How to lower the cost of EOS RAM? Dan Larimer shares a three-step plan
The price of EOS RAM hit the headlines after it drastically rose last week. The price has been at its peak on July 8, after which it started going down. The increasing prices has raised many questions, like was RAM being purchased for actual use or for other reasons?
In fact, the shortage of RAM and increase in price was linked to hoarding. Furthermore, the community is worried about the entire EOS project, which could be threatened if the shortage continues. It could either drive up the cost of EOS account creation or choke the processing power. On July 8, block producer EOS New York tweeted: “Some Block Producers crashed when RAM usage on EOS exceeded 1GB tonight. Either they only had 1GB or they did not configure their node to properly set it at 64GB. This is a violation of the regproducer agreement. EOS New York produced on schedule. We are still confirming details. [sic].”
It was later confirmed by the block producer in question, LibertyBlock, that the crash was due to the overuse of RAM. In fact, it was because of a configuration error. Since the issue remains unresolved, Dan Larimer has come up with a solution. He shared a three-step plan to reduce the RAM.
Increase EOS RAM supply
The first step includes increasing the EOS RAM supply. He mentioned in the Medium post, “I recommend that the producers immediately start growing the RAM at the rate of 64GB per year (1 KB per block). With this new supply, the EOS blockchain will either take in over 23,000,000 EOS per-year by selling RAM at current prices or the price of RAM will fall.”
This will be helpful because Block.one released an update to the EOSIO system contract, enabling block producers to specify a rate-of-increase for RAM. New RAM added to the system will lower the price since the demand is the same.
Larimer added, “If prices remain too high and/or testing reveals that we can sustain a faster growth rate, then this number can be adjusted as-needed by the community.”
Lower EOS RAM memory usage
The next step includes reducing the RAM usage per account. Larimer wrote, “The default EOS blockchain hard-codes a RAM usage of 3 KB per account where 1.5 KB is currently reserved for future expansion.” It was an overly conservative estimate but after auditing it further, it was found that the actual RAM usage per account should be only 512 bytes. An update to the system contract will be provided by Block.one. It will create 1.5 KB of RAM per account and will retroactively offset the overly conservative usage estimate. The update will be ready by July 31.
Free EOS accounts with iOS Wallet
Reportedly, Block.one is using Apple’s Secure Enclave to build a free iOS hardware wallet. Larimer mentions in the post, “I believe Block.one will be able to offer a free EOS account to unique users of our iOS wallet. This is subject to change depending upon market conditions. This free account can be used with any decentralized application that is compatible with Block.one’s wallet API.”
Image via Shutterstock
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