On EOS Blockchain, Vote Buying Is Business as Usual
Buying votes is a big no-no in traditional democracies, but on the world’s eighth-largest blockchain it’s become an accepted way of doing business. A new service makes it easier for EOS block producers, the nodes elected by holders of the cryptocurrency to validate transactions on the network, to share their block rewards with those who voted for them. The service, known as Genpool, was introduced this month by GenerEOS, which itself is a block producer candidate. Back when EOSIO, the software powering the $3.7 billion EOS chain, was just an idea, the crypto community debated whether delegated proof-of-stake, or DPoS, would lead to validation candidates effectively bribing users to support them. (DPoS is a consensus mechanism that limits the number of node validators to a fixed set.) Early on, the EOS community believed it could prevent such activity. Now the community is all-in on what proponents call “voter rebates.” "The Genpool platform is a zero barrier to entry free market ecosystem, connecting proxy owners with voters that are looking to support quality Block Producers (BPs) while being rewarded with a percentage of the additional BP income,” GenerEOS said in a Medium post announcing the service. GenerEOS's Tim Weston declined an interview with CoinDesk. While similar services have launched in Asia, Genpool appears to be the first in the English-speaking EOS world explicitly designed to help token holders find the best payouts for their votes from block producers. (Like bitcoin (BTC) miners, EOS block producers are rewarded with freshly minted cryptocurrency for recording transactions on the public ledger.) In short, Genpool lets EOS (EOS) holders get paid to participate in governance. To critics, this fulfills longstanding fears that in a system where governance is delgated, the richest will dominate. Permitting payments makes it even easier for the wealthiest to cement their position. There is nothing stopping a validator from acting is if it were more than one entity, allowing whales to hold multiple spots on the governing council of block producers, effectively mounting a Sybil attack, the research team at the Binance cryptocurrency exchange wrote in a report released Feb. 18. "A single actor may register multiple block producer accounts and multiply their voting weight at a negligible cost,” the report said. “Simultaneously, having multiple BP entities allows [that actor] to allocate more block rewards to voters, increasing the competitiveness of the underlying actor." Binance stopped withdrawals of eos tokens in late January when it saw instability on the network, possibly due to upgrades to the latest version of the EOSIO software released by Block.One. Other exchanges such as Upbit and OKEx paused withdrawals at the time.
The exchange situation for cryptocurrency right now is pretty lopsided. Exchanges have a lot of power, meaning they can command dev support, payment from coin owners, and ultimately decide who gets to be traded and who doesn't. I don't think this is a good thing for cryptocurrency. We can do better than that. A lot of people were calling for a community donation to be set up to get listed on Binance. Binance never told us how much money they want for us to get listed, they actually asked instead how much we'd be willing to pay in order to get listed. That's pretty gross in my opinion, and it's not something we should encourage by raising money to pay them. Instead, we could use that same large amount of money to pay developers to build a decentralized exchange. No more threats of being de-listed, no more closed signups, no more wondering if the exchange is solvent or at risk of having all of their coins stolen, and mostly, no more relying on centralized decision makers who hold all the power in these types of situations. Some new (I believe yet unreleased) cryptography would allow Siacoin to do atomic swaps with Bitcoin, no soft fork needed. Even if that ends up not working out, we can also use incremental lightning network payments to perform the same thing. That means we could have a decentralized exchange where you don't need escrow, you just find the person with the best price, and then you can do an automatic, safe, cross-chain coin trade. That's powerful stuff, and I think that if we're going to pull a bunch of money together to do something about exchanges, we should take the decentralized route. I'm guessing that the atomic swaps code itself would only take 1 cryptographer about 3 months to implement. Once finished, you'd be able to perform safe Sia/Bitcoin atomic swaps with untrusted counterparties as long as you were running both a full Sia node and also a full Bitcoin node. You'd be able to pay Bitcoin to receive Siacoin, or vice-versa. At the same time, we would build a platform where market makers could announce themselves, the same way that hosts announce themselves on the Sia chain. The market maker would announce supported coin-pairs, and then users would reach out to all of the market makers for the trade they want to make, until they found the market maker with the best price. I'm not 100% sure the best mechanics yet, but I'm thinking market makers could announce themselves with a proof of burn, the same way that the hosts do, which would prevent Sybil attacks. All told I think we'd need 6-12 months to get a decentralized exchange operational, and about 3 people working on it full time. If we find the right people, that's only about $500,000 to build to completion. If people are interested in paying to get listed on a new exchange, my strong vote would be that we look into either some of the existing decentralized exchanges, or that we look into building our own. It's high time cryptocurrency had a proper decentralized exchange, and I think it's something our community could fund.
