Chinese crypto exchange Huobi Pro announced plans yesterday to become a block producer on the EOS blockchain. Currently the world’s fourth largest crypto exchange with $2.3 billion in daily volume, Singapore headquartered Huobi becomes the latest to embrace the EOS ecosystem.
Supernode Candidacy for Huobi Pro
In a live stream event dubbed the ‘EOS Supernode Party’, and on Twitter the team revealed their application for candidacy to become the next EOS supernode.
Who will be the next Supernode? Hear from the 6 candidates for EOS Supernode, streaming LIVE NOW from World Blockchain Conference Summit.
— Huobi Pro (@Huobi_Pro) April 24, 2018
EOS is similar to Ethereum in that it provides an ecosystem for dApp development and deployment however, unlike Ethereum, it runs on a delegated proof of stake consensus model. This differs to traditional proof of work mining in that the hash power is defined by the number of tokens held or staked by each user or node.
The pros are that it prevents mining monopolies controlling the network but the downside is that it does lead to centralization. Delegated PoS differs slightly in that blocks are produced by elected supernodes which change every 21 blocks in a continual approval voting system. This maintains honesty across the network and prevents one entity controlling too much of it. Those that want to be considered for election must announce their intentions to become a supernode, and Huobi has done just that.
EOS will be migrating away from the Ethereum network on June 2, 2018. The 21 supernodes supporting the mainnet must be in place by then so applications have been coming in thick and fast. Huobi is the largest exchange so far to lodge an application but it has also been joined by others organizations including ViaBTC, and AntPool.
Other exchanges are also making moves to become EOS block producer candidates. Bitfinex who already has an EOS powered exchange, EOSfinex, also announced candidacy on April 23rd. EOS has been having a good run lately with positive developments boosting price. Trading giant eToro announced that it would be adding the token to its listings expanding the total number of cryptocurrencies it offers to ten.
Boosted by the news EOS has continued to grow and is currently trading at just over $15, up 18% on the day. The altcoin recently surpassed Litecoin in the top 25 by market cap and it is currently fifth with $12.3 billion. Over the past month EOS has skyrocketed almost 125% from around $6.7 this time last month.
Image from Shutterstock