"Zhang which" two weeks 54 times times the explosion of EOS memory, behind the Dapp is how to design the product?

The author introduces: Zhang, the Chinese Academy of Sciences Master, continuous entrepreneurs, the founder of Music home app, tabby cat Quick ask co-founder, Link Bao Technology co-founder, concerned about the development of EOS public chain, dedicated to EOS-based DAPP application practice and product research.

EOS has recently brushed its eyeballs again. Let EOS brush eyeball is the EOS public chain of Memory (RAM) Price in just 2 weeks from 0.017 EOS/KB soared to the highest 0.92 eos/kb, up 54 times times, attracted great attention at the same time, also attracted huge doubts. BM means that the price of RAM is marketed to avoid DAPP developers abusing RAM resources, causing waste of resources (through this market-based mechanism, developers can be urged to properly handle their DAPP data storage problems). The last occurrence of such a creation myth, is the "transaction is mining" Fcoin, the same, Fcoin also provoked huge controversy.

EOS Memory Recent Price curve

My primary goal today is not to discuss the rationality of RAM spikes, and I believe that there is always a huge amount of controversy behind this boom, and I have no intention of stirring up this kind of lip-tongue dispute. I just want from the product angle, to analyze the ram this product design ideas and the essence of design, by the way try to analyze and summarize the Dapp design points.

Given that most readers do not know what the EOS ram is, there is a need for a brief introduction. Because of the central feature of the blockchain, each node that participates in the block production is required to synchronize its own ledger to other nodes in the blockchain network in real time, that is to say, the transaction data is packaged into chunks, and as the block height increases, the size of the blockchain becomes larger. The current volume of the Ethereum network has broken through 1TB, and this extra-large volume does not just mean that a larger hard drive is needed, it also means greater bandwidth and greater RAM and disk buffers. In particular, memory, which will strongly affect the speed of the blockchain, ram too small will cause serious congestion of the blockchain network. Therefore, RAM can be understood as a scarce physical resource, considering the future of many Dapp will rely on the EOS public chain to develop, a large enough RAM is a necessary condition for the operation of the EOS public chain. In the EOS design system, there is an important concept, namely, the purchase of RAM. To put it simply, dapp developers need to pledge a certain amount of EOS tokens to buy the size of the RAM, and use it as a dapp of their own development to run RAM.

Estimation of bulk expansion velocity of blockchain

Using the EOS tokens to purchase RAM, and then for Dapp development, this is just a requirement for developers. Because of certain propaganda or other conduction factors, the community has come to a consensus that the ram of the EOS public chain is scarce and inherently valuable, so hoarding ram to wait for the price increase becomes a general consensus. In such a general consensus, there is the intrinsic power to buy and sell, or the product of the so-called "strong demand."

Based on such a requirement, BM designs and develops a product (which is strictly an API, so that a variety of wallet applications or exchanges can use its API to buy and sell RAM), and users can use the EOS tokens in their own wallets to buy and selling RAM. So the core requirements of this product are simple and clear, that is, the purchase and sale of RAM. The derived requirements include the real-time price of RAM, the price curve of RAM, the user's buying and selling records, and so on. To get a clearer view of this case, we'll discuss only the core requirements: the purchase and sale of RAM.

Referring to the sale of RAM, one thing that has to be mentioned is the Bancor protocol, which is a very interesting-kind of layered monetary system. A simple and sketchy description, which can be understood, is that, through a smart contract, it can use the ETH as an anchor currency (reserve) and then issue a new currency based on the ETH according to a certain reserve ratio (which can be understood as leverage, the range is 0~100%), and the price fluctuates with the ETH. This design has three advantages, one is that because of the ETH as a reserve, even if there is no user volume of the new issuance currency, its currency can also be based on the leverage rate with the ETH price fluctuations, and not as the exchange of general transactions, no user deal, there is no price fluctuations Second, because of the ETH as a reserve, so the user can at any time in accordance with the exchange rate of the ETH reserves to be converted into a quantitative ETH, even if there is no seller in the market, this means that there is no need to have a trader, and do not need to have a counterparty, you can always maintain liquidity Third, because its currency is fluctuating with the ETH, and the transaction does not require the counterparty and the counterparty, so even in the case of a very small number of users, it can also realize the sensitive currency fluctuation and the free circulation of the currency, so as to achieve high liquidity, and financial assets must consider its liquidity, price without market, The value of illiquid assets will be compromised, providing a viable space for new-listed small currencies. When the seller is more than the buyer, the exchange rate of the currency price relative to the reserve will show a downward trend, when the seller is less than the buyer, the exchange rate of the currency relative to the reserve will show an upward trend, so as to achieve free trading and market-oriented currency price rise and fall.

Bancor Agreement logo

Bancor Agreement is the essence of RAM trading, from the introduction we can also find that the Bancor agreement can achieve a truly centralized free market, in this market, buyers do not know who is in the market, buyers do not know whether other traders want to buy or sell, Only according to their own expectations of the price, to buy and sell, and as long as the reserve is not redeemed, it can always be converted into reserves. In this way, in addition to normal shoplifting low-selling, almost no one can be like the stock market, the currency to manipulate prices. In the trading of RAM, you only have two simple operation options, how much to buy, how much to sell, the price to choose, the price to buy and sell is the current exchange rate.

Image cut from Medishares wallet built-in RAM purchase app

Here, we interpret RAM as a layered currency based on the Bancor protocol. We use a certain amount of EOS as a reserve, issuing a certain amount of RAM (the current size of the EOS public-link RAM is 64GB), which gives pricing and liquidity to niche assets such as RAM. Users can use EOS to buy RAM based on real-time prices, or they can sell ram at real-time prices (equivalent to redeeming a portion of their reserves). It is also necessary to mention that in order to avoid excessive speculation by users, a 0.1% bilateral exchange fee will be charged for the purchase and sale of RAM. Over the past 24 hours, the handling fee for RAM trading has reached $ millions of, reaching the peak of the ether cat's revenue capacity.

Basically here, ram this product example is almost analyzed. We will find that in this case, the most important elements are: the demand, the way of realization, the profit model. In the chain and currency, currency trading or currency or some kind of scarce resources trading is a strong demand, but also the current development phase of the blockchain must go through the road. In such a context, bm dug up a market demand gap such as RAM, and borrowed the Bancor protocol, the way to centralized trading, the right way to design and develop a ram trading Dapp. The whole product one go, not the slightest farfetched, but also designed the most primitive, but also the most effective business model-transaction fees. At this point, a complete and commercially meaningful demo of Dapp has taken shape.

I think the essence of this dapp is to make full use of the Bachor agreement to build an open, flexible, free, centralized trading market. In such a market environment without a third party, or even no trading party, the perfect realization of the subject matter of the marketing transaction. Who doesn't expect a free and flexible market with no control? Think of the fish on a large pile of goods, although there are sellers, but also buy a house, but the transaction cost is always very high, or XXX trading market, there will always be similar to the real estate agents or intermediaries such institutions, through the negotiations game, to bid up prices, which has caused serious injustice to the market.

BM has set us a model of dapp design, with the help of blockchain and related protocols, to achieve a perfect application scenario (do not disdain such a speculative application product, all products are based on the real user needs of the birth). I think we have reason to believe that blockchain and Dapp will profoundly change the future. With the blockchain to the modern society of the progressive XXX, when a certain threshold, the impact will be amazing, we wait and see.

"Zhang which" two weeks 54 times times the explosion of EOS memory, behind the Dapp is how to design the product?