Users Rejoice As The Upgrading Of EOS RAM Sanctioned By The Community
The EOS Authority today announced that its community has sanctioned the stepwise solution to augment the Random Access Memory (RAM), which is accessible on its platform. Presently, the limit for the RAM on the system is 64 GB, however, the upgrade is in the process of progressively growing the EOS RAM so that it can accommodate 1KB per block.
EOS had previously granted block producers the role of conducting a poll to carry out the RAM upgrade, in which fifteen producers voted to the affirmative, thus approving the upgrade to the next level.
Block Producers, Who Are They?
The EOS block producers are distributed principal bodies who are tasked with managing the operations of the EOS network. Additionally, the producers are tasked with generating blocks on the EOS blockchain, where data as well as the particulars of the blockchain are kept in safe custody.
Block producers will be in a position of receiving about one percent of the five percent EOS token price increases. According to the rules of the network, only twenty one block producers are allowed to be existent on the network at a time. Out of the twenty one, fifteen voted to the affirmative, thus sealing the upgrade since they effortlessly claimed an unassuming majority.
Reports indicate that there are diverse levels of block producers in the market. The most prominent block producers are crypto exchanges like Huobi Global and Bitfinex. Other smaller participants can as well be people or bootstrapped entities who have a say in the running of the EOS bionetwork.
What Are The Benefits Of The RAM Upgrade?
The Random Access Memory (RAM) as a product is of great significance in the EOS bionetwork. The ecosystem has embraced an unrestricted market methodology to RAM trading. In this kind of approach, users are in a position of buying or selling RAM, even though it is not possible to exchange them.
The source of the RAM is administered by the above-mentioned block producers. The objective behind this is to offer basic benefits to the clients and engineers of the firm. Trading on the EOS RAM functions on a simple strategy of demand and supply.
This implies that every time there is a demand for RAM on the network, a consumer who is in need of RAM is only in a position of purchasing it from another user, instead of purchasing it from the network itself.