Introduction

The monthly meeting of the EOS Block Producers (BP) aims to establish regular communication between the top 30 EOS block producers and the EOS Network Foundation (ENF) to promote an open dialogue between network operators and regulators, Support the common development of the EOS ecosystem.

Conference overview

The meeting started at 0200 UTC on January 10, 2024. 18 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 call to facilitate the free flow of information in multiple languages ​​in real time.

ENF's Communications Manager Beatrice Wang greeted attendees and started the meeting with a brief overview of the topics that would be discussed.

Yves La Rose speaks on EOS network improvements

EOS Network Foundation founder and CEO Yves La Rose began by discussing several important updates and recommendations for the EOS network’s block producers (BPs).

Infrastructure preparation: La Rose emphasized the need for drafters, especially those close to the top 21, to be prepared. This includes ensuring their infrastructure is solid in case they are pushed into the top 21, which is crucial given the recent surge in transaction volume on the network. He recommended that BPs seek help from others to configure nodes and establish appropriate peer connections. This preparation is critical for efficient block production and network stability, especially as transaction volume increases on the EOS EVM.

LEAP 5.0 Upgrade: Describes the release of LEAP 5.0, highlighting its significant performance improvements. The latest upgraded system contract execution speed is increased by 5 times, including EOS EVM, atomic API calls are accelerated by 4 times, and more reliable non-blocking serialization. In addition, LEAP 5.0 achieves significant memory savings by reducing system memory consumption of the state database by up to 20%. La Rose urges the EOS community, especially block producers, to upgrade to this version to benefit from these efficiency and performance improvements, which are critical to handling increased transaction volumes and maintaining network stability.

Tokenomics and EVM Update: Finally, La Rose discussed moving the EOS EVM’s tokenomics variables from ENF to EOS Labs. The shift is aimed at operating the product more efficiently, and now EOS Labs will manage variables such as gas fees. He highlighted recent adjustments to gas fees to reflect actual costs on the chain and mentioned possible future changes to gas fees based on different action types.

EOS Labs Updates

EOS Labs CEO Huaqiang Wen provided insight into the organization’s current focus and future plans, specifically regarding inscription and RAM usage:

Increase in Inscription activity: Wen noted a significant increase in Inscription-related activity on the EOS network. He highlighted that this activity has tripled recently, leading to a corresponding increase in demand and price for RAM.

Impact of upcoming inscriptions: EOS Labs expects to roll out more inscriptions in the coming weeks. These new additions are expected to further impact RAM usage and activity across the chain. Wen urged network participants to closely monitor real-time data so that any emerging issues can be addressed promptly.

Improvements to RPC nodes: Currently, the EOS Network Foundation (ENF) provides an RPC node for EOS Labs activities. However, as new projects are introduced, especially those focused on inscriptions, the plan is to move to a dedicated RPC node to address these specific needs. This move will ensure stronger and more efficient network connectivity to support the growing needs of the EOS ecosystem.

Strategic allocation of gas fees to promote ecosystem development: Huaqiang communicated the policy of allocating gas fees collected in eosio.evm for purchasing resources (such as RAM and CPU), token burning, and providing subsidies for specific projects (including inscriptions). This policy reflects a strategic approach to using gas fees to promote ecosystem growth and incentives.

Overall, Wen’s update reflects EOS Labs’ proactive approach to managing the challenges associated with the growing popularity of inscriptions and their impact on network resources. The organization is focused on strengthening infrastructure and working with service providers to ensure networks remain strong and efficient amid increased activity.

EOS and Bitcoin Convergence: Envisioning L2 Integration

Tony Tsao's opening remarks

Tony Tsao, a long-time community member who has been involved with the EOS network since its inception, emphasized the huge impact of the Bitcoin ETF approval. He sees this as a critical moment for legitimizing the entire cryptocurrency industry and a major opportunity for mainstream acceptance of Bitcoin. Tony regarded this as a strategic turning point for EOS and proposed the idea of ​​EOS as a layer 2 solution for BTC. He emphasized the need for the EOS community to quickly adapt to changing market dynamics and use this opportunity to revitalize EOS’s position in the cryptocurrency space. Acknowledging EOS's historical challenges and market position, Tony called for a strategic shift to integrate EOS with the Bitcoin ecosystem. He invited prominent EOS community members, including Huaqiang Wen, Guillaume Babin-Trembley, and Yves La Rose, to discuss the future direction of EOS and its potential as a layer 2 platform for BTC.

Guillaume Babin-Trembley’s expertise

EOS Titan’s Guillaume Babin-Trembley is a luminary of cryptocurrency and blockchain technology who played an important role in the early development of the Bitcoin Sharp client, bringing valuable technical insights to the discussion. He recognized the importance of the SEC’s approval of a Bitcoin ETF in the United States and linked this event to the potential of EOS as a layer 2 solution for BTC.

In his role, Guillaume was instrumental in the design and implementation of the Antelope IBC (Inter-Chain Communication) protocol, a key development for EOS and the wider Antelope network. Additionally, he is actively working with the EOS Network Foundation (ENF) engineering team on Instant Finality, an important upcoming upgrade to Antelope and the EOS consensus mechanism. This work is critical to improving the efficiency and reliability of the network, factors that are critical in making EOS suitable for interoperability with other chains, including Bitcoin.

