EOS to be Officially Live Now

EOS raised more than $4 billion during an almost year-long initial coin offering
15 June 2018   1206

EOS blockchain is officially live now.

César Rodríguez Twitter
César Rodríguez Twitter

The threshold required for appointing operators which will maintain the functionality of the blockchain was 150 million votes in the evening on Thursday, which allowed to complete the week-long process of launching the network of the fifth largest crypto.

Thus, the software for which Block.one raised more than $ 4 billion via ICO, which lasted almost a year, was presented to users. 

This happened after a week of evaluation and testing of the network by candidates for the role of block producers from all parts of the world. Although several critical vulnerabilities were identified during this phase, due to which the launch date was postponed, on June 9, the candidates gave green light.

According to the project plan, two thirds plus one candidate had to vote for the launch of the network in order to initiate a further process, during which additional validation was carried out, block producers were appointed and holders of 15% EOS tokens were approved.

As soon as these 15% were collected, 21 block producers were approved and the chain was launched. The process took more time than many expected, which is explained, among other things, by security considerations.

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

Block.one, 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.

 

Block.one Team

Block.one 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.

 

Block.one 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.