Price for RAM on the EOS network have skyrocketed
Prices for RAM on the EOS network have skyrocketed
The EOS Authority revealed that its community has approved the stepwise solution to increase the Random Access Memory RAM available on its platform. The current limit for the RAM on the network is 64 Gb with the update working towards gradually increasing the EOS RAM at 1Kb per block."Price for RAM on the EOS network have skyrocketed"
Prices for RAM on the EOS network have skyrocketed this week, reaching as high as almost 920 EOS (around $8,160 to press time) per 1MB of RAM, as data from MarketstackD.io.
EOS is a cryptocurrency token and an infrastructure for decentralized applications (DApps). As of press time The eos is top 5th largest crypto coin at around $8 billion market capitalization, according to Coinmarketcap.
Although During 24 hours prices of 1mb ram have now lowered to around 480 EOS / 1MB RAM, the speculations frenzy could pose a real risk to the EOS Projects new memory resources function as an operating system for decentralized applications (DApps), by making it unfeasible for network developers to purchase critical memory resources for their projects.
In the month of May, EOS project developers Block.one released an update to the EOSIO project for decentralized applications(Dapps), dubbed ‘Dawn 4.0,’ now which is moved into a new market-based EOS RAM allocation model, alongside other improvements in the Eos network. At the same time, CTO of Eos Dan Larimer attempt to explain the decision in a Medium post as being a way of financially incentivizing users to distribute their unused RAM by letting supply and demand govern the price.
CTO of Eos Dan Larimer did, however, admit at the time that this “may result in traders buying RAM today in anticipation of potential shortages tomorrow.”
This week’s frenzy - triggered by some EOS accounts hoarding and then trading their RAM at profitable spikes - prompted a “sudden revelation” for one Reddit commentator, who suggested yesterday that:
“I suddenly realized that RAM is the true EOS token, at least for the next couple of years. If the price of EOS RAM supply is to grow at a maximum gain of 20% per annum as CTO of EOS Dan Larimer suggested, then RAM supply is extremely limited for the foreseeable in the future. Remember, what the EOS token is for? It's not a cryptocurrency per resource, but a crypto token which you buy to trade and so as to CLAIM resources on the EOS network to run Dapps. However, the EOS crypto token itself is not the resource. RAM on the EOS network is the resource.”
One way that a repeat of this week’s rapid crypto network market spiral could be prevented would be for the EOS ‘Block Producers’ (BPs) - the equivalent of miners on the Bitcoin blockchain network - to stake their tokens in a vote to decide to increase the total RAM supply on the EOS network, thus decreasing scarcity.'Price for RAM on the EOS network have skyrocketed'
Such a deciding move to increase the total RAM supply on the EOS network could be controversial in the crypto market, however, in light of recent EOS events fresh controversies over the balance of power between BPs, arbitrators and token-holders on EOS’ governed network have recently CTO of Eos Dan Larimer to go so far as to suggest rehauling the project’s entire constitution and recalibrating its structure of governance.
Price for RAM on the EOS network have skyrocketed
Reviewed by mir khaleq ali
on
July 26, 2018
Rating:
Reviewed by mir khaleq ali
on
July 26, 2018
Rating:
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