EOS: news on the CPU proposal
After 3 weeks of negative news within the EOS blockchain community, block.one’s CTO, Daniel Larimer, has confirmed that he will soon publish a post explaining how CPU management will change in Eosio.
My upcoming blog post will outline a new approach to cpu on #eosio that will bring price stability and should dramatically lower cpu costs while making allocation predictable. It’s simple and easy to understand. It should provide a sustainable way forward for the community.
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As the users of the EOS blockchain have known for some time now, in order to use dApps or to make simple transactions, a significant amount of staked EOS is currently required for the CPU: we are talking about at least 30 EOS, or about 78 dollars, to make an operation.
This situation was caused by a smart contract of the EIDOS project that has congested and exhausted all the CPU of the blockchain, thereby preventing small-scale EOS users from performing almost any type of transaction.
EOS CPU news: no fork on the way
In this scenario, the CTO has announced that they will publish a post on Medium that will explain how to solve the problem, levelling the cost of the CPU; to this Larimer has also added that the update will not require any hard fork, but a simple update of the system contract, thus from that point of view there will be no problems because the Block Producers will not have to vote for the proposal.
This news comes at a time of real exasperation for the EOS community as users are forced to recover more and more resources to use dApps and transactions.
Some projects currently based on the EOS blockchain have also threatened to abandon it, as for example in the case of EARNBET, which gave an ultimatum of 30 days for the situation to resolve.
“The EOS mainnet is in a sad state. With intense network congestion and spam, users are unable to access their EOS accounts. Currently, the network requires around 30 EOS staked to an account in order to perform a single transaction each day. Once billed as “free transactions for all,” effective EOS transaction fees now surpass even those of BTC. Instead of needing to pay $0.25 to transfer BTC, EOS users need to stake over $100 of EOS to make a single transaction on the network.”
Hmmm... I think we need Twitter embeds...