EOS News Today – Headlines for November 28

  • EOS battles with congestion issues
  • Larimer proposes a new resource allocation model to solve the network congestion of EOS
  • Two DApps are set to leave EOS due to its congestion issues

EOS News Today – Dan Larimer of EOS recently disclosed his plans to minimize congestion on the EOS network. He recently proposed a new resource allocation model to help tackle this issue. If the proposal is successful, it will give decentralized app developers better access to the bandwidth resources that they need to operate their applications. Specifically, the change should make NET and CPU resources available at a more stable price.

In his proposal, he said:

The single biggest complaint is that CPU is too expensive and that it is too unpredictable in terms of how much CPU bandwidth you get at any giving time.”

He also added that the CPU rental market is now speculative. As a result, many can no longer commit enough EOS to reserve CPU.

EOS Price Today – EOS / USD

NamePrice
eos
EOS
$2.57-0.80%

Larimer Aims to Discourage Speculative Activity

The new proposal of Larimer is aimed at discouraging speculative activity. The proposal ensures that 100 percent of CPU is leased from the contract system of EOS at all times, implements a steep price curve, and converts CPU into a resource that cannot be transferred. These changes can turn the dynamic resource market into a stable one.

EOS has made several attempts to resolve its congestion issues in the past. In May, the crypto project introduced REX. REX is a resource exchange that lets users stake their EOS, giving their CPU claim to other users and getting rewards in return. According to Larimer, REX was not really a success as users made huge withdrawals.

REX is another issue on its own: incredibly long waiting times. Larimer explained:

Lenders end up waiting for thirty days for leases to expire or potential renters to end up without any EOS for rent because lenders have asked for their EOS back.”

He also said that there is no simple solution for both parties under the present model of REX. However, REX is still operational irrespective of these failings.

DApps Are Pulling Out Due to Congestion Issue

The current congestion issues on the EOS network hit a fever pitch this month because of an airdrop called EIDOS. The campaign of EIDOS is responsible for pushing the price of CPU by more than 100,000 percent. Chances are the campaign will die down in the near future. However, the CPU prices of EOS are just as high as they were some weeks ago.

Because of the congestion on the network, two DApps are getting ready to bow out. KARMA and EarnBet are getting ready to leave. EarnBet said it would be leaving within a month while the social network KARMA is moving to WAX, the sister chain of EOS.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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