EOS is Getting Ready to PowerUp!
Written by Joe Louis
Block.one's latest release of the new PowerUp resource model establishes two important changes for the public EOSIO ecosystem; a proposal for technical progression of system-level resource management, as well as the evolution of B1's collaborative relationship with public networks like EOS through an ongoing series of programs designed to identify opportunities for advancement and foster community engagement.
The PowerUp model represents the program origin of this initiative created by the Public Blockchain Engagement unit at B1, a team born out of the community itself and dedicated to the evolution of EOSIO public networks. EOS community stakeholders including block producers, dApp developers, and token holders have provided a broad perspective through modeling, simulation, discussion, and recommendations in the months leading up to this proposed change.
In an effort to present and explain the PowerUp model more broadly to the EOS community, the PBE team has published materials summarizing the history leading up to this proposal, the process behind its development, and key changes the new model would usher into EOS if the community were to adopt it. Perhaps the most significant of these changes is that all network resources would become available for rent as opposed to the existing model that accounts for only a fraction of resources participating in the resource exchange (REX). Owners of EOS could no longer self stake and hoard unutilized network resources.
Streamlining the availability and procurement of system resources for the EOS community is a primary driver behind the push for this new model. PowerUp is intended to provide a more fluid and predictable experience for all network participants as well as increased flexibility.
Rental periods would shift from 30 days to 1
Pricing of resources would be bound by a smoother rate change
All network activity would generate yield for PowerUp participants
"Imagine if token-holders on proof-of-work networks were the recipients of fees generated by transactional activity on-chain, instead of miners. That’s essentially what’s happening here. Depending on your usage level and the total amount of tokens deposited, the fees you collect may offset the fees you pay to power up your account. And all of this happens within the context of ensuring greater availability of system resources."
Adoption of the PowerUp resource model on EOS involves setting various configurable parameters including a transitional period that ensures a smooth migration from the old model to the new one. Final evaluation by technical members of the EOS community is underway to determine these parameters before proposing the new model's implementation on-chain.
Beyond the launch parameters, EOS-based businesses, wallet developers, resource providers, and dApp creators will each need to consider their approach for adapting to the changes brought about by the PowerUp model. The team at B1 has said they are looking forward to participating in this transition as a member of the community.
Yves LaRose from EOSNation, has recently proposed a general timeline:
Determine and settle on parameters prior to Chinese New Year
Creation of accounts and contract deployment post-Chinese New Year
Deploy and start transition at the end of February
Complete transition and fully move over to PowerUp model by early April
The program designed to encourage community participation in building this PowerUp model marks the advent of successive initiatives by the team at Block.one in an effort to approach, engage and incentivize public collaboration. The formula for these programs continues to be evolved through internal evaluation and community feedback.
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