TMT观察网_独特视角观察TMT行业

我們提出了一種解決方案，用于降低在基于 EOSIO 的區塊鏈上使用 NET 和 CPU 資源的資本成本。EOS 網絡允許每秒最多400ms的 CPU 時間計費來抵押，最長平均占用每秒40ms。這個 CPU 時間會平均分配給所有抵押的 EOS，抵押時間為三天。未使用的 CPU 時間分配給準備金，這意味著未使用的時間將給予那些抵押并決定使用它的人。

EOSIO 白皮書要求能夠將帶寬委托給其他人。委托帶寬的能力意味著能夠租用未使用的帶寬。因此 EOS 持有者的機會成本就與不租用他們未使用的帶寬相關。

創建有效的租賃市場需要價格發現和流動性。高效的租賃市場將確保資源始終可用，并為參與者提供更合理的價格。持幣人在收取貸款期間，可以犧牲一些流動性，以一定的費用借出他們的 EOS 。這樣借出人就沒有損失資金的風險。

We present a solution for lowering the capital costs of using network and CPU resources on EOSIO based blockchains. The EOS network allows at most 400ms per second of CPU time to be billed and an average of 40ms per second sustained. This CPU time is divided evenly among all holders of EOS tokens that choose to stake them for 3 days. Unused CPU time is allocated on a fractional reserve basis, which means unused time is given to those who stake and decide to use it.

The EOSIO white paper called for the ability to delegate bandwidth to others. The ability to delegate bandwidth implies the ability to rent unused bandwidth. From this token holders have an opportunity cost associated with not renting their unused bandwidth.

Creating an efficient rental market requires price discovery and liquidity. An efficient rental market will ensure resources are always available and at more reasonable prices for the participants. Token holders can lend their EOS at a fee in exchange for some loss of liquidity for the duration of the loan. There is no risk of losing capital to the lender.

出租代幣

EOS 持有者可以將其持有的幣借給資源交易所( Resource Exchange )，并將以資源交易所的當前其 EOS 的賬面價值得到 REX 令牌。REX 將通過貸出 EOS 來產生費用，這將增加 REX 的賬面價值。任何時候，REX 的持有者都可以將 REX 以其賬面價值換回 EOS。

除了租用 CPU 和 NET 資源的收入之外，我們還建議將 RAM 交易、名稱拍賣，以及 EOSIO 區塊鏈提供的任何其他資源的交易費用添加到 REX 的賬簿中。這個網絡中的操作產生的費用可以使 REX 持有者獎勵的累積，可以為持有 EOS 至少30天（租賃期）的 REX 持有者提供有效獎勵。

Lending Tokens

A EOS holder can lend their tokens to the Resource Exchange and will receive REX tokens for their EOS at the current book value of the Resource Exchange. The REX will generate fees by lending the EOS which will increase the book value. At any time the holder of REX tokens can convert REX back to EOS at book value.

In addition to earning fees for renting CPU and NET resources, we propose the fees from RAM trading, name auctions, and any other resource offered by the EOSIO chain will be added to the books of the REX. This will cause the rewards from network operation to accrue to REX holders (staked EOS holders) and generate an effective reward for holding EOS for at least 30 days (the rental period).

借入抵押中的 EOS

REX 賬本記錄下的每個抵押的 EOS，都會創建一個 Staked EOS 令牌（SEOS）。SEOS 和 EOS 存放在 Bancor Relay 的兩個鏈接器中。每個 EOS 創建的初始 SEOS 數量為1比1。從這一點來看，交易者可以以較小的交易費用（例如0.5％）買賣EOS 的 SEOS。

如果 SEOS 沒有被賣回 Bancor Relay 中，則可以將其轉換為代表 EOS 的其他形式，CPU 或 NET 資源，為期30天。在30天結束時，SEOS 將返回 Bancor Relay（有3天的延遲）并轉售給其他租戶。當 EOS 轉換為 SEOS 進入委派期后，EOS 不會返還給出租人。

為了阻止 SEOS 持有人持有且從不轉換或出售，SEOS 以與當前 EOS/SEOS 價格為30天租賃定義的隱含利率相等的速度進行通脹。 隨著 SEOS 的通脹，委托1 EOS 所需的 SEOS 數量將會增加。新增的 SEOS 被添加到 Bancor Relay 并出售給市場。

對 SEOS 進行通脹的行為產生了付給將 EOS 換成 REX 的 REX 持有人的實際利率。

借給 REX 的 EOS 也還是可以用于投票。

Borrowing Stake Tokens

For every EOS contributed to the books of the REX a number of Staked EOS tokens (SEOS) is created. The SEOS and EOS are deposited into two connectors of a Bancor Relay. The initial number of SEOS per EOS created is 1 to 1. From this point traders can buy and sell SEOS for EOS with a small trading fee (e.g. 0.5%).

