Billionaire Token is migrating to EOS

Billionaire Token is going to be the first gambling token that uns natively on the EOS blockchain network starting from June 1
28 April 2018   1396

An ERC-20 Ethereum token with a deflationary mechanism Billionaire Token is moving onto EOS blockchain network on June 1. XBL holders will be required to participate in a coin swap.

Billionaire Token Games

An special page will be created on the project's webpage. An underlying smart contract will be the base of that page: by calling a function of the smart contract users' EOS account name will be logged in and the XBL balance be frozen. The operation will be performed via metamask and a web-interface. Thus, users will become eligible to receive new Billionaire Tokens on the EOS blockchain.

Running on EOS the Billionaire Token games will become much faster and easier to use. A number of limitations (including removal of fees) will be removed once the migration is complete. Further plans include a push for bigger exchanges like Bitfinex and Bittrex.

At the moment of publication, Billionaire Token market characteristics are as follows

  • Average price:  $0.149238
  • Market cap:       $488,604
  • Volume (24H):   $3,178

Block One to Issue EOS Resource Allocation Model

The team decided to make this proposal after the recent incident, when during the EIDOS airdrop there were issues accessing REX
24 December 2019   188, the company behind the development of the EOSIO blockchain, has published an official proposal to change the current system for allocating CPU resources on the EOS network, according to which users will rent them for a 30-day period.

In November against the backdrop of the EIDOS airdrop, during which users used CPU resources to receive free coins, there were problems with access to the REX CPU resources exchange. At the same time, the cost of resources soared by more than 100,000%. This situation pushed the team to create this proposal.

The REX exchange allows you to stake EOS coins to provide resources owed to users to other users in exchange for a reward.

According to the project’s blog, the current resource allocation system is designed in such a way that most of them, despite high demand, remain unused. Because of this, the EOS network cannot fully realize its potential in terms of performance.

So, during the mentioned incident in November, REX processed about 30% of the resources, and when they were exhausted, a very small part of the remaining 70% was used. This, developers write, is also confirmed by the fact that the blockchain bandwidth was less than half used.

Under the new proposed system, a user will pay a resource rental fee via a smart contract to be granted 30 days worth of CPU/NET from the total supply. After 30 days the rental must be renewed and pricing is automatically adjusted using a market based mechanism, based on changes in supply and demand for CPU/NET resources. Team representatives say that users will still be able to steak EOS coins in the new system, but instead of resources, compensation will be in the form of commissions from auctions for the sale of EOS domain names, RAM and rental income CPU / NET.

The objective of proposing a transition from a resource entitlement model to a leasing or rental model is to remove the influence of speculative markets over resource pricing. Introducing a rental market with pricing based on overall resource utilization will make resource allocation more predictable and reliable for the community. Team

The proposal provides that as the available resources decrease, the rental price should increase. The transition itself should be gradual with the progressive transfer of resources from the old REX implementation to the new one.