Rental Contracts On EOS Confirmed By EOSIO

One of the main contributors to the development and enhancement of EOS, EOSIO has confirmed that a stable release of EOSIO.contracts has been released.

EOSIO is the latest release which has a main focus on issues mainly related to the Resource Exchange. In fact, according to them:

“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.”

EOSIO have detailed in a recently published blog post that they aim to achieve “more robust functionality for the contracts supporting REX for the community to review, adapt, and build on.”

In order to integrate this advanced functionality, the blog goes onto explain the engineers at block.one, the organisation behind the initial development of EOS, used /bancor equations in order to support the Resource Exchange.

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.”

Holders of blockchain-based tokens will be able to “lend portions of their existing resource allocations” by purchasing and selling 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 development will be able to access the REX pool, which will contain CPU and Network resources. Each resources loan issued from the REX pool will allegedly be issued for a 30-day period. Furthermore, the loan price will be calculated by an “automated market maker”.

The announcement went onto clarify “merely a convenient accounting unit and helps determine the return rate available to REX holders as determined by the level of rental activity.”

Even so, users of Resource Exchange (REX) do 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.”

“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.”