This Week: EOS Is Maturing As A Layer 1 Blockchain

The EOS blockchain ecosystem has recently witnessed significant developments that have been a testament to its growing maturity as a layer 1 blockchain. These developments have not only been technical in nature but also non-technical, demonstrating that EOS is quickly catching up with other major Layer 1 blockchains in terms of advancements in both areas, and soon looks set to surpass them.

One of the most significant developments in the past week has been the announcement of the EOS EVM Name Service (EVMNS) by the EOS Network Foundation (ENF). EVMNS is a distributed, open, and extendable multi-chain domain naming system based on the Ethereum Virtual Machine (EVM) and EOS, which will allow users to map human-readable and simple-to-remember names with all types of content. This will include EVM addresses, EOS addresses, other cryptocurrency addresses, content hashes, URLs, and metadata. EVM users will be encouraged to open their own EOS accounts, which will positively impact the expansion of the EOS network.

Another development that has caught the attention of the EOS community is the membership of the EOS Network Foundation in the Canadian Blockchain Consortium (CBC). The CBC is a prominent blockchain-related organization in Canada that includes leading companies like Binance, KPMG, and Deloitte, among others. This membership puts EOS on the front row of blockchain adoption developments in Canada, placing it as a frontrunner for gaining adoption in the country.

The EOS Network Foundation has also recently approved another grant for the Vault Protocol, a lossless yield protocol that provides staking strategies for EOS users and projects. The project's open-source code will be contributed to the Antelope repository.

These recent developments demonstrate that EOS is maturing as a layer 1 blockchain and is quickly catching up with other major Layer 1 blockchains in terms of non-technical developments. The EOS community can expect to see more such developments in the future as EOS solidifies its position as a leading blockchain technology.

EOS EVM Name Service (EVMNS)

The EVM Name Service (EVMNS), a distributed, open, and extendable multi-chain domain naming system based on the Ethereum Virtual Machine (EVM) and EOS, has just recently been made public by the EOS Network Foundation (ENF). It is a new project that will be funded through the ENF Grant Framework.

EVMNS will map human-readable and simple-to-remember names with all types of content, including EVM addresses, EOS addresses, other cryptocurrency addresses, content hashes, URLs, and metadata, all using the ERC721 protocol standard and the domain suffix ".evm".

EVM users will be encouraged to open their own EOS accounts so they may take advantage of the full benefits of the EVMNS service by taking advantage of the ability to register EVM domains at a discounted price for EOS mainnet users. Moreover, EOS users have access to personal decentralized Web3 homepages and websites as well as the same experience as an EOS account name on EVM.

As more new users desire to possess an EOS account in order to utilize the EVMNS service, the launch of the EVMNS is anticipated to positively affect the expansion of the EOS network. Also, EVMNS will offer free technical support to owners of currently registered short names (suffix names) such as ‘.eos’ on the EOS mainnet to help them with the issuance of associated DID domain service agreements in the EVM.

The EVMNS project is expected to take twelve (12) weeks to complete, requiring five separate milestones on the way to completion. The total costs for the entire process in getting EVMNS completed are set at a total of US$195,000.

Read a more extensive report on what the project grant entails - ENF Grant Proposal (EVMNS)

Canadian Blockchain Consortium announces the membership of the EOS Network Foundation

It was recently announced by the Canadian Blockchain Consortium (CBC) on their Twitter account that the EOS Network Foundation (ENF) had joined their organization for advancing blockchain adoption across Canada. The ENF’s membership means that it unites with some of the leading blockchain-related organization’s in the country of Canada.

Some of the Canadian Blockchain Consortium’s members include; KPMG, Miller Thomson, Binance, Deloitte, CipherTrace (Mastercard), to name a few. These members

The CBC also has a Government Relations arm whose focus is on engaging with the Canadian government on advisory and education, engaging leadership, and applying for funding for research and educational purposes.

With the ENF being a member of this consortium, it places EOS on the front row of blockchain adoption developments in Canada, which also places EOS as a frontrunner for gaining adoption in the country. Also, considering that most members of the CBC are real world corporations, it makes it easier for the ENF to network with these members and tell them about the wonders of the EOS network.

New Grant Approved - Vault Protocol

The announcement of another grant approval was made this week by the EOS Network Foundation (ENF), this time it was Defibox’s Vault Protocol. The Vault Protocol is credited as being the first single-token lossless yield protocol.

Unlike other yield farming protocols in this space, which require users deposit/stake two or more different types of tokens to earn liquidity rewards, the Vault Protocol will issue a standard EOS token called sToken, which represents a deposit certificate. These sTokens can then be used in multiple DeFi protocols to access more benefits.

Defibox has received a grant for its Vault Protocol because it services the EOS network by providing a variety of staking strategies to earn EOS users and project more yield. The Vault Protocol’s income mainly comes from Yield+ rewards, BP income, REX income etc, all integral components to the EOS network's long term sustainability. In addition, its open-source code will be contributed to the Antelope repository.

The total costs for Vault Protocol’s grant is USD$80,000 and, with over half of its deliverables already completed, the project should reach completion in roughly three weeks. Initially the project was projected to reach completion in three months.

Read a more extensive report on what the project grant entails - ENF Grant Proposal (Vault Protocol)

As of writing EOS is trading at $1.11 (down from last week’s price of $1.25). It is currently doing $103 million in daily trading volume, and its market cap currently sits at $1,200,932,578. This week sees EOS drop three spots to 46th position by market cap rankings. All stats are based on CoinMarketCap data.

Sources

● EVM Name Service (EVMNS)

● Canadian Blockchain Consortium announces the membership of the EOS Network Foundation

● New Grant Approved - Vault Protocol

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