Hello, this is EOSYS’ supporter dOne (@donekim). It seems as though it won’t be long until Resource Exchange (REX) will be launched on the EOS mainnet to incentivize EOS users for staking their native tokens to vote for BPs, and help reduce the costs of resources on the EOS mainnet.
According to EOS Authority, the latest version of REX — Release Candidate 3 has been stably working without any bugs, and users can experience REX on the testnet.
In this post, we will discuss some basic concepts and features of the REX, as well as frequently asked questions from community members who are still unfamiliar with its concept.
#1. What is the REX?
REX is short for ‘Resource Exchange’, and started in August 2018 as proposed by Dan Larimer. The REX, as its name suggests, is an exchange system that enables token holders to freely borrow and receive resources needed in using the EOS mainnet.
According to its concept, EOS native token holders can make a profit by staking some of the extra EOS tokens they have in their accounts, which helps dApp developer to use the resources (CPU/NET) on the EOS mainnet by paying a small fee, equivalent to paying interests.
For the EOS token holders to be able to lease their tokens, they must meet the basic requirement of participating in the voting process. In order to participate in the voting process, users can either ① directly vote for 21 or more Block Producers, or ② participate in proxy votings by delegating their voting rights.
#2. Characteristics of the REX
① Token holder benefits
- Users can rent leftover EOS tokens in their accounts, as well as resources such as CPU/NET to earn passive income.
- EOS tokens or resources can be converted to REX tokens, which can be used in transactions. Since REC tokens have a minimum expiration day of four days, transactions (sales of REX, or reconversion into EOS tokens) are possible only four days after the conversion.
- Both EOS tokens and REX tokens follow a system contract called eosio.rex, so token holders can directly manage them in their accounts.
② DApp projects and developer benefits
- Developers can easily and quickly borrow any number of EOS mainnet resources at any time, without a minimum or maximum limit of resources.
- It’s also possible to sign a one-month lease contract (30 days), and there is no need to sign an annual contract. Automatic renewals of contracts can also be established.
- Instead of purchasing the resources necessary for development, developers can have access to sufficient resources by paying only a small amount of fees during the tenancy period.
#3. Main Q&A of the REX
- Q1. There is a REX-related timer on the EOS Authority homepage. Is the timer showing the remaining time until the release of REX?
A1. No, REX is currently undergoing a code review by EOS Authority, after the launch of its initial version, Release Candidate, in December 13, 2018. Currently, Release Candidate 3 has been tested, and the timer demonstrates the time remaining for further update releases. - Q2. So when exactly will the REX be released?
A2. It’s hard to tell the exact date yet. REX is currently undergoing tests by EOS Authority, and will only be launched and deployed on the mainnet once its code security has been sufficiently verified. We will only be able to estimate its release date depending on when suggestions for smart contract changes are posted on https://eosauthority.com/approval/ - Q3. I don’t fully grasp the concept of REX. Is there a way for me to try it out?
A3. Although it’s unavailable on the mainnet yet, you can now test the REX system on the jungle testnet. Go to https://eosrex.io. and login with your Scatter desktop to see how REX works. - Q4. I tried to participate in the testing process on the EOSREX site, but I can’t seem to login. What should I do?
A4. In order to participate in the testing process, you first have to change the settings on your account for the jungle testnet. Details on how to do so will be explained in the next post.
It is much easier to understand the details of ‘how to lease resources using the REX system’ and ‘how to exchange REX token to EOS’ by actually experiencing the system.
Therefore, in the following post, I will share how to experience EOSREX directly on the Jungle Testnet for the beginners who are having trouble setting things up and creating their own accounts :)
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