EOS RAM price hike finds a three-step solution

In a blog post on 12th July, Block.one’s Dan Larimar released ‘A Three-Step Plan’ for Lowering EOS Account Creation Costs. Last week, the prices of EOS RAM rocketed above 900 EOS/MB [=$6,399 at press time], according to MarketstackD.io.

Daniel Larimar is a software programmer who created BitShares, co-founded the blockchain social platform Steemit, and is currently the CTO of EOS, Block.one.
The new EOS account creation fee is a result of the hike in the RAM prices on the EOS blockchain. The amount of RAM supply is controlled by the members of the EOS community and based on the availability of the hardware.

In the blog, Larimer has explained:
“Currently, the EOS blockchain has been configured for a total of 64GB RAM, of which 51GB have been purchased by users and speculators with less than 2% of it being used.”
Following are the steps included by the expert to solve the EOS RAM price crisis.

An update has been added to the EOSIO ecosystem by Block.one wherein the block producers can set a rate against the increase in RAM. The price of RAM will keep decreasing with every new addition of RAM by block producers, at the same demand.

Larimer suggested the producers to start increasing the RAM size immediately, at the rate of 64GB/year, which is 1KB/block. His calculation says that the new supply will add up to a value of over 23 million EOS in a year, going by the current selling prices of RAM.
In case of the prices remaining at a constant high, the community can adjust the numbers as per the collective need. Testing can also be carried out to keep a check on the growth rate and sustainability.

According to Larimar, EOS has overestimated the RAM figure required for a new account. A 3KB RAM usage per account has been hard-coded into the EOS blockchain where half of it is reserved for future expansion. In reality, when the RAM usage per account was audited, it only came up to a mere 512 bytes required per account.

Block.one is set out to bring an update that will cut the amount of minimum RAM required for account creation by 50%. The EOS RAM expert also wrote:
“Block.one will provide an update to the system contract that will create 1.5 KB of RAM per account and retroactively offset the overly conservative usage estimate.”
The users are likely to see this update go live by the end of July.

The third step of this solution is the free iOS hardware wallet of Block.one that is currently under development. It is free of cost and uses Apple’s Secure Enclave. A few unique users will be offered a free EOS account on the new iOS Wallet. Although the offer will highly depend on the market scenario, this free account will be compatible with any decentralized app that is in tune with the API of Block.one’s wallet.

Daniel Larimar concluded by conveying his commitment to the EOSIO platform in terms of scaling transactions and RAM.

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Author: Priyamvada Singh
Image Credit: Pixabay

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.