Qyno is a blockchain-based financial ecosystem centered around Qyno Coin, a high performance digital currency. Qyno aims to bring the cryptocurrency world closer to the real world through the use of Qyno Coin, our highly applicable and adoptable digital currency. Qyno Coin (QNO) is embedded with InstantSend and PrivateSend featurues, making QNO transactions instant, anonymous and nearly free to send. With Qyno, businesses finally have a solution for trading assets and goods in a secure, low-cost environment that allows them to reach their financial objectives. New edge Complex Secure New edge crypto currency discord BitcoinTalk facebook twitter youtube github Passive income with a 1323% anual return of investment Qyno Project Qyno project's goal is the development of tools and products that can allow everyone acces to faster, safer, anonymous, and near-zero cost financial products and services. Having meticulously studied and tested existing blockchain-based financial products and networks, we created Qyno with the aim of becoming a reference in the blockchain financial services sector after concluding that others fail to deliver on the goals which are our vision. Predecessors are meant to be learned from and eventually overcome. If this weren't the case, we would still be stuck with Friendster for social networking or Napster for peer-to-peer sharing. Bitcoin may be just such a predecessor, yet there isn't enough being done in the blockchain space to move beyond its slow transaction times and exorbitant fees. The core of the Qyno Project is Qyno Coin (QNO), a digital currency based on the latest blockchain technology and network architecture created go beyond Bitcoin by providing seamless, instant, and low cost transactions secured by masternodes. Qyno Coin Specification Symbol: QNO QNO picks up where BTC left off. Due to it's elegant masternode architecture, low cost of use, and instantaneous transaction capabilities, global adoption of QNO will be rapid and steep. Algorithm: NeoScrypt NeoScrypt is an ASIC-resistant proof of work algorithm that it is stronger cryptographically than other hashing algorithms and is less memory intensive while providing a fair return to miners. Type: POW + Masternode A proof-of-work (PoW) blockchain is a system that helps to prevent denial of service attacks and spam on the network. This is done by receiving work from the service requester. Max coin supply: 100,000,000 Max coin supply is the maximum amount of QNO coins to be minted. The supply release schedule avoids inflation while providing the network sufficient liquidity. Block generation: 60 seconds The block generation time is the time needed to mine a block. Block time is set as a constant to ensure that miners' computational power will not impact the security of the network. Masternode Collateral: 5000 QNO In order to own and operate a masternode, 5000 QNO are required as a collateral. This collateral prevents Sybil attacks on the network whereby would-be attackers are able to setup numerous masternodes and interfere with network operations. Reward Table Blocks Miners Masternodes Total 1-43200 2.5 22.5 25 43201-86400 3 27 30 86401-129600 3.5 31.5 35 129601-1051200 4 36 40 1051201-2102400 4.5 25.5 30 After block 2102401 25% decrease every year Qyno - Trading Made Easy on the Blockchain From the outset, the pillar of the Qyno project will be the Qyno coin, a utility coin with two aims. First, the Qyno coin will function as a stable asset enabling the development of the project's ecosystem. Second, the Qyno coin will reward masternode operators with industry-leading ROI, as masternode operators will earn a generous passive income due to a staggering 90% block reward. The purpose of such a mammoth block reward is to create a very high incentive for masternode operators working to secure the network. The Qyno coin's stability will allow users to engage the Qyno financial system easily. Without major fluctuations in price affecting the net cost of users looking to enter and use the Qyno financial system, adoption of the system will happen quickly and globally. The entry into and use of blockchain-based financial systems tend to be prohibitive, due in part to the fact that the utility coins associated with those financial systems fluctuate wildly in value, making cost analysis for users looking to enter the system difficult to calculate. The Core of the Qyno Financial Ecosystem Q-Paygate Apps and eCommerce Solutions Users adopting Qyno will find the timely deployment and integration of Q-PayGate, the payment gateway milestone at the core of the Qyno financial ecosystem. With Q-PayGate any tool, product, or merchant service can be seamlessly integrated with the blockchain, allowing users a time-saving, streamlined experience that delivers unmatched functionality. Developing and implementing payment plugins for any eCommerce platform, such as industry giants WooCommerce, is part of the Q-Paygate mission. The plugins developed as part of the Q-Paygate engine will differ from traditional eCommerce plugins in that they will, notably, generate extra income for merchants accepting Qyno payments. For merchants the implications of the Qyno income-generating plugins will be staggering: Merchants with a high amount of traffic and sales will be able to use those funds to run a masternode. Masternodes generate a 90% block reward, provide merchants with a large extra income for adopting the Qyno platform, while at the same time providing additional network stability. The Qyno foundation will fund the creation and additional development of plugins from an allocation entitled strictly to product development, leading to contented and very well supported developers who in turn provide the Qyno financial ecosystem with unparalleled product development. Blockchain Made Simple When compared to the total amount of people worldwide using traditional forms of money such as Euro, Yen, and American Dollars, the use and spread of cryptocurrency appears very small. That is owing in part to the relative infancy of the cryptocurrency world, but if crypto is to see adoption on the scale necessary to compete with traditional forms of money both physical and digital, then blockchain-based financial platforms need to have, as their primary quality, ease of use for the most amount of people worldwide. Only then will the crypto world see the adoption necessary for blockchain to fulfill its revolutionary potential. Qyno financial ecosystem has, at the core of its mission, the adoption of worldwide users in mind and as such has created a platform for the people. Access to Qyno is global, painless, and offers financial mobility unlike other platforms past or present. Bank account withdrawals and deposits are core functions of the Qyno ecosystem, and ease of these two functions are blended into every Qyno tool available. Because bank deposits are a key factor in financial access globally, the Qyno development team has studied and developed a proof of concept relating to integrating this functionality into the Qyno blockchain with excellent results. Qyno bank deposits are being enabled to function with different accounts such as checking, savings, time deposit, and call deposit accounts. Financial Products on the Blockchain Traditional financial systems are more than just payment solutions; they're entire ecosystems aimed at capturing all of the financial activity present in society. The difference between traditional and blockchain based financial systems is that traditional, or centralized systems, rely on third parties for processing data and require high financial upkeep for executives, presidents, and trustees. Decentralized, blockchain based solutions such as Qyno are able to capture the same financial ecosystem without any of the costs associated with third parties, CEO's, or brick and mortar locations. Because of this, Qyno is able to offer users and merchants alike eCommerce solutions at fractions of the traditional costs. Qyno Foundation The Qyno team is concurrently developing functionalities in addition to current milestones as part of the Qyno foundation protocol. The allocation of development resources to research means the Qyno team is perpetually refining and advancing its product for the ease and adoption of users worldwide. 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Crypto News - Binance Hack and Bitcoin Over $6000. Where will we go from here?
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