Satoshi Club x EOS AMA Recap from June 8

On June 8 one of the best AMAs took place in our Satoshi Club group. Over the course of almost 2 hours, our EOS Nation friends shared as much information with our community as possible. Our guest was Yves La Rose -CEO-. It was a very pleasant time, we met about one of the most recognized crypto projects of the moment.

In this AMA Recap we are trying to summarize some of the most interesting points for you.


PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Serg | Satoshi Club: Dear community, today we will have an AMA with one of the best crypto projects: EOS – number 9 on CMC at the moment. @YvesLaRose is the CEO of EOS nation and will be our guest today. Welcome!

Irina Kravchuk | SatoshiClub: Hi@YvesLaRose, nice to meet you.

Yves La Rose – EOS Nation: Hi! Nice to meet everyone here, thank you for the invitation.

Serg | Satoshi Club: We are glad to have you here πŸ™‚ Please tell us a bit about yourself πŸ™‚

Yves La Rose – EOS Nation: I am Yves La Rose, co-founder and CEO of EOS Nation. EOS Nation is a Block Producer on the EOS Mainnet, currently ranked 1st globally.

EOS Nation was founded by seven self-funded individuals located across North America. We consistently contribute time and resources across the entire EOS ecosystem, while demonstrating our commitment and technical ability by providing reliable infrastructure and spreading worldwide awareness and education. We have been active since well before the Mainnet launch and have grown a network of communities around the globe lead by over 15 local EOS Nation Ambassadors, each linked together under the common vision of spreading EOS adoption through education.

Myself, I began my journey into computers at a very young age, building my first computer at 6 years old and programming my first game at the age of 7. I has always had a deep ideological relationship with computers and their role in decentralization and so I began my university studies in software engineering, but quickly realized the human aspect was where my heart resided. After completing studies in psychology and pure sciences, I bridged the gap by focusing on perceptual and computational neuropsychology.

On the crypto front, after starting to mine Bitcoin in 2010, I eventually realized that Proof of Work would not be able to provide me with the decentralization dream I was so fond of and so I forgot about Bitcoin for a few years until I co-founded a crypto education group in 2016. And then in February 2018 I created EOS Nation!

Irina Kravchuk | SatoshiClub: Why do you say that? Because the mining is concentrated in a few big groups? Or because of the technology behind BTC?

Yves La Rose – EOS Nation: At the time mining pools were not existing yet. So you have to position yourself back when there was a shift from truly one person mining to mass pool mining with the advent of the first mass produced miners. I could literally mine thousands of BTC on my laptop.

Serg | Satoshi Club: yes, we all have this thought.

Yves La Rose – EOS Nation: I knew that my personal computer would no longer be able to have the same impact as it did when I started. BTC was also not what it is today, different time, different place. Easy to look back in retrospect. πŸ˜›

Irina Kravchuk | SatoshiClub: Any lost HDD?

Yves La Rose – EOS Nation: One broken and thrown out, yes.

Serg | Satoshi Club: Indeed πŸ™‚ We’ve collected almost 300 questions from the community through our website. We selected 5 to be discussed. Are you ready to start?

Yves La Rose – EOS Nation: Let’s do this!

Q1 from Telegram user @iulya_i

DeFi is the trend in crypto nowadays and I think that we can add gaming as well. Can you tell us what are the EOS plans regarding DeFi?

Yves La Rose – EOS Nation: The foundational tools for DeFi are being built at an ever-increasing pace in order to be there when the flood gates open. I expect to see a significant influx of traditional money flow into the ecosystem in the coming months as people start to realize the machine can’t go brrrrrr forever.

The trustless, transparent, and immutable nature of blockchains combined with their capacities to be programmed to trigger functionalities based on a set of pre-defined conditions are ideal for DeFi. At the protocol level, this enhances security and reduces the cost of doing business. EOS as a blockchain is well positioned to accommodate the DeFi needs due to its massive performance capability.

We see that traditional financial services requires a lot of throughput capability to be able to perform efficiently and properly. Think back at the MAKER problem a month or so ago. If the blockchain isn’t fast enough to react to big movements, it isn’t ready for prime-time. During this same crash, EOS based DeFi products did extremely well under pressure as they are capable of 0.5ms changes, reacting to the external changes instantly.

Irina Kravchuk | SatoshiClub: Can you tell us about some DeFi projects currently building their infrastructure on top of EOS?

Yves La Rose – EOS Nation: EOS has an ever growing list of DeFi products, such as EOSDT, an over-collateralized stable coin (like MAKER). Major differences are in the pace at which the oracles are capable of adjusting to price movements, as well as the underlying permission structures found natively on EOS.

Serg | Satoshi Club: So, the problem then was in the ETH blockchain? not because of the developers who created that specific DeFi system?

