Potential Everipedia User Struggles to Deal With EOS’ Entry Barriers

  • A potential Everipedia user has been struggling to deal with EOS' entry barriers.
  • The potential user, on Reddit, revealed he was interested in the project but didn't know anything about blockchain technology.

Blockchain technology is finding its way into new applications every day, but entry barrier for most of these applications is still relatively high for the average user. Developers have made great strides to close this gap in recent years, but most blockchain platforms are still very intimidating to newcomers.

For example, Everipedia, the largest blockchain-based online encyclopedia, is a project that created excitement among people who don't even know what a “blockchain” is, but it seems they are having trouble figuring out how to contribute to the community.

As CryptoGlobe reported last month, Everipedia will be running on EOS.IO technology, and while no sign up is required to publish content or vote on Everipedia’s network, it does require users to have an EOS account and IQ tokens.

This process caused confusion for Redditor “willwrite4schlrshps,” who asked for help on the Everipedia subreddit.

I have no idea who or what a "block chain" is. However, I do know what an underrepresented minority in STEM is, and I'd love be invited so I can contribute to Everipedia by writing articles (plus, be eligible for the scholarship)! Thanks.

Moments later the redditor posted a follow-up question: “Okay, so I've made it to the new domain, and I've got the Scatter extension for Chrome. But Scatter is asking for my "key pair" and I have no idea what that is or how to generate one.”

Romiezzo, one of the moderators on the forum, posted the following response empathizing with the user’s frustration:

Unfortunately, registration on Everipedia.org is no longer available, as we've pushed our efforts towards creating our blockchain platform (iqnetwork.io). We understand that the process for the latter is a lot more rigorous right now, especially for someone who is not involved in crypto/the EOS community. However, because we are running on EOS, we believe it makes more sense to have people migrate to the IQ Network and start participating in the site's governance of content and technology.

In order to contribute to the online encyclopedia, a newcomer would have to go through many unfamiliar steps that involve spending money, submitting personal information and learning an entirely new technology. Since the initial post was made, there’s still no indication the new user was able to start contributing to Everipedia.

Everipedia and EOS both show potential, but as with any project in the blockchain space, including Bitcoin, there is still a long way to go before this technology is accessible to the average consumer.

While adoption has been slow it has been happening. As covered, leading crypto exchange Bitfinex is set to unveil an EOS-based decentralized exchange later this month, and HitBTC, another exchange, adopted EOS as a quote currency.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance