Hello, we’re EOSeoul, a block producer with strong technology.
In September, Block.One unveiled the codebase of a new resource model and announced a testing and bug bounty program for the community.
Today, we introduce to the community the ideas of EOSeoul on the proposed resource rental market model and the content currently being discussed.
Backgrounds of New Model
On the EOS mainnet, the demand for CPU processing power and NET bandwidth increased rapidly, causing the REX system that allocates CPU/NET resources to users to become paralyzed. Users who rented and used resources through REX were unable to continue to be supplied with resources in the situation and had to suffer from obstacles.
The existing EOS resource supply method through REX is in high demand. However, in fact, it was confirmed that CPU/NET used by REX accounts for only about 30% of the total EOS resources, and the remaining 70% of the resources are rarely used.
To solve these problems, Block One proposed a new resource model-a new rental market. The draft of that model looks like this:
Old> EOS holders directly stake and manage CPU/NET and lease or lease it to others through REX.
New> EOS holders stake in a new resource market for a certain period of time and use it for rental or rental through the market
In other words, the resource is not allocated directly, but is staking in the new market, and the market system pays the resource rental reward and other rewards to the staking user.
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.
A detailed description of the initial model of the proposal can be found on the page below.
Process for New Model
Efforts to new resource models continue. The current progress and the necessary steps in the future are as follows.
- First smart contract and system code draft distribution by Block.One
- (Progress) Simulation and model optimization through testnet
- Preparation for apply new models to the mainnet
- Reliable removal of existing models
You can quickly check the progress on the resource model telegram.
Block.One and EOS BPs are currently continuing to collect feedback and applying new fixes.
In addition, anyone can run a simulation to optimize the resource model through rentbw modeling code from the existing EOSIO system contract Github.
Important Issues and EOSeoul’s Feedback
EOSeoul hopes that the EOS ecosystem will be more useful and convenient through the continuous change and development of EOS. We think that a new resource model will have a good effect on network stability if it is proposed and realized to solve the existing problem.
However, in order for the New Resource Market to be effectively applied, it is necessary to consider the following parts more.
- Rental period and actual usability
: In the draft, a 30-day fixed lease is proposed. However, there is a demand from users who want to rent for a shorter period of time, and there are problems with guaranteeing rental profits when resource use is low during that period. For the convenience of users and the predictability and stability of resource price adjustments, we are constantly looking for better ways. - Convenience for DApp developers and users
: Existing parameters are changed and related services need to be updated accordingly. Also, for regular users, you need to learn the concept of resource pricing and rental methods different from before. We are continuing testing so that everyone can use the new resource model as familiar and easy as possible. - Possibility of wasting resources
: When the price of resources is stabilized and more resources are available through the new resource model, there may be cases where resources are rented and abused. In order to reduce the load while increasing the utilization of the network, consideration should be given to preventing the abuse of rental resources.
EOS handles many transactions through a resource model in which gas fee are not burned, taking the convenience of Dapp developers and users into consideration. However, some are talking about the need to pay for a one-time resource to ensure reliable processing of important transactions. EOSeoul operates various blockchain nodes other than EOS and has encountered several resource models. In order for the new resource model to work stably, we also believe that such a model needs to be diversified.
For example, we can introduce various methods such as:
* Method 1 — When executing a transaction, it takes precedence when using some of the existing staking resources and paying more for the use of additional resources.
* Method 2 — If the actual usage is low after resource rental, it return the rental cost.
* Method 3 — One-time transaction execution immediately leases some of the idle resources of the entire network and complete.
In addition, various issues and requirements are being discussed. EOSeoul will listen to opinions for the EOS ecosystem and strive to provide a better environment. We look forward to hearing from you.
If you are interested in EOSeoul’s activities and EOS ecosystem development, you can get more news through the link below.
[EOSeoul]
Telegram : https://t.me/eoseoul
Homepage : https://eoseoul.io
Medium : https://medium.com/eoseoul
Twitter : https://twitter.com/eoseoul_kor