Yves La Rose – EOS Nation: Unfortunately, ETH was created at a time where blockchain capabilities were limited in terms of transaction per second. You also have GAS fees which truly impede any real DeFi products. There is no way you can do arbitrage on chain with GAS fees. And with throughput limitations of 18-20 tx/sec, you also see it’s not possible to have mass adoption of DeFi.

EOS on average does 100-150M actions per 24 hr…. That’s roughly the same amount that BTC does in ONE FULL year!

Irina Kravchuk | SatoshiClub: Yeah, this is like dialup internet, in the old days.

Yves La Rose – EOS Nation: Good comparison! It’s not that dial-up was bad, it was amazing. But as time goes by newer technology comes out. None of us would likely be here if it weren’t for BTC and ETH – they are amazing projects.

At EOS Nation we also have a variety of DeFi tools, such as xnation.io. A lot of the tools are foundational in nature as we are still laying the groundworks for a full DeFi ecosystem.

Blockchain DeFi as a whole is still very much in its infancy stage, but IMO, is set to explode in 2020 and 2021. Hence ensuring all is ready for when it does. I would say DeFi is one of the, if not the, most important movements we will see in this space. https://eosdt.com/en

Decentralized stable currency on EOS

Q2 from Telegram user @ion_nenescu

I am a developer. I’ve created on Ethereum but I am interested to do something on EOSIO. I usually develop games. Can you tell me what requirements are there? What language is there? Is there any guidance?

Yves La Rose – EOS Nation: Recently Block.one, the company that develops EOSIO, the software powering EOS, awarded a $200,000 USD prize to one of our colleagues for having developed an Ethereum virtual machine inside the EOSIO WASM virtual machine! https://devpost.com/software/eosio-evm-2timop.

EOSIO is coded in C++, so there is no Solidity type language to learn. But with this recent prize, you don’t even need to learn anything new if you’ve already coded a project on Ethereum. As a developer, you can write your code in Solidity, compile it and deploy it directly on the eosio.evm contract.

Serg | Satoshi Club: Can you tell us more about the Ethereum virtual machine inside the EOSIO WASM virtual machine?

Yves La Rose – EOS Nation: One of the use-cases for this is for developers that are looking to upgrade from the Ethereum blockchain to overcome limitations with gas fees, block times and other roadblocks. They can take their solidity code that they have spent considerable time and money developing, and deploy it on EOS with no modifications.

All developers can come and check this website which has A TON of information on how to get started on EOSIO. https://developers.eos.io/.

Irina Kravchuk | SatoshiClub: and are people using this feature?

Yves La Rose – EOS Nation: It literally got released two weeks ago! A lot of our developers started off in Ethereum, so it was important to have a transition piece to facilitate movement.

ETH still has the lion’s share of products, but unfortunately is built on a soft foundation that is limited in scalability. This enables developers to continue working on their projects instead of starting from scratch. Leveraging EOSIO is just the smart move once you understand you aren’t limited anymore

Irina Kravchuk | SatoshiClub: Thank you. I’m sure all the developers that see this are tempted to try it.

Q3 from Telegram user @bitociok

Please update us regarding the EOS adoption: how many apps are built on EOS? How many users are using those apps? What is the number of active EOS wallets and what is the growth rate?

Yves La Rose – EOS Nation: To set the tone and give a good overview that really answers this question, I invite you to check blockchain stats on Block’tivity. https://blocktivity.info/.

BY FAR you can see that EOS is capable of and currently serving more activity than all other blockchains COMBINED! Having launched in the “blockchain 3.0” era, EOS benefited from technology that was capable of scaling to new never seen heights. This really was the focus of the developer teams at Block.one.

For a mostly complete full list of dApps built on EOS, please check out DappRadar. https://dappradar.com/. Here you can see daily activity broken down by dApp, with all the additional informaiton you might be looking for. In terms of wallets, there are plenty (10+) depending on your preference (i.e. desktop VS mobile). I personally use Anchor built by our good friends at Greymass. https://greymass.com/en/blog/anchor-an-eosio-wallet-and-authenticator/

EOS on Anchor Wallet

Serg | Satoshi Club: Crypto Dynasty has the first place related to the number of users.

Yves La Rose – EOS Nation: It’s easy to use and has all the features you could want in one location.

Irina Kravchuk | SatoshiClub: So if CryptoKitties were to run on EOS, bottleneck wouldn’t be a problem?

Yves La Rose – EOS Nation: Lol, no. We run Cryptokitties several thousand times over, daily.

In March we decided to see how far we could go and we did 150M actions in one day on the LIVE chain – that’s as much as Ethereum does in one year. We weren’t even at 50% capacity of the chain.

