2018-7-4 17:24 |
The cost of RAM on the EOS network and account opening prices are firing a new social media debate. Reddit and Twitter users are now openly criticizing crypto whales which could be making things difficult for others.
As of now, users commented that account opening could cost as much as $17 and storing data is equally expensive, matching the levels of Ethereum. Users suggested that one has to hold millions of dollars’ worth of EOS coins and buy expensive RAM if they want to be able to contribute to the blockchain.
Some users also commented that RAM prices could reach infinity as systems run out of this resource quickly.
Reddit Flames Reach Hundreds of UsersA Reddit user little_homie posted:
“It costs $17 to create an EOS account. Also, storing data is almost as expensive as in Ethereum (most of the time MORE expensive).
I thought running (d)apps on a centralized shitcoin should be almost free, but turns out not only do you have to hold millions of dollars of EOS just for CPU usage, you have to buy RAM as well. I was shocked when I did the math:
1 KB of RAM costs $4.44, so 32 bytes would cost you $0.14. Storing 32 bytes in Ethereum costs 20000 gas. So if gas price is less than 15 Gwei (it was 1 Gwei for a couple of weeks until the exchange incident), Ethereum is CHEAPER than the fucking coin that promised to be thousands of times more accessible than it.
So, why did they sacrifice decentralization and raise $4 billion again?”
RAM Prices Create Panic Among UsersHackernoon shared that, between June 22 and July 2, the RAM prices on EOS went from $0.14 to $2.44 per KB, a 1700%+ rise. They suggested that investor demand for RAM has already reached 70% utilization, even though no DApps exist above 300 users.
They further hinted towards the reason behind the price rise, calling out EOS whales who are purchasing large stakes to rake up profits instead of freeing up RAM for the blockchain’s original use case.
Why is RAM Hoarding a Problem in EOS?As Twitter user ferdousbhai explained, token holders have attributed some RAM that can be sold to other users on the platform or used for developing apps on the blockchain. He suggested that most users do not even need to use the RAM that they are entitled to. For developers, RAM is a scarce resource which must be purchased with EOS tokens.
He also claimed that speculators are hoarding more than 95% of the available RAM in the system and, because of that, prices have gone up to insane levels. This could help some whales earn 10x return on their investments even if the crypto markets are bearish.
RAM capacity can only be increased if more than two-thirds of the 21 BPs (block producers) on the system agree to do so. However, as prices are already high and increasing capacity would mean expenses for the BPs to upgrade their infrastructure, they do not have the incentive to make this move.
Another Reddit user HealingBoy noted that 128 GB RAM stick on Amazon costs $1700 but, on EOS blockchain, one would pay “0.8~EOS/KB,” which could drive the price to 107 million EOS.
Are Whales Making EOS More Expensive? Social Media Conversations Heat Up was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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