We keep on talking about prominent figures in the blockchain industry. Today the guest of our column became Sergii Vasylchuk — the co-founder and CEO of the EOS Attic Lab block producer. Sergii told us what’s the future of mobile apps king and how does it feel to compete with 400 teams of block-producers.
Sergii, what did you do before entering the industry of blockchain technologies?
I’m a techie, Kyiv Polytechnic Institute graduate, my occupation is ‘Automated Control Systems’ (ACS). Firstly, I worked in software design (2006-2009), then joined the sphere of e-commerce, worked with such projects as Antifraud and Smart bank. Since 2016 I became a co-founder of Attic Lab fintech company.
Tell more about your company, please.
First Attic Lab was a mini-subdivision of a bank, and it focused on the development of crypto hryvnia, then this bank with another 60 was revoked a license. That’s why we decided to follow our own road. Eventually, we gathered in our company professionals in banking, IT and crypto industry.
Actually, we developed various blockchain solutions for banks and other financial institutions in collaboration with Alliance Bank. Our achievements include projects with NBU, private banks, crypto exchange, blockchain-based banking platform. We also developed the conception for banks, oriented to know-how like Big Data, IoT and blockchain technologies.
Now our primary conception is to develop blockchain-based software, projects and programs, that will be helpful for potential users. Our software is certified by central banks, so many financial institutions use it right now.
How did you decide to become the EOS block-producer? What was your stimulus?
The main reason was to be in the first ranks with best worldwide blockchain companies. And also I was interested in it as an engineer: I wanted to know what’s EOS and how they could get more than $4 billions on ICO. Moreover, Dan Larimer is a very extraordinary personality, and now he has three successful projects.
Firstly, it seemed weird — some obscure blockchain producers should decide some issues… But soon we saw the code and understood how the net works and how BP (block-producers — editorial comment) do their work. Long story short, that’s how inspiration came.
Moreover, we consider the ECAF (EOS Core Arbitration Forum) — a bug-fix blockchain сontrol, which eliminates errors in the net - to be the advantage of EOS.
What’s your сurrent mission?
To create the decentralized financial system, which is useful for all customers. The part of our strategy is to share open source blockchain initiatives and our best practices on lectures and workshops with the community. Our preliminary experience with banks and other financial centres is the weighty argument that the current financial system will suffer from the “law book”.
Anyway, we are sure that the future decentralized financial system needs arbitrage. That’s why we believe in the approach, that EOS team follows. And for that reason, Attic Lab started to produce blocks — to improve the EOS ecosystem.
How are blocks validated and how much does the company pay for it?
The validation of blocks in EOS is a kinda ‘digital democracy’. The difference between DPoS (Delegated Proof-of-Stake) and PoS is in the separation of net users to block producers and voters. In other words, not all EOS tokens holders have direct participation in the process of producing blocks. To become a validator, everyone should meet two conditions:
- have engineering capacity for the smooth running of node 24\7
- have a flawless reputation and use up resources to form community and get the necessary custom votes
If in PoS the chance to become a block validator depends on the number of blocked tokens on your wallet, in DPoS it is tied to the custom votes, given for the block producers. What is more, the tokens used in voting, aren’t blocked on the wallet and can be freely used. But it decreases the weight of voter in every next operation. Another one distinction is no limitation for a minimal quantity of tokens for voting.
The process of producing blocks in DPos-blockchains has several rounds. This is how it looks:
- The tokens-owners vote for the block-producers.
- The top-scorer block producers get to the pool, where they choose the validators for the next round of producing blocks. Every round gathers 21 block producers, each of them creates 12 blocks.
- The validators prove 252 blocks, created during the round, then the process recurs.
How does it go in your team? How many people are involved in validation?
Everyone has his or her own patch - the work is organized standardly, as in any other IT company (smiles). The core, surely, is the software-engineering department, which is responsible for generating blocks, but I can’t spill the tea.
What challenges does the Attic Lab meet as the EOS producer?
We have an ocean of them, cause there are over 400 similar technical teams behind us, which are ready to produce blocks right now.
You should be honest with yourself and with the EOS community, react to every feedback and have the upper hand.
Hоw can typical EOS owner raise money, delegating cryptocurrency to validator? How he or she can help the ecosystem?
According to the rules of the network, we can’t ladle any honours for people, who vote for the block-producer. If you want to support EOS, just vote for the best BPs, Attic Lab, for instance.
However, there is plenty of other blockchains where you can earn money by tokens. I suggest paying attention to Everstake.one.
How can you comment on the constitutional crisis? What conclusions did the society draw?
Everybody knows, that the constitution is temporary and requires improvement. It is currently amplified with the main point — ‘Terms of service’. Only the user is in charge of security arrangements and saving keys. If he or she loses them — it’s just his or her fault (eventually, after the interview EOS rejected constitution — editorial comment).
What do you expect from EOS in the future?
I think EOS stands to win as the most popular blockchain for business and decentralized apps. It’s already on this way. According to Coinmetrics, EOS cryptocurrency became an absolute leader by the volume of transactions. The activity level of blockchain Tron is halved, the volume of Ethereum transactions is 11-fold lower. By Weiss Rating analytics, just 3 of 50 decentralized apps work on Ethereum, 26 — on EOS, 21 — on TRON.
I agree with the fans’ opinion that EOS kills Ethereum: it has similar functionality but with bigger scalability, zero commission for transactions and original on-chain governance model. EOS is the undeniable king of dapps.
Isn’t Attic Lab on the way of changing company's activities? What are you expecting in the near future?
We’re not going to change our way, and what is more, we want to become wider, cause now we are the block-producers in EOS, Meet.one and IOST. Meantime we started the Everstake.one project, which helps institutional investors and token owners to get profits from their crypto assets. We work with a wide range of PoS.
When will crypto winter be over?
We don’t comment on problems, related to trading and arbitrage (smiles).
What can you wish or advise our readers?
I recommend to pay attention to new technologies, constantly discover something new and always take the lead. And, of course, vote for Attic Lab.
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