Hello, we’re EOSeoul, a block producer with strong technology.
Since Fall 2020, Block.one has engaged with the rest of the EOSIO developer community to evaluate a newly proposed model for how the EOS Public Blockchain allocates CPU and NET resources. We called this the EOS PowerUp Model now and changed EOS PowerUp Model’s window being shortened from 30 days to 24 hours according to community opinions. Today, we introduce to you present step of the PowerUp model and the focus that are discussed latest.
What stage is the PowerUp Model now?
Currently, the PowerUp model is in the final testing phase before deployment. The actual code’s developing and testing on the testnet was also successful. However, some parameters are still being discussed. After this step is completed, the actual BP’s governance will be started for the application of contract changes. The target timeline is as follows:
- Determine and settle on parameters pre Chinese New Year (CNY)
- Creation of accounts, deployment of contracts etc after CNY
- Deploy and start transition end of February
- End of transition fully transitioned early April
So, what do users need to do during the conversion process?
When the conversion starts, EOS holders can be rewarded for resource rental fees by using with the contract of the PowerUp model. For existing staking users and REX users, you can withdraw your existing staking and rental by yourself. And you can proceed with staking or lease in the new model.
The system contract can be configured to manage a certain share of overall network resources to the EOS PowerUp model and then adjusted to increase this share over time. System configuration parameter determines how much EOS is allocated to the various mechanisms: staking, REX and for the EOS PowerUp model.
Therefore, not all resources are immediately occupied by the PowerUp model method after the start of the transition, and users are familiar with the PowerUp model and gradually move directly to the corresponding resource system.
What is the difference between the original resource model and the PowerUp model?
The existing resource model allows users to stake EOS and directly occupy and use resources. The PowerUp model allows you to lease resources every 24 hours by paying EOS for a new system contract.
Users who have earned profits for resources by staking through REX can receive payment fees from other resource renters as rewards through the system contract.
Voting rights recognized for staked EOS are given to the new model, just like the old model.
Resource pricing weight optimization
In the meantime, there has been a lot of feedback and testing on the PowerUp model. Before the actual deployment, the most important part of discussion is the determination of the resource’s pricing parameters.
Look at the contents of the PowerUp contract above, you can see that in the new model the resource lease amount is changed for the total resource usage.
In order to maintain stable resource prices and prevent network load, the community is currently looking for appropriate weights.
EOSNation has created a graph of the price change according to the weight index as follows and provided it so that you can experiment with various parameters.
We are currently waiting for feedback on this parameter on the EOS PowerUp Model channel. We plan to determine the initial weight to be actually applied in the near future by collecting opinions suggested according to the timeline. If you have any good opinions for the stability of the network and the smooth use of resources for EOS users, please feel free to tell us on the Telegram channel above!
EOSeoul expects a stable introduction of the PowerUp model to vitalize the EOS network. Block.One’s post on the PowerUp model can be found at the link below.
An earlier article about the New Resource Model can be found here.
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