Guillaume highlighted the unique advantages of EOS and Antelope, such as advanced features and flexibility, which he believed allowed them to interoperate effectively. Supporting Tony’s vision, he highlighted his determination to ensure that key EOS developments, such as IBC and instant finality, are aligned with the integration of EOS as a layer 2 solution for BTC. Recognizing the challenges ahead, Guillaume called for collaboration among community members, encouraging those with interest and expertise to participate in this groundbreaking initiative, combining his technical leadership with active community engagement.

Yves La Rose’s pragmatic perspective

EOS Network Foundation CEO Yves La Rose provides a pragmatic perspective on the potential integration of EOS as a layer 2 solution for BTC. He recognized the significant possibilities of this endeavor while also being concerned about its embryonic stage, emphasizing the yet-to-be-developed detailed implementation plan and the complexities of resource allocation and technical execution.

La Rose noted that there are inherent challenges in such a transformative project, specifically emphasizing ongoing development efforts with immediate certainty — something that is critical to EOS’s progress. He emphasized that effectively addressing these challenges requires the involvement of highly skilled professionals and substantial resources, emphasizing the need for a dedicated and skilled team to deal with the complexities of integrating EOS with Bitcoin infrastructure.

Discussing such an integrated strategy, La Rose recommends a marketing approach that encompasses a broad range of stakeholders. This strategy targets not only existing EOS community members and Bitcoin holders, but also investors new to the cryptocurrency space who are incentivized by developments such as the approval of a Bitcoin ETF. He sees the renewed focus on EOS brought by projects like the EOS EVM and Inscription as a key opportunity to galvanize support and build momentum for the initiative.

In his remarks, La Rose conveyed a balanced view that both recognized the potential of EOS in the Bitcoin ecosystem while clearly assessing the obstacles ahead. His call for skilled engagement and strategic outreach reflects a thoughtful approach to ensure EOS successfully navigates the ever-evolving landscape of cryptocurrency and blockchain technology.

Huaqiang Wen’s strategic insights

EOS Labs CEO Huaqiang Wen shared his strategic insights, recognizing that the passage of a BTC ETF represents a historic opportunity for Bitcoin’s growth and mainstream adoption. He identified EOS’s high performance and reliability as key factors in capturing potential excess traffic from the Bitcoin network. Wen proposed creating a BTC VM (EOS UTXO) on EOS, similar to the EOS EVM. This virtual environment will use BTC for gas fees and replicate BTC’s address and signature method, supported by a multi-signature cross-chain bridge. Wen suggested developing this cross-chain bridge in stages, starting with a multi-signature Lock & Mint solution and eventually moving to a zero-knowledge proof-based Trustless solution, depending on the support and technological advancements of the BTC main network. He emphasized the importance of the lack of mature Trustless cross-chain bridges on the market and envisioned EOS playing a key role in this area. Wen’s perspective highlights the technical feasibility and strategic importance of integrating EOS into the Bitcoin ecosystem, emphasizing EOS’s ability to improve Bitcoin’s scalability and transaction efficiency.

Each speaker brings a unique perspective, and together they build a comprehensive narrative about EOS’s potential as a layer 2 solution for BTC. From Tony Tsao’s strategic vision and community mobilization call to action, to Guillaume Babin-Trembley’s technical prowess and collaborative approach, to Yves La Rose’s pragmatic and resource-oriented outlook, and Huaqiang Wen’s insights into technology solutions and market opportunities, these The discussion highlighted the many facets of this initiative. The consensus among these key EOS community members points to a joint effort to explore and realize EOS’s potential in enhancing the Bitcoin ecosystem, marking an important potential shift in the cryptocurrency space.

Pursuing EOS as a BTC layer 2 solution

As the EOS community stands at an important crossroads, the collective insights from Tony Tsao, Guillaume Babin-Trembley, Yves La Rose, and Huaqiang Wen converge into a compelling call to action. They invite the broader EOS community, especially those with technical expertise and capital resources, to actively participate in exploring and developing EOS as a BTC layer 2 solution. Guillaume Babin-Trembley, in particular, stressed the need for collaborative efforts and encouraged interested individuals to connect and contribute to this groundbreaking initiative.

They emphasized that the potential path to integrating EOS as a layer 2 solution for BTC is fraught with unknowns, including technical challenges, resource allocation, and strategic decisions that have yet to be made. The community is urged to engage with understanding in discussions surrounding this proposed effort, and while the potential is huge, the journey is still in the conceptual stages and nothing is certain. This period of exploration and discussion is critical to shaping a viable, effective, and coherent strategy to secure EOS’s potential role in enhancing the Bitcoin ecosystem.

Block Producer Attendance List

  • Big.ONE

  • Cryptolions

  • Defibox

  • Detroit Ledger Technology

  • EOSeoul

  • EOS42

  • EOSflytoMARS

  • EOS SG

  • EOSphere

  • EOSSupport

  • EOS Titan

  • EOSUSA

  • GenerateEOS

  • Greymass

  • Hashfin

  • InfStones

  • SlowMist

  • StartEOS

EOS network

The EOS Network is a third-generation blockchain platform powered by EOS VM, a low-latency, high-performance, and scalable WebAssembly engine for deterministic execution of virtually fee-free transactions; designed for optimal Web3 users Built for developer experience. EOS is the flagship blockchain and financial center of the Antelope Framework, serving as a driver of multi-chain collaboration and public goods funding, providing tools and infrastructure through the EOS Network Foundation (ENF).