Genesis Mining Shows Faith in EOS by Becoming a Block Producer

Francisco Memoria
  • 22 Jun 2018
  • /
  • In #EOS
  • Cloud mining company Genesis Mining has recently become one of the 21 EOS block producers.
  • The company applied last month, revealing a venture called EOSGen.

Genesis Mining, the world’s largest cryptocurrency cloud mining company, recently became one of the 21 EOS Block Producers (BPs), according to blockchain data, after applying for it last month through a post on its website.

The company’s application notes that Genesis Mining was founded in late 2013, and that it now has over 2 million users and over 50 team members. Its EOS mining venture, dubbed EOSGen, is reportedly part of a move that’s set to help tackle inequality. The company’s post reads:

We want to contribute to the increasing individual sovereignty of EOS and it’s users while decreasing the social inequality (globally and locally) by tapping the economic, technological, and social potential of EOS and its decentralized, borderless, and efficient nature.

Genesis Mining

EOSGen reportedly contributes to the cryptocurrency’s network by “providing and running the nodes required for the ecosystem to exist and thrive.” Its goal, per Genesis Mining, is to “provide people with the means via the technological backbone, so they can participate in the EOS and blockchain community.”

While the company cautiously revealed it won’t disclose too much about its datacenters, it did detail the location and operations in its Enigma Datacenter, located in Iceland, and its Thor Datacenter, located in Sweden. It touted their security and connectivity.

Notably, Genesis Mining’s Block Producer roadmap and its stance on dividends haven’t yet been defined. The cloud mining company has been prominent in the crypto space, as during the Consensus 2018 conference it launched a #BitcoinAwareness campaign targeting billionaire investor and bitcoin bear Warren Buffet.

Also read: Genesis Mining on Future of Crypto Mining, Green Energy and Why Blockchain Isn’t for Al

Earlier this year, the company was targeted by regulators, as South Carolina’s Securities Commissioner department deemed its cloud mining contracts unregistered securities, which saw it hit Genesis Mining with a cease and desist.

Ethereum-Based DeFi Project Reportedly Grew Nearly 780% Last Year

Decentralized finance (DeFi) projects based on the Ethereum blockchain have grown by 778% when compared to the first quarter of 2019, driving growth in the decentralized application space.

According to a report published by DappReview, compared to the first quarter of 2019 the total value of transactions made on decentralized applications grew by 8.2.2% to $7.9 billion, across a total of 13 different blockchains.

The top three blockchains – Ethereum, TRON, and EOS - contributed a total of 99.1% of the volume. The report notes that both TRON and EOS, however, lost users and transaction volume year-over-year, while Ethereum kept on growing.

This growth saw decentralized finance projects increase 778% compared to the first quarter of last year. Notably, these grew even though the total active addresses interacting with decentralized applications dropped by 22.1%.

The report notes that on the Ethereum blockchain, the total transaction volume on decentralized applications during the first quarter of the year was of $5.64 billion, an increased of 652% compared to last year. The report reads:

The main growth was driven by DeFi projects which have become the growth gist of Ethereum since 2019, with the largest transaction volume. It is worth noting that most of the volume of DeFi projects are in ERC-20 tokens (such as WETH, DAI, USDC, etc.), rather than the native token Ether.

ERC-20 tokens, it adds, made up 84% of the total transaction volume. Per DappReview the Ethereum dApp ecosystem “remains diverse and the performance was very steady compared to the other blockchains.”

The report further notes that casino decentralized applications, which were popular last year, saw their volume drop 64.6% year-over-year, while still remaining among the top three sectors when it comes to active addresses.

As CryptoGlobe reported, earlier this year the total value locked in decentralized finance apps hit a $1 billion all-time high, before dropping over one project being exploited through so-called flash loans, and over the value of cryptocurrencies going down.

Cryptocurrency wallets have also been making it easier for users to earn interest on DeFi platform, with Coinbase wallet integrating support for these project late last month.

Featured image via Pixabay.