If the SEOS is not sold back to the Bancor Relay, it can be converted into delegated EOS for either CPU or NET resources for a period of 30 days. At the end of 30 days the SEOS is returned to the Bancor Relay connector (after 3 day delay) and resold to other renters. No EOS is returned to the renter after they convert SEOS into a delegated period.

To discourage holders of SEOS from holding and never converting or selling, SEOS is inflated at a rate equal to the implied interest rate defined by the current EOS/SEOS price for 30 day rental. As SEOS is inflated the number of SEOS required to delegate 1 EOS will grow. The newly inflated SEOS is added to the Bancor Relay connector and sold into the market.

The act of inflating SEOS creates generates an effective interest rate paid to the REX holders which are lending their EOS to the REX.

EOS lent to the REX will count as stake for voting purposes.

對資源價格的影響

在現有的 EOS 資源分配模型下，使用貸款一個月的成本等于購買永久使用權的成本減去30天后出售的收益。在此期間，EOS 的用戶面臨價格波動可能是非常劇烈的。用戶的資產可能翻倍或損失一半。

在嚴重擁塞（持續負載超過10％）的情況下，EOS 的抵押算法會保證給抵押者每EOS每天100ms的 CPU 時間。想要每分鐘交易一次的交易者（每筆交易需要1ms）需要約15,000EOS（截至2018年8月約100,000美元）的抵押。 許多交易者沒有這多資金，很少有人愿意將其暴露于交易的波動風險中。

租用 CPU 和 NET 資源對交易者來說更有意義，因為他們不會暴露于 EOS 價格波動的風險下，也沒有昂貴的資本成本。如果我們假設抵押的 EOS 持有人以5％APR（年度成本百分率）租用 EOS 那么一個月每分鐘交易一次的成本為60 EOS 或每筆交易約0.01美元。即使 EOS 的價格持平，這也低于買賣15,000 EOS 的交易費用。

雖然不可能知道資源租賃費率是多少，但可以保守地假設更高的租金將推動購買和持有 EOS 的需求。該市場將有效地分離 EOS 價格和網絡使用成本。

Effect on Resource Prices

Under the existing EOS resource allocation model, the cost of using the network for one month is equal to the cost of buying the right to use it forever minus the proceeds of selling 30 days later. During this time the user of EOS is exposed to price volatility which could be extreme. It is possible that the user could double their money or lose half of their money.

Under heavy congestion (sustained load over 10%), the staking algorithm of EOS would give about 100 microseconds per day of guaranteed CPU time per 1 EOS staked. A trader wanting to transact once per minute (where each transaction requires 1ms) would require stake of about 15,000 EOS (or about $100,000 dollars as of August 2018). Many traders lack that much capital and few would want to expose it to volatility risks just to trade.

Renting CPU and NET resources makes far more sense for traders because they are not exposed to EOS price volatility nor do they have expensive capital costs. If we assume that staked EOS holders are renting EOS at 5% APR then the cost to trade once per minute for a month would be 60 EOS or about $0.01 per trade. This is less than the trading fees associated with buying and selling 15,000 EOS even if the price of EOS was flat.

While it is impossible to know what the resource rental rates will be, it is safe to assume that higher rental rates will drive demand to purchase and hold EOS. This market would effectively decouple EOS price and network usage costs.

交易 SEOS 和 EOS

SEOS / EOS 市場的建立將使投機者能夠設定30天的代替 EOS 的 CPU 或 NET 帶寬的利率。投機者通過準確預測未來的價格變動來賺錢，并幫助告知網絡適當的租金。除租賃費外，網絡和 REX 持有人還從該交易量中獲利。

Trading SEOS and EOS

The creation of the SEOS / EOS market will enable speculators to set the interest rate for 30 day of delegated CPU or NET bandwidth. Speculators make money by accurately predicting future price movements and help inform the network of the proper rental rates. The network and REX holders profit from this trading volume in addition to the rental fees.