Apples to oranges obviously. But it shows how far blockchain technology has come since ETH was launched in 2015. Think back at when you got broadband internet for the first time, it was just night and day or the first time you watched a Blu-Ray movie. You just can’t compare.

Q4 from Telegram user @clara_eriksen

Everyone is talking about adoption and making cryptocurrencies as simple for a usual person as possible. We all know about the recent story with JK Rowling πŸ™‚ How would you explain EOS to a usual person who is not familiar with Blockchain?

Yves La Rose – EOS Nation: I think this is one of the most important questions because this really is a challenge that all blockchain projects face. It’s easy to go back and forth between projects within the space and say why one is better at a particular proposition, but in the end for this to really succeed we need adoption globally outside of the developer and tech group. That means people like my mom! People who simply want to play their games, use their application, and really have no need to know what the tech stack in the back looks like. My mom has no idea how WiFi works, what HTTPS is, and nor should she!

If we want this to reach people like JK Rowlings we need to abstract away blockchain from it – essentially, we shouldn’t even be focusing on what the products are running on. The product should be the focus. The offering and the functionalities that blockchains bring should remain hidden for the average user. My mom should likely never have to touch her private keys, nor even know what a private key is. How often does your mom ask you whether your website or application runs on HTTP, HTTPS or HTTP2S? She doesn’t, because it’s not relevant to her. In EOS, due to the inherent capabilities of the smart contracts and native permission sets, we’ve been able to create products such as LiquidApps.

This product enables develops to abstract away “blockchain” complexities from developers and users. So for example, you can log in to a game and play a game without creating an EOS account, without knowing you’re even using the EOS blockchain – but in the background you are, and the funds are being settled on EOS. There are account recovery mechanisms built within the application you are using, and leveraging things like WebAuthn, you are able to have your private key literally at your fingertips. So for the end user, the person simply uses an app like any other! That’s what we need for my mom… nothing complicated, nothing that even mentions blockchain – that is for the power users and the developers.

So to answer the question I would say “For this to reach mass adoption we shouldn’t have to explain blockchain”. And EOS will be the tech stack powering everything you use, without you needing to know about it!

Q5 from Telegram user @tirrand

One of EOS strong points is its scalability. But we know that there are other blockchain projects who developed very scalable blockchains as well. What is EOS advantage compared to them?

Yves La Rose – EOS Nation: Well, to put it simply, it works and it’s live. We hear of many other projects, claiming to be scalable and claiming to be able to accommodate a lot of throughput, but that’s all theoretical and not live. EOS is here today, it’s live, it works, it’s capable of massive throughput and is backed by the single largest ICO in history. The amount of innovation and code that is coming out of EOS is insane!

The EOS token is essentially your gateway into EOS as it’s a representation of the resources available on the network. As network resources become used the value of the token increases as the representation is one of utility. We see more and more large enterprises choose EOS as their blockchain of choice as they realize it’s the only project that can actually accommodate projects of scale. We also see that the foundations (i.e. the rails, the connectors) are becoming more and more meshed where the ecosystem is like a giant building block of legos all interconnected to meet the specific needs of the stakeholders.

Irina Kravchuk | SatoshiClub: Can you name a few large projects/ enterprises?

Yves La Rose – EOS Nation: Sure, for example one of the largest accounting firms in the world, Grant Thornton recently moved to EOS. https://cointelegraph.com/news/grant-thornton-moves-intercompany-transactions-to-eosio.

Going back to DeFi – this is the type of progress we are seeing. Traditional financial institutions recognizing the need for blockchain, and the need for EOS in the backend.

China, the country, even chose EOS for its National Blockchain Service Network. https://www.eosgo.io/news/china-launching-bsn-eos-included.

Talking about Chinese National Blockchain Platform

Irina Kravchuk | SatoshiClub: Do you have a sales team that is trying to communicate the advantages to companies like this?

Yves La Rose – EOS Nation: As EOS is truly decentralized, there is no “central authority” that coordinates marketing (i.e Bitcoin foundation or Consensys). We are in the mists of creating a similar Foundation, but one that is decentralized and ever changing, leveraging the permission sets I keep referring to.

At EOS Nation we publish a weekly communique, called the Hot Sauce – you can consume it in text, video or audio format, and it gives you a full overview of all that is happening in EOS. https://eosnation.io/blog/, https://www.youtube.com/channel/UCXgAY9DyooykrubRXw3xK1g, https://soundcloud.com/eosnation.

Just at EOS Nation we reach more than 200,000 subscribers weekly

Irina Kravchuk | SatoshiClub: You have a very diligent community it seems.

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 2 minutes and a lot of questions were posted by the Satoshi Club community. Our guest chose five of them.

Q1 from Telegram User @Nickkiii

If voice gets millions of users and when they make millions of transactions, will EOS be able handle the large number of transactions?

