EOSIO Resource Exchange (REX)
EOSIO Resource Exchange (REX) which performs the task of resource allocating (CPU/NET) recently becomes unusable on the EOS Public Blockchain. The situation arose because of the increasing demand to process bandwidth and power, which ultimately drained the liquidity system. Thus, all the borrowers who wanted the service of those resources denied participation.
The EOS Public Blockchain-based resource supply on REX speaks about a prevalent topic raised with the model of the resource allocation; In spite of significant demand, the unused resources in the network are escalating. REX was managing 30 % of the network’s total CPU/NET, and eventually, it ran out of support for the allocation of new borrowers. At the same time, about 70 per cent of the leftover network’s resources were moving towards utilisation. The fact that less than 50percent of the total capacity of blockchain used is good evidence.
The new proposal speaks about the resource rental market. Under this system, a user will have to pay a fee for resources rent through a smart contract which would granted from the total supply. The share will be 30 days worth of CPU/NET. As soon as 30 days get finished, the replenishing of the rental will be signed, followed by an automatic adjustment of pricing. This adjustment will base on the mechanism adopted by the market on supply and demand changes for CPU/NET resources.
The users will still enjoy the staking of tokens. The difference will be that the mechanism of receiving of CPU/NET resources equivalent to the token staked will replace by the users staking their tokens to REX for collecting payment from RAM fees, name auctions and proceeds from CPU/NET rentals.
Based on CPU/NET total supply out of available, the CPU/NET pricing will vary inversely with a price to rent. Thus more the CPU/NET possible, lesser will be the price of resource rents. This also includes vice- versa.
[23/12, 11:37 PM] Saurav Internshala: To make the changeover smooth from the present system of REX to the proposed method, there will be gradual shifting in the per cent of CPU/NET allocated under the current model. The procedure would ensure not to escalate the overall token supply instead. It will create a proper balance in the CPU/ NET ratio by addressing all its parameters.