Ethereum Enterprise Alliance Debuts New Interoperability Spec

  • The Ethereum Enterprise Alliance recently announced a new software standard that aims to improve interoperability on the network.
  • Named the Enterprise Ethereum Client Specification V2, this specification should make it easier for applications to communicate with each other.

In an news piece posted on October 29th, the Enterprise Ethereum Alliance (EEA) announced the release of their Enterprise Ethereum Client Specification V2 document. This standard aims to improve interoperability and certification processes, which will “accelerate the adoption and deployment of Enterprise Ethereum solutions worldwide.” The specification identifies unique requirements relevant to each application or industry to make development smoother.

The goal of this standard is to help companies use the Ethereum network more fluidly, and connect with other applications and communities more easily.

Applications certified by the EEA are aimed to be “plug and play” solutions, meaning that everything EEA approved will connect seamlessly.

Ron Resnick, Executive Director of the EEA, wants Ethereum software to be as easy as using a SIM card. "If I buy a phone in one country and a SIM card in another, I know they are going to work together." He continues to explain:

Using the EEA Specification, Ethereum developers can write code that enables interoperability, thus motivating enterprise customers to select EEA specification-based solutions over proprietary offerings...With the EEA Enterprise Ethereum Client Specification V2, enterprises and startups can develop interoperable offerings, from low-to high-end based, enabling enterprises and startups to easily mix and match applications cost-effectively, even as their needs change over time.

Ron Resnick, Executive Director, Enterprise Ethereum Alliance

EEA at Devcon

The Enterprise Ethereum Alliance will be presenting more details on this specification at this year’s Devcon. Devcon, a well-known Ethereum conference, started today (October 30, 2018) in Prague, Czech Republic and runs all week.

Devcon is the “annual Ethereum family reunion,” as described by its hosts. “We at the Ethereum Foundation host Devcon to educate and empower our community to build decentralized applications, and to bring Ethereum protocols, tools, and culture to the world.”

Enterprise Ethereum Alliance, launched in February 2017, “is a member-led industry organization based on the goal of empowering the use of Ethereum blockchain technology as an open standard for the betterment of all industries, focused on the needs of enterprises.” Members include developers, technology vendors, start-ups, and Fortune 500 companies. More information, including membership criteria, is available on the EEA’s website.

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Trans-Fee Mining Crypto Exchange 'FCoin' Insolvent After Mistakenly Being Too Generous

One of the first cryptocurrency exchanges to adopt the controversial trans-fee mining (TFM) model, which has been called a “disguised ICO” has paused trading and withdrawals over a shortage of crypto worth up to $130 million.

According to a statement published by FCoin’s founder Zhang Jian, a former Huobi CTO, the exchange is now unable to process withdrawals as its reserves are down by between 7,000 to 13,000 bitcoin, worth over $130 million at press time, over an issue that’s “a little too complicated to be explained in a single sentence.”

Zhang’s statement details the cryptocurrency exchange wasn’t hacked, nor is it pulling an exit scam on its users. He detailed that an internal system error gave users more mining rewards than they should have received, noting the error wasn’t detected for a long period of time.

The transaction-fee mining model, which saw FCoin’s trading volume surpass $5 billion per 24 hours numerous times, sees the cryptocurrency exchange incentivize trading via its own token, FT. FCoin reimbursed users for transaction fees paid in BTC or ETH with FTs until 51% of the coin’s supply was distributed, and redistributed 80% of the BTC and ETH it collected to those holding FT tokens.

The controversial model drew criticism and saw Zhang defend it, claiming it was a misunderstood invention. At the time, he said:

If you look back at history, all new things were not recognized at the beginning. Many were believed to be fraud. Jack Ma was recognized as a fraud when he first promoted the internet in China.

Various cryptocurrency exchanges started adopting the TFM model shortly after, with research showing these platforms had unusually thin order books and low traffic taking into account the trading volumes they had.

According to Zhang, the errors in FCoin’s system gave away too many tokens in mining rewards from mid-2018 to mid-2019, when a complete back-end auditing system was implemented. As throughout 2019 the price of FT kept on dropping, Zhang and his team reportedly used their own funds to buy back tokens and drive up demand, a decision he claims was an error.

This, as it gave users a chance to sell their FT tokens and withdraw as much as possible from their accounts, while FCoin bought up tokens that kept on losing value. Zhang’s announcement came shortly after FCoin suspended its platform over a risk-control issue.

Zhang is now reportedly manually processing users’ withdrawal requests sent via email. The founder of the exchange claimed he will “switch tracks” to start again, and noted he hopes he can use the profits made from new ventures to “compensate everyone for their losses.”

Featured image via Unsplash.