Notes Created By: LibertyBlock
This week EOS Authority’s Rohan Abraham discussed REX updates. The EOS Resource Exchange (REX) enables token holders to lend/borrow CPU and NET resources.
Check out Rohan’s latest REX update here.
EOS User Agreement Update:
The EOS User Agreement was approved by 15/21 active Block Producers. From this moment on, the old constitution can be considered replaced by the EUA proposed by EOS New York. Congratulations to EOS New York and team on the approval of the User Agreement!
REX Background (1:40)
REX (Resource Exchange) started as a proposal by Dan Larimer on Aug 2018. REX lets token holders lease out their spare EOS tokens to Dapps or others that need resources in return for "rent" and access to community funds like RAM fees and name auction fees.
What’s the Difference Between REX and Chintai? (5:00)
REX is a systems level contract. Chintai’s method relies on block producers signing transactions which is not as smooth as a system levels contract. With REX you also get access to ram and namebid fees in addition to income from leasing out tokens.
Preventing Issues with RAM Mispricings (13:18)
The EOS Authority team tested REX on internal machines and Testnets. EOS Authority ran tests on the initialization parameters described by Block.one with positive results.
How to Get Ready for REX (24:44)
REX has built a feature to move tokens from liquid balance or staked CPU directly into REX without having to unstake. No action is necessary at this point.
REX Savings Overview and Voting Requirements (35:50)
REX savings accounts do not mature until triggering maturity. This makes the tokens illiquid for 4-5 days. It’s similar to unstaking and staking.
What are the Effects of EUA on REX? (42:54)
The EUA provides guidelines for how the community will behave going forward. REX is providing a secure user experience which establishes best practices while using the blockchain. Both efforts make it easier to adapt and make quick decisions.
Next Week’s Call
To be determined. Stay tuned for an announcement in the EOS Town Hall Telegram!