EOS blockchain needs an emergency patch

An apparent bug in the mainnet software resulted in the network pause thus EOS creator is developing a software patch
16 June 2018   1345

EOS block producer candidate has reported an unexpected pause of the mainnet at 9:56 UTC. This came as a shock because the network failed in less than 48 hours of uptime - the mainnet was activated on June 14. At 10:57 UTC standby block producers switched their nodes off and backed the network state up. At 13:02 UTC developers identified the problem and EOS creator Block.one is developing a patch.

The patch will introduce the software release 1.0.5 with a nodeos fix. Block producers will have to upgrade their nodes, replay till the last irreversible block (1027597 block), sync between each other and finally reopen the chain to the public. EOS has migrated from the Ethereum blockchain to the one of its own providing a groundbreaking developing platform for dApps with "unprecedented functionality, scalability and transparency". At the moment of publication, EOS market characteristics are as follows:

Average price 10.47 USD
Market cap 9,383,581,332 USD
Volume (24H) 734,884,000 USD

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.