What is EOS Canada?
EOS Canada is a block producer for the EOS blockchain network, headquartered in Montreal, Quebec. Its block producer candidacy for the EOS network was formally announced on April 14th, 2018.
EOS Canada has been built with the support the Montreal-based launchpad Diagram Ventures. Co-founders and employees hold the majority ownership of the company, while Diagram Ventures owns more than 10%. The co-founders are Marc-Antoine Ross, Alexandre Bourget and Mathieu Boulianne and the Executive Chairman of EOS Canada is Dr. Richard Reiner.
EOS Canada has been voted by the global community of EOS token holders within the top 21 block producers since the launch of the EOS mainnet on June 14th, 2018. To view our current standing, you can visit EOSQuery.
EOS Canada has no contractual relationship with Block.one. EOS Canada has no special relationship with Block.one, the developer of the open source software EOS.IO; EOS Canada is not a franchise or an affiliated entity. EOS Canada works in a “competitive collaboration” relationship with other block producers of the EOS mainnet and are users of the open source software which Block.one has made available to the public.
EOS Canada constantly produces educational content in different format and languages, and published on numerous platforms:
EOS Canada builds unique development, testing, and production tools to enable developers and businesses to embrace blockchain technology to build a decentralized world, as well as for the benefit of the whole community:
- eos-go: The first fully-fledged toolkit to interact with the EOS.IO blockchain in Go
- eos-bios: Launch clones of mainnet in seconds, bootstrap development environments
- eosc: Cross-platform command-line tool for interacting with an EOS.IO blockchain
- eosio.forum: The first forum for EOS, a simple messaging and referendum system to help the community better communicate
- eos BP tools(eos-blocksigner and eos-claimer): Open source tools to help Block Producers in their day-to-day operations
- EOSQuery: Comprehensive EOS block explorer to leverage data analytics for the next generation dApp developers
What is EOS?
EOS is the first platform designed from the ground up for scalability that will allow mainstream adoption of the blockchain - offering enterprise level speed and performance to its users and applications that build atop it.
“EOS is based on the EOSIO software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications. For more information, please read the EOS.IO Technical White Paper.” (source: FAQ 1 EOS.IO)
“You can think of EOS tokens as a digital commonwealth: In this model, EOS tokens represent ownership of digital, fungible real estate. It is a scarce resource that not only entitles owners to governance rights (via delegated on-chain voting), but also can be utilized by the owner for access to network resources or trustlessly rented out to others.” (source Multicoin Capital)
What is the role of Block.one?
Block.one is the developer of the open source EOS.IO software. Its CTO, Dan Larimer, previously created the blockchain-based financial services platform BitShares as well as Steemit, a cryptocurrency-powered publishing platform. Each relied on a novel consensus protocol called “delegated proof of stake,” which Larimer is also using with EOS.IO (source: MIT Technology Review).
“[Block.one (the “Company”)] will not configure and/or launch any public blockchain platform adopting the open source EOS.IO Software (the “EOS Platform”) for any purpose; any launch and implementation of the EOS Platform may occur by third parties unrelated to Company; third parties launching the EOS Platform may delete, modify or supplement the EOS.IO Software prior to, during or after launching the EOS Platform; Company will have no control over when, how or whether the EOS.IO Software is adopted or implemented, or how, when or whether the EOS Platform is launched.” (source: EOS Token Purchase Agreement)
“Block.one cannot offer free support to all of the potential chains that may be launched; nor can we take responsibility for bugs or unapplied patches. Any and all community-driven chains are services offered by community members to other community members and not the responsibility of Block.one. Block.one may provide support services for a fee to enterprises and individuals who require development and configuration assistance with their chain.” (source FAQ 11 EOS.IO)
“The EOSIO Software is provided “as is,” without warranty of any kind, express or implied. If someone chooses to adopt and deploy the software, they take full responsibility for patching and upgrading the software as necessary to serve their use case. Block.one will continue to enhance the EOSIO reference software. In this process we may find and fix bugs on our own schedule. It is up to each EOSIO-based blockchain community to review, merge, and implement an upgrade strategy.” (source: FAQ 13 EOS.IO)
To support the development of the EOS ecosystem, Block.one invested into different funds (source: Multicoin Capital):
- $50M fund in collaboration with Tomorrow Blockchain Opportunities
- $325M fund managed by Mike Novogratz’s Galaxy Digital
- $100M fund with FinLab AG
- $200M Asia-focused fund called EOS Global
“Block.one and EOS VC funds do not provide investment funding to any Block Producers (“BP”) and have no plans to do so in the future. Further, Block.one does not plan to hire BPs as consultants or independent contractors, nor does it allow its management, or employees serve as a BP or as an advisor to any BP.” (source Block.one)
What is the role of a Block Producer?
Since the EOS mainnet launch, block producers are the decentralized bodies that are voted in by token holders to run the EOS network.
By delegating the responsibility for processing transactions to 21 block producers and more than 40 standby block producers, the EOS system is much faster and more efficient alternative to other blockchain technology like Ethereum. The EOS mainnet is already able to achieve thousands of transactions per second, compared with just 15 per second for Ethereum (source: MIT Technology Review).
Block producers produce the blocks of the EOS blockchain and earn EOS tokens through an inflationary system (1% inflation per year at present time). Because they rely on the votes they receive from token holders, block producers are incentivized to reinvest to create better infrastructure growth, better community and financial support, along with better education on the EOS network and EOS dApps (source: Crypto Currency News).
Who selects the Block Producers and what is Block.one’s role in selecting them?
As EOS run on Delegated Proof of Stake (DPOS), those who hold the network token are able to cast votes to elect block producers through a continuous approval voting system. Votes are weighted by the voter’s stake, and the block producer candidates that receive the most votes are those who produce blocks. Users can also delegate their voting power to a proxy who can vote on their behalf. DPoS is a liquid, representative democracy with token holder suffrage. DPoS can also be thought of as a formalized, digital version of a traditional organizational hierarchy that operates in a completely transparent way (source: Multicoin Capital).
Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them. Today, more than 400 entities are listed as block producers candidates on EOSQuery.
As a recipient of 10% of the initial EOS token allocation, Block.one recently announced that it will eventually exercise its vote but not until it represents a minority of total voting turnout (sources: Press Release, CEO Tweet).
EOS consensus (Delegated Proof-of-Stake) vs. traditional mining (proof-of-work)?
“Proof of work (POW) is data that is costly and time-consuming to produce but easy for others to verify. The Bitcoin POW mechanism is so costly that it consumes the same amount of electricity it takes to power a country like Switzerland in one year.
EOS is leading the way to fix that. EOS employs the delegated proof-of-stake (DPOS) mechanism. In this system, one coin = one vote for selecting a certain number of delegates (called block producers). Only voted block producers will be allowed to produce blocks and be rewarded by the network. Voting power in this case is equivalent to the number of coins that voters hold.” (source: Forbes)
“Delegated Proof of Stake (DPoS) concentrates block production in the hands of just a few, known, semi-trusted entities in order to achieve orders of magnitude more scalability than proof-of-work (PoW) or other proof-of-stake (PoS) blockchains.” (source: Multicoin Capital)