Is EOS facing more trouble? Speculations suggest RAM deficiency might crash system
It would be fair to say that EOS is currently going through a bad time. After repeated delays, the blockchain managed to launch it MainNet. However, the follow-up events weren’t great. Now, there are speculations that a new issue is added to the list of other EOS coin problems.
The RAM or storage which can be seen as gas or transaction fees is now been triggered and the network might run out of it completely. Reportedly, each account is supposed to pay about 4kb of RAM. It is also needed to make transactions and it can also be sold and bought. According to CryptoVest, over the weekend, the RAM market doubled the price per Kb.
It is to be noted that RAM price is not a popular feature among the price speculators. However, it has the potential to affect the running apps and also in the creation of new accounts. There are speculations that if the price of RAM goes really high, creating new accounts on the blockchain could turn out to be really steep.
Why is EOS facing RAM deficiency?
RAM is a resource that’s provided by the Block Producers. However, how’s it becoming scarce is the question? Reportedly, it is not because of the distributed apps running on the network. It is also not because of issuing too many tokens. It’s mainly due to hoarding of tokens.
A Redditor who goes by the name NoLandBeyond77, warned writing:“…There is no statement or written rule anywhere to say that BP’s will make it official before upgrading their RAM stacks, which means overnight in a simple conference call if they decide to upgrade the RAM capacity, if they only double the size it means the price will drop to half, if they upgrade to x3,x4 you’re in danger of getting stuck with a huge quantity or RAM as selling will mean that you sell with a loss.”
On the bright side, EOS blockchain New York showed readiness to be transparent about its RAM levels, sales and its purchases, to make the market run smoother. EOS Weekly on June 1 wrote: “Should @eosnewyork choose to purchase or sell RAM we will announce our intention at least 7 days prior.” However, it also to be noted that there’s no text in the lengthy EOS coin constitution regarding the creation or supply of RAM.
EOS Coin Market Price
While the speculations still making the community go wild, the blockchain’s market price is still volatile. Right now, EOS Cryptocurrency has recovered to $8.07 after dropping to $7.11 at the end of last week. Currently, EOS coin has a market cap of $7,22 billion and is ranking at number 5.
Social media response (Reddit)
- Binance_trade_master: Deficiency of RAM? Seriously? Has EOS run out of cash to even buy RAM? Such little issues can screw up the coin’s future.
- Whynotcrypto: I’ve facing the same issue lately. The RAM prices have been doubled all of a sudden, which is causing all of this turmoil. Man, it would be difficult for EOS to ove out of this pitfall.
Image via Shutterstock
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