LONDON (Bywire News) - This week’s EOS Fireside Chat took place against the backdrop of the collapse of Luna’s stable coin. In an event which shocked the crypto community, a top ten cryptocurrency saw its value all but wiped out in a little over 24 hours. Meanwhile, an article from Wired represents the first time the mainstream press has given much attention to the revolution within the EOS community. These and other topics were front and centre in this week’s fireside chat.
Earlier this week Wired published a big piece about EOS and its struggles against B1. It’s one of the only times we’ve seen a depiction of EOS in a major mainstream publication that the community would recognise and goes some way towards dispelling some of the misinformation which surrounds EOS.
For Yves La Rose, meanwhile, some of the revelations in the article confirmed his claims about Block.one’s fraudulent actions.
“What came out and which is no longer disputed is that B1 was intentional in their pursuit of greed,” he said. “This was the design from the outset and the community rejected the Theranos and Elisabeth Holmes like behaviour and since then has established its own path with a sense of community driven values at its core.”
Elisabeth Holmes is the founder of the tech startup Theranos who now faces jail over the company’s fraudulent claims to have created a pin prick blood test for cancer.
In much the same way, he believes Block.one misrepresented its ability to deliver on the claims made in their $4bn ICO.
Hernan Arbor had thoughts on the collapse of Luna. He was one of the lucky ones. After noticing rumours on Discord he got his money out early at 98 cents. Others were not so fortunate as the price collapsed to near zero. According to Coinbase, the current Luna price is $0.000124.
In a tweet which has since been deleted, Charles Hoskinson claimed the crash had been caused by Blackrock and Citadel. According to a message by a person named Anna, she claimed to have borrowed 100,000 Bitcoin from Gemini. These firms were said to have changed 25,000 Bitcoin into UST after receiving the total amount.
They have been accused of selling a large number of BTC for a discounted price, which the latter accepted. Unfortunately, this caused UST’s liquidity to be reduced. At this point, Blackrock and Citadel allegedly dumped all of the Bitcoin and the UST causing a massive slippage and forcing the liquidation of both assets.
If this is the case it’s a massive attack from a major financial institution against individual token holders and has broad implications about the potential of something similar happening to other stable coins.
It also has implications for Yield + in identifying which assets have a high risk. Not all stable tokens are equal. Some are reserve packed, some are over collateralised and some are algorithmic. Yield + will be identifying asset security risk and seeing if the network wants to adapt that and sponsor the liquidity of that asset.
Chuck MacDonald provided updates on what the second set of chief delegates has been up to with Eden. For those who don’t know, Eden is a consensus mechanism which uses a political playoff system in which candidates are divided into groups from which they select delegates to move on to the next round. The process repeats until a leadership group is left. It is all based on a book by Dan Larimar called More Equal Animals. It could change politics and the world. It could change how organisations change their internal infrastructures.
In their weekly meetings, usually held on a Thursday, they are currently focusing on creating persistent roles, offices or spheres. The first is the technical sphere. We have to get a handle on Eden’s code and on what we technically can and can’t do and what it might cost us to make these changes and how we can share this technology with the world.
Bywire Eden townhalls
Last week welcomed the first Bywire Eden Townhall, where they spoke for an hour or so. With hopes to organise these once or twice a week and offer a great opportunity to learn more about Eden. The topic this week was what Eden means for each member and what it could mean for democracy.
EOS Support is conducting a survey to support the ongoing Mandel upgrade. They are looking for feedback from the developer community. This will look at what the network’s pain points are and what they would like to see.
They are working on the next version of EOSIO which is currently being called Mandel. They want to know what platform developers work in so they can tailor it – for example are you a mac developer, do you develop in a native environment and so on. These are the questions they have for smart contract developers.
Mandel is the first community version of EOSIO. Until now the community has always been running B1’s version of EOSIO. They are forking off B1’s code and taking the codebase into EOS’ own hands. It is essentially EOSIO 2.0 with the features we like from 2.1 and adding new features from API + blue paper. Some of these features will need a consensus upgrade.
3.1 will be ready to be tested in its entirety on Jungle. Testing has already begun on improvements as they become available. BPs will be able to test and upgrade in June.
The big day for app developers and exchanges is September 24th. They need to make sure they upgrade by that time.
(Writing by Tom Cropper, editing by Klaudia Fior)