Yves La Rose – EOS Nation: Yes, this is one of the reason why we have been stress testing the network over the past few months. All the block producers have investing a significant amount of capital into ensuring their infrastructure is ready and capable of handling the requirements to run such a huge application. As I mentioned earlier, EOS is now capable of handling over 250M daily actions if we were to have that need. This is without any additional changes, and without even reaching out limits. Just think about that in comparison to anything else that is currently on the market – it’s insane!

Q2 from Telegram User @Dreed_D

You are an established and well-known company? So why you need to do AMA? We really curious to know that what is the main purpose behind that?

Yves La Rose – EOS Nation: It’s important for me to reach out to the community, taking the time to answer questions and engage. I find that AMAs are a great way to keep grounded and know what EOS Nation should be focused on. The bigger we get, the more important I think it is for us to keep this connection. To give you an idea, I travelled over 150,000 KMs last year, and events like these is something that I prioritize wherever I am around the globe. EOS Nation in 2018 did over 135 meetups worldwide!

Q3 from Telegram User @Nuhollic

How was the Grants program created, which you plan to finance future projects using EOSIO community members and the protocol?

Yves La Rose – EOS Nation: Last week Block.one awarded 34 grants to developers around the world, on top of the $200,000 prize to develop the EVM for ETH, and the $100,000 hackathon prize pool which will be released to the winner on June 12th.

https://eos.io/news/blockone-announces-eos-vc-grants-recipients/. https://eos.io/news/eosio-challenge-promotes-blockchain-interoperability/. https://eos.io/news/eosio-virtual-hackathon-begins-today/.

Q4 from Telegram User @LLeeKuanYew

Whats the difference between voting and staking? I understand EOS holders can vote for 30 BPs. But when it comes to staking the EOS tokens with a BP or another party to earn a profit share etc, is that different from voting? how does that work?

Yves La Rose – EOS Nation: Yes, in EOS you secure the network by voting for the block producers that you believe best represent your interests. EOS Nation currently sits in 1st position globally thanks to all of our supporters who recognize the work that we bring to the ecosystem. This system is the Delegated Proof of Stake (DPoS) consensus mechanism which is the base of EOS. Token holders are also capable of earning interest on their assets by staking to a proxy pool, such as ours. https://proxy.eosnation.io/.

By staking to a pool you earn rewards while securing the network. As this is done on the protocol level, your tokens are never “sent” anywhere. The vote function is what is leveraged, so you always retain ownership of your tokens, your keys, and the capability to move and do anything you want with your token instantly.

Q5 from Telegram User @Rmitch

There we see many projects that claims they are fully Decentralized. But they done their work in a Centralized way. How can we sure that EOS is fully Decentralized? Can you please tell us what’s EOS working method?

Yves La Rose – EOS Nation: That’s a good question. Decentralization isn’t an all or nothing thing – it’s very much a spectrum is ever changing, never static.

In EOS we leverage the DPoS consensus mechanism that I mentioned above. The more token you have, the larger you say in the network and who gets to secure the network. This is very much based on the “skin in the game” principle. As anyone can change their vote any any time, and as often as they wish, we see that the network validators change and adapt to the wish of the token holders, increasing the security of the network and remaining ever decentralized. If we go back over time in EOS, we can see that the Block Producers have changed over and over multiple times as the token holders determine who is best, and what is most important to them as the network grows and the external variables change as well.

EOS Nation currently sits in 1st position, but this was not always the case, and will likely not be the case eternally either. The incentive mechanism in EOS ensure that the token holders always stay in control and that the alignment of those securing the network, and those with stake in the network, always move in the same direction. It’s evergreen.

Each block producer is independent and cannot control the network. Any modification to be made to EOS requires at least 15 hour of the top 21 block producers to agree on the change and approve the change on the chain. We have seen many changes proposed and approved, as well as many proposed and rejected. And each time we have seen token holders in control as they shift their votes should the network not be heading in the direction the deem best. This middle ground is where EOS believes it’s found a workable space within the decentralization spectrum. It enables EOS to be fast and adaptable, while remaining secure and performant.

I invite you all to earn dividends on your tokens if you aren’t already doing so. This helps you beat inflation passively – it’s a no-brainer. I invite everyone to join us in our EOS Nation telegram group to continue this discussion – we will gladly answer any questions you may have. https://t.me/EOSNation.

I want to thank the organizers for inviting me @sspurss @iri_kravchuk – I had a lot of fun and can see that you have a really engaged community!

Irina Kravchuk | SatoshiClub: Thanks @YvesLaRose for your time and answers.

Serg | Satoshi Club: Thank you for being here with us today πŸ™‚ It was our pleasure.

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about EOS. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer.

20 users with correct answers were rewarded.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

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Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

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