Twitter is full of helpful information. I'm finding it produces news faster than.....the news. Take today, for example. I ran across a Tweet from the Revolution Populi account about the release of their Whitepaper.
Haven't heard of Revolution Populi yet? I wrote about their ENORMOUS vision a month or so back.
@inalittlewhile/future-hive-competitor-revolution-populi
A New Social Blockchain Using EOS Witnesses With An rdPOS Consensus
All the hype from Revolution Populi pointed to the Oracle LINK to fulfill their smart contracts. How they planned to use an Oracle for that purpose wasn't disclosed. I do remember reading that LINK is able to provide more than just real world information.
The announcement Tweeted out today makes no mention of LINK. If Rev Pop does intend to use the Oracle, their Whitepaper makes no mention of it.
Revolution Populi claims they will create a "Clearinghouse" for crypto along with a robust ecosystem. They intend to use a three layer system that can fulfill smart contracts, and not just those on the ETH chain.
Offering speed, security, and decentralization, Rev Pop intends to completely disrupt the mainstream social media state of affairs.
What's rdPOS?
Instead of having the top 21 block producers forming a consensus, Rev Pop wants to randomly assign block production among the top 63 witnesses.
They plan to pick 21 random witnesses out of the top 63 and do this each time consensus is reached. They also claim the ability to scale to the top 126 witnesses should a reduction in speed be a minimal factor.
Rev Pop assumes this process of rdPOS fixes the issues of centralization inherent using only 21 block producers.
On The Heels Of Google Cloud
This is like connecting the dots. I wonder if this wasn't part of a greater plan when Daniel Larimer was recruited by Block One to build EOS. It may have been years in the making and finally coming close to fruition.
The system of rdPOS appears on the surface to be much more decentralized than current EOS operations. If they can pull 3-layers that work in conjunction, it might be a whole new species. But Clearinghouses are not a new idea. Does DeFi need fixing?
Revolution Populi thinks it does. They make the case for it's demise at the beginning of their Whitepaper. DeFi has problem that Rev Pop intends to settle through their Clearinghouse.
Those problems, namely, address the Credit Default Swap at the turn of the century. Read it directly from the Rev Pop Whitepaper, quoted below:
DeFi is often a loose knit of disparate and fragmented lending markets,
with disparate and fragmented lending tokens, trading across disparate
and fragmented trading markets, with nothing truly settled until all the
native underlying token transactions in the structure are finally and
immutably recorded directly on their respective native blockchain
ledgers. And many of these structures are tied together through deposits
and trades and synthetics that all rely on one another.
This is frightfully
reminiscent of the CLO-CDS (Credit Default Swap) markets of the
2000’s. No one really knew who truly owed what to whom. All it really
took was one counterparty-fail to bring down the entire financial
system, even though many participants were solvent. This is what
caused the financial crisis of 2008.
Be Prepared - Here Comes Competition
There's absolutely no doubt that Rev Pop will be a HIVE competitor should their vision unfold into reality. With Block One now behind them and the publication of a detailed Whitepaper, that seems like a very likely possibility.
I'd be more than ok with the fall of Facebook. My hope is that HIVE fills a niche no other social blockchain does and continues to operate with growing success.
What do think about Revolution Populi and their new association with Block One?
Thanks for reading and as always...
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