Author: Wang Yanhua
On Thursday, EOS South East Asia (EOS SEA) hosted a meetup for EOS block producer candidates at Blockchain Hub Singapore.
There was a panel consisting of Dmitri Prokopenko of Meet.One, Emma Cui of EOS.Cybex, Jack Lee of AcroEOS, Kevin Rose of EOS New York calling in from New York, and Ross Dold of EOSphere calling in from Australia. The panel was moderated by Spencer Yang from EOS SEA.
To provide some background context, EOS is a blockchain built for speed and scale, aiming to become a decentralized operating system which can support industrial-scale decentralized applications. Within the system that EOS will operate on, the 21 block producers replace the concept of miners as the custodians of the network, running the underlying network layer to process all transactions.
The panelists engaged in lively discussion on several topics of keen interest emerging in wake of the EOS block producer election.
For those who missed the event in Singapore, Block Asia has summarised the key discussions that took place.
Why is EOS exciting?
Prokopenko: The big issue is the scale. This is an issue that has not been solved by Bitcoin and Ethereum (ETH). If Bitcoin is 1.0, ETH is 2.0, EOS is like 3.0. ETH is only good for ICOs. It’s so exciting and so great. but it cannot make real-world applications due to scalability issues and the people are frustrated. The CEOs are looking into how to solve this problem. There should be something better.
Dold: A block producer and a miner are almost diametrically opposed in their mindsets. Miners are competing against each other to extract value. Block producers are collaborating to create more value.
Rose: We may have read or heard about blockchain applications, but seeing that in action will be really amazing. EOS is open source and anybody can launch their own EOS chain.
Dold: When it comes to governance the rest of blockchain scoffs at law and order. A few hours ago we’ve seen an announcement from ETH about a plan to have a close door summit and come up with a governance plan for ETH. But for EOS, it is not going to be closed group behind closed doors, anybody can participate.
What kind of interesting applications await?
Cui: I think there are so many! For example in payment, right now we keep seeing the stability being an issue. With EOS a lot of people are going to change their perception of blockchain technology.
Lee: We are already beginning to develop our open API (application programming interface) for some payment solutions.
Rose: Let’s start with the fundamental changes. EOS is going to be usable. General blockchain ideas that have been circulating around for a couple of years can be materialised. Take voting for example–anything from your high school elections to voting for your government. Land titles and deeds can also be on blockchain. This will help places rife with corruption as they can’t just edit the information as they like on the blockchain. There’s going to be a fundamental shift. Any asset that you own can be tokenised.
Cui: With blockchain for the first time since the invention of the internet you can take control of your personal data. Instead of letting Facebook sell your data, you can take control of and monetise your data. That’s something I’m super passionate about and that’s going to change the world.
How can the voting process be improved?
Lee: For many people voting is quite complicated. Most Koreans are holding EOS tokes in exchanges, not their own wallets, so they cannot vote.
Prokopenko: I think the voting should be more informative. Alot of ppl with EOS tokens don’t know that they can vote.
Cui: Will 30 or 40 block producers instead of 21 be better? Nobody knows what’s the perfect number. And block producers are also not supposed to collude with each other. We’ll see how EOS implements mechanisms to ensure no collusion.
Rose: The more tokens you have, the greater the incentive you have to see the network succeed. Therefore you are rewarded more say in how it works. But in government elections, it can’t be like, “Oh you have more money so you get more say?”
How can awareness be spread?
Rose: There are different interest groups in EOS: token holders, non-token holders, developers, block producers. Each of these groups need to be approached differently. We can partner with local universities to do research to create more comfort among people.
Cui: Education is so important. We’re partnering with Singapore University of Social Sciences to have regular courses to teach people about blockchain. Hopefully with this we can help to spread the knowledge.
Prokopenko: If we say that EOS is a car, a car should have seat, engine, steering wheel, etc. I think the 21 block producers should be divided into different roles, like education, development of products, and implementation.
What should voters do?
Lee: Voters can change any block producers they do not like at any time. (In Yang’s words, the EOS election is not like the American presidential elections. You don’t have to stick with someone you dislike for 4 years and block producers can be voted out at any time if their performance is unsatisfying.) I suggest that all the voters monitor what the blockchain producers doing.
Rose: There are high standards of transparency. You can question them on what they are doing and hold them to high levels of accountability.