EOSIO Confirms Release of Resource Rental Contracts on EOS

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EOSIO, one of the main contributors to the “development and enhancement” of EOS, one of the world’s largest platforms for creating decentralized applications (dApps), has confirmed that a “stable release” for EOSIO.contracts has been launched.

As noted by EOSIO, the latest release “focuses on issues primarily related” to the Resource Exchange (REX). According to it:

The intention of The Resource Exchange (REX) functionality is to enable [EOS] token holders to rent portions of their CPU and Network resources to those needing more computational power to operate applications on the platform.

As detailed in EOSIO’s recently published blog post, EOSIO.contracts Version 1.6.0, aims to achieve “more robust functionality for the contracts supporting REX for the community to review, adapt, and build on.”

In order to implement this advanced functionality, the blog explains the engineers at Block.one, the organization behind the initial development of EOS, (among other blockchain developers) used Bancor equations “to support REX.”

No Corresponding User Interfaces Released, Only A “Baseline For Contracts”

The announcement reads:

The functionality provided in this release for REX-related contracts are provided within the eosio.system contract without corresponding user interfaces and deployment choices.REX contract code provided is not a product in and of itself, but is intended as a baseline for contracts that developers can utilize to create exchange products that enable this functionality for users of EOSIO-based blockchains.

As explained, holders of blockchain-based tokens will be able to “lend portions of their existing resource allocations” by purchasing (lending CPU and Network resources) and selling, or “un-lending resources” using REX tokens. These tokens will reportedly be managed and kept in the “REX pool.”

In order to meet their specific resource requirements, application developers will be able to access the REX pool – which will contain CPU and Network resources. Each resource loan issued from the REX pool will reportedly be issued for a 30-day period. Moreover, the loan price will be calculated by an “automated market maker.” Notably, REX tokens are use-case-specific tokens which are “not tradable,” EOSIO’s blog notes.

REX Tokens Are Only “Convenient Accounting Units”

The announcement further details the REX token is “merely a convenient accounting unit and helps determine the return rate available to REX holders as determined by the level of rental activity,” the announcement clarified.

However, REX users have the option to use their “proceeds from RAM trading fees and account name auctions” to contribute to the REX pool. This, the blog explains, can help “provide an additional source of return to REX holders.”

EOSIO’s blog also states:  

REX contracts [can] potentially … increase voter engagement on public EOSIO-based blockchains. Core token holders are only allowed to participate in the REX pool (earning tokens for renting their available resources) only after having voted for at least 21 Block Producers or having delegated their votes to a proxy.

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