Introduction
Monthly conference calls with EOS Block Producers (BPs) to establish regular communication between the top 30 EOS BPs and the EOS Network Foundation (ENF) to promote communication between network operators and custodians Open dialogue and support the collaborative development of the EOS ecosystem.
Conference overview
The meeting starts on December 14, 2023 at 02:00 UTC. Nineteen BPs participated in the call, and a total of 29 people participated in the discussion. The Interprefy tool was used for simultaneous translation during the conference call to facilitate real-time dissemination of information across multiple languages.
Beatrice Wang, community manager of the EOS Network Foundation, moderated the meeting. She kicked off the meeting by welcoming attendees and giving a brief overview of the topics to be discussed at the meeting.
EVM event—Inscription event
Yves La Rose, CEO of the EOS Network Foundation, spoke first. He highlighted several key points while highlighting recent performance achievements achieved by the EOS network during the last unscheduled high-traffic Inscription event on the EOS EVM.
Discussion points:
EOS EVM Unexpected High Traffic Event: Over the weekend of December 9-10, EOS EVM experienced its first inscription event, resulting in a significant increase in network load. This event was not anticipated and the network was not specifically prepared for it.
Impressive performance metrics: Despite the unplanned nature of the event, the EOS EVM processed more than 17.6 million transactions during the peak 24 hours. This performance is significant compared to other EVM chains that have recently set daily records for Inscriptions
Network Resilience: The EOS network demonstrated remarkable resilience during this period, with the network managing approximately 28 million transactions in 32 hours despite some challenges faced by RPC nodes.
Future Potential and Stress Test: La Rose speculates that with a coordinated effort, EOS could process 3 to 4 times more transactions. The largest recorded block contained about 2,200 transactions, and he estimated the volume in a day to be over 100 million transactions under optimal conditions.
Gas fee stability: Unlike other networks that see gas fees rise significantly during high-traffic events, EOS maintains gas fees below cents.
Upcoming software updates: La Rose urges BPs, especially those not using Leap 5.0 RC3, to upgrade once the final release is expected (expected in early January). This update includes optimizations to the EOS EVM that improve performance and reduce operating costs.
Importance of Infrastructure: La Rose emphasized the critical role of infrastructure, stating that the success of any initiative by Labs or the EOS Network Foundation depends on a strong and performant network. He celebrated the network's more than 2,000 days of 100% uptime.
Preparing for future events: Given the popularity of the inscription, Yves expects a similar event to take place soon. He advised BPs, especially those close to the top 21 but not currently in the top 21, to prepare their infrastructure for potential increased loads and seek guidance from experienced BPs.
Community and ecosystem growth: La Rose highlighted the correlation between network load, EOS consumption, and the overall health of the ecosystem. He encouraged BP to continue its excellent work to support the growth and stability of the network.
Yves’ presentation highlighted the EOS network’s superior performance during unplanned high-traffic events, demonstrating its robustness and the important role of infrastructure readiness. With upcoming updates designed to enhance this already powerful network, EOS is solidifying its position as a highly stable and growing force in the blockchain ecosystem.
EOS Labs Latest Developments
EOS Labs CEO Wen Huaqiang followed up by summarizing an incredibly busy month for the organization, highlighting several key developments and collaborations.
Key highlights of EOS Labs:
Joint laboratory with CoinTR: EOS Labs and CoinTR have established a collaborative joint laboratory to incubate local blockchain projects. This cooperation enables CoinTR to support both the EOS original chain and the EVM chain, enhancing the convenience of EOS users' deposit, withdrawal, and listing of EVM ecological projects.
CoinTR’s upcoming plans: CoinTR will launch EOS Stake service next week and will launch its first Launchpad project in January. Three candidate projects have been prepared for this launch.
EOSS Performance on EOS EVM: EOSS, launched on EOS EVM, recorded impressive metrics with over 17 million transactions completed in 24 hours with over 20,000 unique wallet addresses.
Ubox launches ChainPass NFT: Ubox successfully launched the first batch of ChainPass NFT for EOS staking users, with NFT worth 200,000 EOS sold out in just 3 hours.
PlayZap’s market growth: According to DappRadar, PlayZap has achieved significant growth in the Indian market, reaching 62,000 unique active wallets (UAW), 133,000 transactions, and 52,000 transaction volume in 30 days.
Winter Festival Event: EOS Labs is preparing for the Winter Festival event, which includes a series of ecosystem projects, including EZSwap (game asset exchange) in partnership with Blockworld, which is already in the testing phase.
