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.


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Author: Priyamvada Singh
Image Credit: Pixabay

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Here Is How Tron’s (TRX) MainNet Launch Outgunned That of EOS

The word ‘outgunned’ is defined as outdoing or overwhelming your opponent by superior forces. Once you read the word, you think about the numerous Hollywood movies where the action hero with the most guns wins the final battle. But this is no war-zone; neither is it a movie. It is the world we love of crypto and blockchain. In this world, we have witnessed the launch of two magnificent Mainnets in the last one month. That of Tron (TRX) and that of EOS (EOS).



Both were equally exciting for the buzz around the crypto-verse was that these two projects were plausible Ethereum killers. But that is where the similarities end. The launches of both MainNets were totally opposite as shall be elaborated.

Constant communication by both projects

Justin Sun has overcome FUD to become one of the most trusted faces in the crypto-verse. His constant communication to TRON believers is second to none with clear milestones and roadmaps of when the MainNet was to be launched as well as what would happen after. We knew the dates and exact time with timezone references, as to when the MainNet would be launched as well as the Genesis block. There is also constant communication on the status of the ERC20 token migration as well as coin burns and token lockups.

EOS, on the other hand, has no such public figure to reassure the project believers about what was happening during the Mainnet launch. As a matter of fact, no one knew for sure if the MainNet was to be launched on the 2nd of June or the 3rd of June. Also, there is no one figure to elaborate the on-goings in the current constitutional crisis.

Bugs and Bug bounty programs

With the respect to bugs, the EOS MainNet was found to have a severe bug only days before the launch of the MainNet. This bug could allow a rogue miner to hijack the entire network using a smart contract and start wrecking havoc in the form of mining other blockchain networks. The bug was patched and a bug bounty program was soon initiated with a reward cap of $10,000.

Tron then took it upon itself, through Justin and the Tron Foundation, to make sure they had a lucrative bug bountyprogram when the MainNet was launched on the 31st of May. The upper cap of the reward was set at $10 Million meaning the best of the best of security experts and teams probably went knocking at the door of the Tron Foundation seeking to test the MainNet. As a result, the Mainnet has not experienced any known bug since the genesis block went live.

However, EOS has experienced another glitch that has resulted in several accounts being frozen as well as a constitutional crisis.

Constitutional crisis

Block.one, the creator of EOS, is proposing the abolishing of the current constitution less than a month since the MainNet released the Genesis block after a voting stalemate. On the other hand, the Tron project currently has Super Representative elections ongoing with plans of a constitution in the works.

The difference is clear

One can argue that Tron managed to learn from the immediate mistakes of EOS. This is a very valid way of viewing things. Then again, TRON has for the longest of times being the underdog in this crypto-verse with EOS enjoying parade-like praise since the inception of the project. This means that the team at Tron had to put in double the effort to prove their mettle. The planning and execution witnessed through the Tron Foundation can only be described as being meticulous. Perhaps it is this attention to detail by the team that will eventually make Tron end up outshining Ethereum.


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!

Source
Author: DAVID GEKKO
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