投票要求

為了購買 REX，賬戶必須設置和維護一個投票代理或投票給至少21個節點。他們可能會更改他們的投票，但在他們持有REX令牌時不會將其刪除。在賬戶出售所有 REX 代幣后，他們可以投票給不到21個節點。

Voting Requirements

In order to buy REX an account must set and maintain a voting proxy or approve at least 21 block producers. They may change their votes but not remove them while they hold REX tokens. After an account has sold all REX tokens they may vote for less than 21 producers.

更新系統智能合約

實施該提案將要求更新 EOSIO 系統智能合約，使其與投票權和其他網絡活動的費用分配相關聯。雖然有可能在系統智能合約之外實施類似的市場，但這樣的市場會因為投票而產生機會成本。

Update to System Contract

Implementing this proposal will require updates to the EOSIO system contract to the extent that it intersects with voting rights and distribution of fees from other network activities. While it would be possible to implement a similar market outside of the system contract, such markets would come at an opportunity cost to staking for voting purposes.

自動續租

在30天授權合同結束時，假設用戶有足夠的 EOS 購買另外30天的租賃，用戶可以選擇自動購買并再投入30天以獲得10％的折扣。10％的折扣來自于在將股權委托給另一個用戶之前不必等待3天的延遲。由于用于測量使用的平均算法，3天的延遲防止了資源使用的雙重花費。

Automatic Renewal

At the end of a 30 day delegation contract, a user can opt to automatically purchase and stake another 30 days for a 10% discount assuming the user has sufficient EOS to purchase another 30 day rental. The 10% discount comes from not having to wait for the 3-day delay to pass before the stake can be delegated to another user. The 3-day delay prevents double-spending of resource usage due to the averaging algorithm used in measuring usage.

費用模型的比較

其他區塊鏈基于每筆交易費用出售其交易。使用手機作為類比，可以按分鐘付費或每月支付50美元用于特定的最低服務水平。

研究表明，月費套餐模式比按次支付模型更容易估值和理解。對于用戶來說哪個更容易上癮，每篇新聞報道支付0.01美元，或者按月訂閱？每首歌支付2美元或每月支付10美元？

以太坊的即時費用價格會產生高波動性和不可預測的體驗。帶寬的月租金價格波動性顯著的降低和更可預測的用戶體驗。
基于費用的模型還會增加會計成本，并通過推高價格實現低成本的短期拒絕服務。提高30天的租賃價格比提高24小時的以太坊 GAS 價格要貴得多。

Comparison to Fee Model

Other blockchains sell their transactions based upon a per-transaction fee. Using cell phones as an analogy, one could either pay-per-minute or pay $50 per month for a certain minimal level of service.

Research shows that monthly fee models are easier to value and understand than micropayment models. Which is more paletable to users, paying $0.01 per news paper article, or paying a monthly subscription? Paying $2 per song or paying $10 per month to stream?

The instantinous fee prices on Ethereum generate high volatility and unpredictable experiences. The monthly rental of defined bandwidth provides significantly lower price volatility and more predictable user experience.

Fee based models also increase accounting costs and enable lower-cost short-term denial of service by pushing prices high. It is much more expensive raise 30-day rental prices than it is to raise Ethereum GAS prices for 24 hours.

結論

我們認為，該提案將降低使用 EOS 網絡的成本，并將 CPU 和 NET 使用成本與EOS 價格升高/丟失分離。這將使那些不希望對 EOS 價格波動產生高風險的人使用 EOS，并且它將激勵他們參與 EOS 網絡的治理。

不采用資源租賃模式可能會限制對那些 EOS 投機的人使用 EOS。

Conclusion

We believe that this proposal will lower the cost of using the EOS network and decouple cost of CPU and NET use from capital appriciation/loss of EOS. It will make EOS usable by people who do not want to have high exposure to EOS price volatility and it will create incentives to participate in the governance of the EOS network.

Not adopting a resource rental model will likely limit use of EOS to those who are also willing to speculate on EOS price.