Future EVM projects and discussions: There are five EVM projects coming soon and discussions for investment or integration with more than a dozen other projects.
These updates from Wen Huaqiang illustrate a period of dynamic growth and expansion for EOS Labs, highlighting collaborative efforts and the successful integration of new technologies and projects within the EOS ecosystem.
Proposal - EOS Network Resources
EOS Nation CEO Daniel Keyes has presented five proposals for the EOS network to consider. The proposals, briefly outlined below, are based on a core set of guiding principles that emphasize network integrity and security. These principles include ensuring cybersecurity, maintaining or increasing voter participation without compromising cybersecurity, and adhering to code security standards. This requires minimal modifications to the system contract, ensuring there is no risk of loss of funds and minimizing code complexity during the review process. To explore these proposals in more depth, please see the details provided here.
Modify RAM increase rate
The proposal aims to prevent the expansion of RAM supply in the EOS market by setting the RAM growth rate parameter to zero. This change resolves the mismatch between the theoretical and actual RAM capacity available to block producers. Additional research is recommended to potentially allow for negative RAM inflation rates. Action must be taken immediately. more details.
Related updates after the meeting: A multi-signature (MSIG) proposal aimed at preventing RAM inflation was recently submitted to EOS block producers. As of December 17, majority consensus was reached, with 15 of the first 21 nodes voting in favor of and subsequently executing the proposal. For more information, please see the details provided at the following link:
Remove delayed transactions from system contracts
To improve reliability and reduce development complexity, the proposal recommends deploying system contract v3.2.0, which removes deferred transactions from certain operations, specifically requiring explicit refunds for failed name bids in the bidname operation. Implement immediately. more details.
Staking rewards
The proposal aims to increase Resource Exchange (REX) rewards by increasing EOS network token issuance by 2% and changing claim reward actions to direct new tokens to REX. It includes creating a new table to track REX’s inflation and removing voting requirements for REX to enable wider participation. The proposal requires additional development and testing. more details.
Increase maximum transaction time
To improve transaction processing efficiency, especially EVM transactions, the proposal involves deploying Leap 5.0.0, increasing the maximum transaction time to 150 milliseconds. This change has been implemented and awaits deployment. more details.
Powerup technology improvements
To simplify resource allocation, the proposal adds a new power-on prepayment feature that allows for specific CPU time leasing and automatic allocation of CPU and NET at a 10:1 ratio. The proposal is in the development and testing stages. more details.
To learn more about these proposals, please click on the links below:
https://github.com/EOS-Nation/eos-network-resources
Block Producer Attendance List
Big.ONE
Blockpool
Defibox
Detroit Ledger Technology
EOS Nation
EOS SG
EOS42
EOSflytoMARS
EOSlambdacom
EOSphere
EOSSupport
EOSeoul
EOSUSA
GenerateEOS
Greymass
Hashfin
Moreisfuture
Newdex
StartEOS
About the EOS Network
The EOS network is the epitome of the blockchain 3.0 era, powered by EOS VM. EOS VM is a low-latency, high-performance, and scalable WebAssembly engine that enables nearly seamless deterministic transaction execution. The EOS network is designed specifically for Web3 and is committed to enabling the best Web3 user and developer experience. EOS is the flagship blockchain and financial center of the Antelope protocol, and uses the EOS Network Foundation (ENF) as a tool for multi-chain collaboration and development of public basic products to further improve the infrastructure and drive the rapid development of EOS.
EOS EVM
The EOS EVM is a simulation of the Ethereum EVM and resides within the EOS smart contract. The EOS EVM will provide functionality equivalent to other EVMs in the space, but with unparalleled speed, performance and compatibility advantages. EOS EVM connects the EOS ecosystem with the Ethereum ecosystem, allowing developers to deploy a large number of Solidity-based digital assets and innovative dApps on EOS. Developers can use the EOS EVM to leverage Ethereum’s battle-tested open source code, tools, libraries, and SDK while taking advantage of EOS’ superior performance.
About the EOS Network Foundation
The EOS Network Foundation (ENF) was born to create a prosperous, decentralized and future for the EOS ecosystem. By encouraging the active participation of major stakeholders in the EOS ecosystem, supporting community projects, providing ecosystem funding, and supporting the construction of an open technology ecosystem, ENF is setting off a new round of Web3 changes. As the center of the EOS network and a leading open source platform, ENF was founded in 2021 and has a stable set of frameworks, tools, and blockchain deployment libraries. Together we enable innovation in community building and work to create a stronger future for all.
