Block.One Introduced A Significant EOS.io Blockchain Software
Block.One, the firm behind the seventh-biggest crypto by market cap, EOS, has been involved in various updates and developments. At the end of 2019, the firm launched a new $1.5 million grant program aiming to support the EOS.io development.
Block.One’s venture capital arm, EOS VC, aims to award grants worth around $50,000 to every qualified project within its EOS VC Grants Program funding initiative. According to a December 17, 2019 announcement, EOS VC will offer at least $1.5 million in grants to developers and all supporters of the EOSIO platform.
Through the launch of the EOS VC Grants Program, Block.One aimed to attract more developers to its growing community. That would, in turn, enhance adoption since the new initiative is unique compared to other funding projects run by the company.
The Program is set to grant awards with no ownership conditions. That strategy is contrary to EOS VC’s other investments in EOSIO-based projects. Block.One has started the year on a high releasing EOS.io 2.0. This new release is recognized as the software underlying the EOS blockchain.
During its release announcement of January 10, the company posted on Twitter alleging that the updates make its blockchain more user-friendly, faster, simpler, and more secure.
The Smart Contract Virtual Machine Enhanced
The official blog post elaborating on this software update has the company confirming that it features a purpose-built WebAssembly (WASM) engine. The engine is well-designed to support all of the operations of the EOS smart contracts. Reports coming from the official website reveal that WASM is structured as an instruction format. The format is set for deployment on the internet and servers.
These updates are intended to boost the performance of the smart contract execution. According to developers, EOS.io 2.0 is up to 16 times faster compared to the engine that was used in the operations of the previous version. Notably, this latest update has introduced WebAuthn support.
Its official website explains that WebAuthn is a web authentication standard. This standard is designed to run on public-key cryptography. In the same announcement, a detailed explanation is featured educating the EOS developers on how they can implement the standard:
“With this release of WebAuthn support for EOSIO, developers can begin testing transaction signing with WebAuthn in their EOSIO applications.”
Authoritative sources say that there is not yet a definite date set for the adoption of the update.
Block.One now claims that with this update it has significantly enhanced the network code of its blockchain. According to the firm’s official statement, it has added multithreading support to the blockchain. The ability of a central processing unit to operate and execute multiple execution threads concurrently is known as multithreading.
Multithreading is set up to boost performance in different aspects. It boosts block propagation, transaction processing, together with block and transaction packing and unpacking. It also enhances other processes that are all handled using a separate thread currently. The report states:
“By isolating these processes we have seen significant improvements in transaction processing and block processing performance on multi-producer EOSIO networks.”
Additionally, the new software update is released in conjunction with a dedicated integrated development environment (IDE) that should purportedly speed up developer onboarding.
This software update is the second most recent announcement coming from Block.One expected to influence the EOS ecosystem considerably. In December, the firm announced a major alteration to the network’s resource allocation setup. This proposal would require users to rent network resources instead of buying them.
New Staking System
Users can stake EOS tokens in this new system. However, instead of getting CPU/NET resources, they are compensated with fees originating from EOS name auctions, proceeds from the CPU/NET rentals, and RAM fees. The post elaborates:
“The objective of proposing a transition from a resource entitlement model to a leasing or rental model is to remove the influence of speculative markets over resource pricing. Introducing a rental market with pricing based on overall resource utilization will make resource allocation more predictable and reliable for the community.”
The price of the resources arises from their available supply out of the total. The price goes higher as the CPU/NET available decreases. Transition to the proposed system would be slow as resources will get shifted continuously from the old REX implementation to the rental system.
Although the network alleges that the update is extremely scalable, EOS has faced many hiccups in the past. Last November, average users could not send transactions since the EOS blockchain was congested because of the EIDOS token airdrop. Thus, Block.One alleges that the EOS.io 2.0 will come in handy while solving most, if not all, of these hiccups.