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EOS bags another blockchain award, this time for the best protocol

Priyamvada Singh



EOS bags another blockchain award, this time for the best protocol
Source: Pixabay

On 31st August, the official Twitter handle of the 5th largest cryptocurrency, EOS announced that the coin was awarded Best in Protocols/Platforms from BlockAward, 2018. BlockAward took place in San Jose, California and is a ceremony that was a part of the BlockWorld 2018.

The BlockWorld conference carried a theme named ‘Developing the Decentralized Cloud’ this year. Furthermore, the topics covered by the conference were The Internet 2/0 & the future of the Web; Ethereum & Smart Contract Development, Innovation; Blockchain, Governance, Compliance; Blockchain & financial technology innovation and dApp development.

About a month ago, the Ministry of Industry and Information Technology, which is a governing body of China released their cryptocurrency ranking index. Here, EOS topped the list with the 2nd largest cryptocurrency Ethereum [ETH] right below it. A similar scenario was projected even in the previous ranking of the governing body where the two coins obtained the top spots.

Regarding the developments in the EOSIO ecosystem, recently, the team on the project found a temporary fix for an existing issue. It was a case of RAM exploitation where a malicious bug was running and stealing RAM on the EOS network. This was done by inserting a large chunk of proxy values into the rows during the process of users sending their EOS tokens across.

At press time, EOS is trading at $6.56 with a market cap of $5.94 billion and has experienced a hike of 5.53% in the last 24-hours. The trading volume of the token across the day has been recorded to be over $897 million. Furthermore, EOS has performed well in the past 24 hours as the price trend is seen to only go upward with minor downturns.

A Reddit user named numecca commented on the news, saying:

“Industry patting itself on the back like the golden globes. Worthless.”

tokenleak, another Redditor replied to numecca’s comment and wrote:

“It may be a pat on the back but the team behind EOS are incredibly passionate individuals working together to fulfill a cause that they are aware is much bigger than themselves. This caliber of collaborative purpose will always win a battle against those whose biggest motivation is self-gain.”

On Twitter, Princess Bubblegum named handle held a distinct view on the matter and commented:

“Who’s giving out awards in a decentralized industry??? Follow up Q: why does this matter???”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator





Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.

“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.

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