EOS’ Dan Larimer Is Eyeing Another Cryptocurrency Project

Daniel Larimer, a developer at Block.one, the company that created EOS, has shared plans for the development of another cryptocurrency project, shortly after EOS itself launched.

The plans were recently announced via Telegram:

“I will say it again, I am not leaving EOSIO or B1. In the process of working on EOSIO security and scalability I stumbled upon a new set of tradeoffs for a potential crypto token and I have merely been exploring whether there is a market for those tradeoffs. EOSIO is the future of blockchain and each day our team at block one is making it faster, more secure, more scalable, and more flexible.”

It seems that, during the process of EOS’ development, Larimer came across a new set of concepts. He ended up not applying these new concepts on EOS and now seemingly wants to use them to create a new token:

“The hypothetical token would be immutable, non-programmable, and limited to a currency role. It would in no way compromise the much larger uses for EOSIO applications.”

Other attributes of the new token were revealed on a separate Telegram group. In it, he stated that “crypto people will hate it,” and called the new token “MonerEOS,” potentially indicating that it will be a match-up between privacy-centric cryptocurrency the monero (XMR) and EOS.

Crypto Community Reactions

It seems that Larimer was not far off as the messages were not well received by the crypto community, as it is evident by comments on Reddit. Regardless of Larimer reassuring investors that the new project would not compromise the development of EOS, many in the community are still skeptic about the developer's intentions.

EOS is considered an “ICO unikorn”, having received over $4 billion in funding in its year-long ICO. However, almost 5 months after EOS' mainnet launch, Larimer is drawing criticism for already setting his sights on another project.

Larimer is credited as the creator of EOS, Steem, and BitShares, all blockchains with a high transaction output. With this new announcement, the entrepreneur is becoming known for jumping from project to project. While many see no fault in it, the situation may be especially concerning if we take into account the recent downfalls of Larimier’s previous projects.

As reported by CryptoGlobe, the blockchain social media platform Steemit has recently had to cut more than 70% of its staff due to the cryptocurrency bear market. According to the firm's CEO Ned Scott, the firm is now undergoing restructuring efforts to be able to stay afloat.

New findings claim that EOS is not a blockchain, as transactions are not cryptographically validated. As if that wasn’t enough, EOS moderators are able to change transaction history and revert previously-confirmed transactions. Larimer himself has said that decentralization is not EOS’ top priority.

Tether Gold (XAU₮): A New Tokenized Gold Product Built on Ethereum and TRON

Siamak Masnavi

On Thursday (January 23), Tether launched a new product called Tether Gold (XAUt), which is a crypto token -- available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain -- representing "ownership of one troy fine ounce of physical gold on a specific gold bar" held in a Swiss vault. 

Paolo Ardoino, CTO at Tether, had this to say:

There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem. Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.

The XAUt token "can be transferred to any on-chain address from the purchasers' Tether wallet where it is issued after purchase." A particular gold bar(s) "will be associated with each on-chain address where Tether Gold is held."

The allocated gold is "identifiable with a unique serial number, purity and weight" and XAUt token holders are able to verify "the details of the gold bars associated with their address" via the Tether Gold product page on the Tether website. 

Tether Good Lookup.png

Tether Gold is a cryptoasset issued/sold by TG Commodities Limited (a UK company incorporated in December 1998). Each XAUt token represents "one troy fine ounce of gold on a London Good Delivery gold bar" and may be "fractionalized up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce)." 

Here are a few more important things you should know about Tether Gold:

  • You need a verified account with TG Commodities Limited if you want to buy XAUt directly from its issuer. The minimum purchase amount is 50 XAUt (worth approximately $78,250 as of 23 January 2020). The purchase price must be paid in USD.
  • XAUt tokens can be traded on supported exchanges (such as Bitfinex) "in fractions as small as the exchanges permit.", but you do need to pay 
  • There are no custody fees, but you do need to pay "a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption." 
  • To redeem Tether Gold tokens, you need a verified account with TG Commodities Limited. You must have at least "one full bar of gold worth of tokens" in order to use the redemption service. The physical gold can be delivered to either somewhere in Switzerland or the XAUt token holder can ask TG Commodities Limited to sell their physical gold and receive USD from the proceeds of the sale. 

Featured Image Credit: Photo via Pixabay.com