Effect Network switches to Binance Smart Chain

Effect Network, the DeFi platform that connects companies with the global workforce, will move development from the EOS blockchain to the Binance Smart Chain (BSC).

Effect Network developers say the main reason for the transition to BSC is concerns about the future of EOS and its leadership.

In January, founder and CTO Dan Larimer left Block.One and EOS to pursue new personal projects, something the community condemned as betraying past promises to EOS.

Effect Network said that: Promises have not been made to solve many of the problems that plague the EOS Mainnet. Before Dan Larimer leaves the network in search of better prey.

The research team claims Effect Network is the most used and largest project on the EOS Mainnet to date, with clients including Kraft Heinz, Linus Tech Tips and the United Nations. The Team warns that Effect Network’s departure could mean the end of applications with real use cases on the EOS chain.

Why BSC?

Effect Network CEO Chris Dawe explained the move to BSC was due to his confidence in the long-term vision of the Binance ecosystem.

“Look at what Binance has accomplished in just the past three years. It’s a testament to its dedication, hard work but above all its laser-focused vision. The amount of products, customer service and our workforce that can be exploited with the Binance ecosystem is amazing and will help accelerate Effect Network’s growth like never before, ”Dawe said.

BSC has attracted a number of DeFi projects from the Ethereum ecosystem, such as Sushiswap and 1inch, since it became operational in September 2020.

Google Cloud has no intention of receiving token rewards for participating as EOS block producer

“Google Cloud is not involved in cryptocurrency mining. This is really an infrastructure game for us, ”said Google developer advocate Cloud Allen Day.

On Tuesday, Block.one, the software maker EOSIO that runs the EOS blockchain, announced that Google Cloud has begun preparing to run for the position of EOS block producer – one of the 21 nodes chosen by the plus. EOS coin to effectively serve the same role as Bitcoin or Ethereum miners. However, EOS allows for much faster transactions than one of the two largest blockchains but has been affected by governance issues.

In Tuesday’s release, Day confirmed Google Cloud’s intention to declare the candidacy, adding, “We are committed to ensuring that information on public blockchains is securely stored. trusted and can be accessed in meaningful ways ”.

Day said the partnership is like the company’s February announcement of a partnership with Hedera Hashgraph. Google Cloud also recently became a network validator for Theta Labs, a video content forwarder.

As for Google, Day said, “we are very interested in open source protocols and distributed ledger technology, which is why we join the EOS community.”

“There is no revenue model for Google Cloud related to participating in open source protocols. Of course, different protocols offer rewards to incentivize node operators to secure network services, but we have no intention of claiming those rewards at this time.

Day explained that, as many companies show an interest in participating in this type of technology, Google Cloud believes they can learn to better support customers who want to run validation nodes on projects. projects like EOS.

“We are also providing the cloud infrastructure for Block.One, helping them organize their own development efforts, thus also bringing in revenue for us.”

The tech giant did not specifically say whether they would stake tokens to support their own candidacy.

“It’s always been a little bit difficult to get involved in these protocols. We cannot comment on our internal strategy or whether we support other block production candidates, but we will work to support our own candidacy as is a block producer ”.

Block producer

To assist candidates for block production, each holder stakes their EOS and then votes in a continuous election for their chosen validators. They can vote for up to 30 block producer candidates and change their vote at any time. The top 21 candidates with the most tokens are responsible for validating transactions and distributing token inflation from EOS.

According to the EOS Network Monitor, the minimum backed block producer has more than 273 million EOS staked to back them, which equates to about $ 728 million.

Since its launch, EOS block producers have increasingly been more likely to share block rewards with stakes to support their candidate, something that Vitalik Buterin had expected before the mainnet launch.

Block.one is one of the biggest holders and it started voting for block producers around the end of May. At that time, the company controlled nearly 10% of all EOS, making support for Its pretty robust for any block producer.

The participation of Google Cloud will be a turning point

In an interview with Naomi Brockwell on her YouTube channel on Tuesday, Block.one co-founder and EOSIO architect Dan Larimer said that Google’s engagement would alleviate some of the fears. Persistent fear surrounding the world’s 14th largest blockchain by market capitalization.

He said that if the Google Cloud node was elected as a block producer, it could “represent a huge change in the decentralization of EOS”.

Larimer went on to speculate that Google’s involvement could lead other companies to follow:

“Other big companies will want to participate. That will likely change the image of EOS. Rather than being seen as a group of Chinese of questionable quality, if we can get big tech companies to take over the position of block producers, it can be decentralized among the many. Company reputation”.

Day declined to say the timeline for Google Cloud’s candidacy for the position of block producer, “We hope to happen soon.”

Google Cloud joins EOS blockchain network as block producer candidate, EOS price increased by nearly 15%

Google Cloud’s participation in the EOS blockchain network community signals further interest in exploring the possibilities of the technology.

On Tuesday, Block.one, developer of the EOSIO blockchain protocol building the EOS network, said Google Cloud is “taking steps” to become the block producer of the EOS network (BP) – the governing body. EOS votes with backup block producers (SBP).

Launched in 2018, the EOS network is a decentralized public blockchain based on the open source EOSIO framework. The overall goal of the project is to improve the transaction-per-second rate, support both private and public blockchains, and support a wide variety of smart contracts.

According to software company Block.one, the participation of Google Cloud “marks an important milestone for the network” and “emphasizes the importance of blockchain for the future of business, government and society”.

As Google Cloud develops and manages cloud services and fiber-optic networks (not to mention one of the largest tech giants in the world), Google’s interest in the project makes the company “ very suitable ”for public blockchain networks.

The company disclosed that Google reached out to learn more about the EOS network a few months ago.

If accepted as a block producer, Google will have a say on the future aspects of blockchain’s security, scalability, and decentralization.

However, the Google Cloud must first be chosen by existing token holders on the EOS network. The criteria for acceptance are in a state of continuous development.

Block.one replied:

“Due to the speed of the EOS network, variable voting is calculated instantly, so they can be done very quickly if we choose. It really depends on Google Cloud and what their plan is in interacting with the EOS community. And because voting for EOS is open, continuous, and to ensure the top 21 always reflects the aggregate will of EOS holders in real time, we will continually evaluate Google Cloud against of ours, just as we do with all the other block production candidates ”.

Block.one “trusts” Google Cloud will be able to fulfill its voting criteria, which the company says is “meant to include, not to exclude”.

A developer advocate at Google Cloud Allen Day said:

“We are beginning the process of becoming a block producer candidate. As organizations begin to incorporate distributed ledger technology into their infrastructure, we are committed to ensuring that information on public blockchains is securely stored, trusted, and accessed in accordance with the way it makes sense ”.

Google Cloud had no other response at the time of writing.

Accompanying the news, the EOS price today rose prominently on the charts at 14.82%, currently trading at $ 2.9.

EOS 7-day price | Source: Coinmarketcap