Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
The startup maintains that its two primary products are the VC arm and cryptocurrency but specifies that it is working to provide the most powerful infrastructure for decentralized applications available. In fact, the block.one team is dedicated to providing “end-to-end solutions” to bring corporations, investors, and institutions together onto the blockchain via a plethora of different services.
Here is a beginner’s guide to understanding block.one, the group behind the industry’s biggest crypto offering.
block.one Is Behind Project EOS Dubbed “Ethereum Killer.”
block.one was reportedly founded in 2016 by the current Chief Executive Officer, Brendan Blumer, and his associates. The team is currently headquartered in Hong Kong but has offices in the Cayman Islands, the US, and maintains a global team from Europe, South America, and more.
block.one has demonstrated a business-centric philosophy for deploying decentralized systems. This is a core reason why many regard EOS as being in direct competition with Ethereum; they look to further enterprise adoption and usability of decentralized systems.
EOS, dubbed by many to be the “Ethereum Killer,” is arguably Vitalik Buterin’s creation as the main rival in the cryptocurrency, distributed ledger, and blockchain sector. EOS is one of the fastest-growing cryptocurrencies of all time, boasting a quicker logarithmic growth rate than ETH and BTC. In fact, in May 2019, EOS saw a meteoric rise in its price when it surpassed its previously attained all-time high, only to lose its newly gained year returns.
block.one believes that by implementing limitations and sacrificing network participation for directing power to flexibility in speed and confirmed transactions per second rate, it can surpass the rate at which its decentralized ecosystem is adopted.
block.one Spearheading Better Smart Contracts
As many have seen from the results produced by Ethereum, TRON, and EOS, smart contracts may be the ultimate way to expand a project through the force of the community and its developers. block.one has reported its involvement and passion for smart contract ideology many times before.
The blockchain startup allows developers to create their EOS-based dApps or singular smart contracts via the block.one development kit. Though there is a large community debate over which infrastructure can yield “better” results for decentralized programs, the main arguments for EOS smart contracts, as opposed to any other framework, are as follows:
- Better scalability potential
- Cost and expense (EOS does not have any fees)
- Larger throughput capability → EOS can process greater transactions per second (TPS), therefore being a better infrastructure for these programs (Ethereum network clogs, e.g., with CryptoKitties)
Regardless of one’s stance on the developer efficiency debate, the achieved capability and results yielded by the EOS blockchain’s implementation has so far demonstrated fairly competitive results.
block.one Made History with Its EOS ICO
block.one is most famous for its EOS Initial Coin Offering (ICO), where it reported over $4B raised in a continuous ICO. Rather than function as many ICOs did where tokens were held in smart contracts until the completion of the token sale, EOS took an alternative route where it continued to operate openly and maintain market placement as its offering continued.
This can be compared to a company simultaneously being listed on a global stock exchange and completing an IPO as it’s already actively traded on the open markets.
At the formal conclusion date of its ICO, EOS had gained the most successful ICO designation in the crypto space. The funds amassed were more than twice the 2nd-place holder for private ICO of Telegram and the TON blockchain, which purportedly accrued $1.7 billion.
As a result of the news, EOS’s price shot up the ranks to the top five market cap cryptocurrencies in 2018. Since this peak, its price has fallen quite a bit, but the block.one team has remained adamant in their efforts to further the project to its utmost potential.
block.one CEO: Real Adoption Is At the Enterprise Level
During a panel at the Blocksberg Summit held in November 2019, Blumer shared his thoughts on EOSIO, block.one’s ambitious blockchain project, saying its goal is always to align with its user base.
As per the CEO, of the reasons why the industry could see an exponentially increasing growth year after year is that governments and financial institutions are yet to see blockchain’s true benefits, embracing blockchain would allow any organization, be it a bank, a large corporation, or a national government, to have more transparency, less fraud, and more control over their money supply.
“It’s only a matter of time before we see a government put their national currency on the blockchain,” Blumer alleged, adding that it would effectively turn that currency into a development platform.
Putting everything, including government-issued fiat currency, on a blockchain creates an unprecedented degree of transparency. Not only would this lead to the creation of a clear set of rules to navigate the blockchain industry, but it would also open up other doors to innovation.
EOSIO Plans to Resolve Bitcoin’s Major Issues
Ever since its whitepaper was released, Bitcoin has been the building block of the crypto industry. The groundbreaking idea paved the way for numerous cryptocurrencies, most of which were created to be the next Bitcoin. However, EOSIO, the ambitious blockchain project created by block.one, isn’t one of them.
According to Brendan Blumer, EOSIO wants to focus on expanding the use-cases for blockchain technology. During the Blocksberg Summit, Blumer discussed block.one’s beginnings and shared his views on the current state of the blockchain industry.
In an engaging talk with CNBC, Blumer explained that the goal with EOSIO was to create a faster, cheaper, and more scalable blockchain than Bitcoin. To achieve this ambitious goal, block.one has focused on giving the world what it needs from blockchain technology: improved transaction speeds that can accommodate large volumes of throughput and the means to support large-scale operations that grow and evolve.
So far, not only has EOSIO demonstrated lightning-fast speeds – 3,996 transactions per second and counting, compared to around 15 per second on Bitcoin and Ethereum – but the Delegated Proof-of-Stake (DPoS) mechanism that the blockchain employs allows it to operate in a much more eco-friendly manner.
The continuous improvement on the EOS network, particularly the recent upgrade to EOS.io 2.0 in Jan 2020, is expected to improve smart contract execution performance. With the upgrade, block.one also claimed to have significantly improved the blockchain’s network code by adding multithreading support to it.
Indeed, the future looks bright for the block.one’s EOSIO (EOS) blockchain as it lives up to its reputation of quickly becoming a front-runner in high-performance blockchain solutions and adopting the decentralized ecosystem.
A good example that highlights block.one’s ambitions in the decentralized applications (dApps) sector is the recent launch of Voice on March 26, 2020. Voice has been a significant venture for block.one, as they have devoted approximately $150 million to ensure its completion.
The platform bills itself as a truth-focused, blockchain-enabled social media platform, aiming to give censorship-heavy social media platforms like Facebook and Twitter a run for their money.