurrency boom after the inception of Bitcoin. We already know that Bitcoin mining has become highly exhaustive and nonprofitable. Therefore, the Altcoins have taken over the mining industry as mining operations are essential to maintaining stability and consensus among the community members of a blockchain project. In a nutshell, the mining operations are done basically, to avoid centralization of the power in the hands of few, regarding the developments in the blockchain.

 

For all those who are in a state of ambiguity, to choose the own mining equipment below is a list of the most recent mining equipment required for the several cryptocurrencies.

 

Bitcoin

Bitmain Antminer S9 is the first and the foremost equipment which comes to mind when it comes to the Bitcoin mining. Developed by between it is the flagship mining equipment of the company with the price being around $3,500 with hashrate 13.5 TH/s. Some of the other popular Bitcoin mining rigs available in the market are Bitmain Antminer S7, Canaan AvalonMiner 741, Block C Avalon6, Gekkoscience 2-PAK USB Bitcoin Miner, etc. with the hash rates being 4.73 TH/s, 7.3 TH/s, 3.5 TH/s, 15 GH/s respectively. The last one is relatively tiny in size and also gives more output.

 

Ethereum

The Ethereum network, unlike Bitcoin, incorporates the Ethash algorithm for its consensus. The extensiveness is not that much when compared to Bitcoin, and the mining process is possible through the usage of Graphics Processor Units or GPU. AMD and Nvidia are 2 of the most prominent competitors in the industry, which provide the GPU for Ethereum mining. Some of them are AMD RX 470/570, AMD RX 480/580, AMD Radeon RX Vega series, etc. belonging to the AMD family and price ranging from $250 to $1200. The Nvidia GPU cards are GTX 1070, GTX 1080ti with price ranging from $550 to $1200.

 

Bitcoin Cash

Even Bitcoin Cash was easily affordable to mine through the usage of CPU and GPUs but, as the Mining industry has escalated due to competition, the ASIC miners have become inevitable very similar to the Bitcoin network. Also one of the most popular ones for Bitcoin cash mining is the Halong Mining DragonMint 16T with 16 TH/s of hash rate. Antminer S9 and S7 are the other two most prominent Bitcoin Cash mining equipment in the market. However, the DragonMint ASIC miner is the most powerful one when it comes to Bitcoin Cash mining, as its near competitor Antminer S9 entails only 14TH/s.

 

Monero

The privacy-focused cryptocurrency coin requires the mining operations too, as it uses the Cryptonote algorithm. The most famed equipment in the field is GPU Miner P 102-100, Canaan Avalon Miner 841, etc. It must also be noted that the cryptocurrency coin uses a relatively more comfortable algorithm and hence the users are enabled to undertake mining operations through their standard PCs as well. It must be noted that there are no dedicated ASIC miners developed for Monero mining, but the mining rigs used for Bitcoin or Ethereum is incorporated for Monero mining operations.

 

EOS

The most famous Ethereum competitor, EOS in the list but there are no mining equipment in this case, as the cryptocurrency project is designed in such a way that it requires no mining operations. The Delegated Proof of Stake consensus mechanism is applicable, only to the some of the dedicated block producers of the EOS blockchain platform. The block producers are also indirectly voted by the community members, who utilize their computational power to generate Blocks. They accordingly get rewarded with the EOS tokens.

 

The future consequences of the mining operations

The extensive mining operations are currently proving to be very hazardous to the environment, as they eat up Electrical energy equivalent to the amount of Electricity consumed by an entire nation. If a similar trend continues, then the reason for the development of Cryptocurrencies would be violated on a constitutional basis. One of the most significant technological innovation, which was assumed to be a savior from the Centralised banks, would turn into an unaffordable piece of technology.

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