EOS New York team updates on the RAM issue, reduces the cost of account creation by 25%
EOS has reduced the RAM cost of account creation by 25% in the latest contract update. Moreover, all new accounts will be getting extra 1400 bytes of RAM. The cost of RAM has been one of the major issues of the EOS blockchain. Back in July 2018, when EOS mainnet was first launched, 1 MB of RAM on the EOS network had skyrocketed to 910 EOS ($8190). Currently, it costs 119 EOS ( $690 ) for 1 MB of RAM on the EOS network.
Daniel Larimer, the CTO of EOS had proposed 3 solutions to decrease the RAM price.
- Increase the overall capacity of the entire network’s RAM
- Reduce the memory usage
- Create free accounts
Based on the second solution EOS New York has released an updated version of the contract. According to Daniel,
“The default EOS blockchain hard-codes a RAM usage of 3 KB per account where 1.5 KB is currently reserved for future expansion. This was an overly conservative estimate. Upon closer auditing of actual RAM usage per account, we have concluded that only 512 bytes are required for each new account. Block.one will provide an update to the system contract that will create 1.5 KB of RAM per account and retroactively offset the overly conservative usage estimate.”
Months ago, high RAM costs were becoming an issue for many. The #EOS blockchain issued an update to RAM that would reduce those costs over time and it's working. The evolution of $EOS is swift and we are tackling obstacles within months of launching. @EOS_io @BrendanBlumer pic.twitter.com/EBy47N9XF9
— EOS New York (@eosnewyork) September 6, 2018
The new contract’s version is EOSIO ver 1.2.1 and was released on 6th September. The updated contract reduces the RAM cost of new accounts from 4KB to 3KB. The new version also gives EOS accounts 1400 Bytes. This has been possible through hard coding how each account calculates the available RAM.
The new cost of account creation is now 3KB and every new account gets an extra 1400 Bytes. Old accounts that were created are also eligible for the free 1400 bytes. More information can be found on their official blog post.
Path to adoption
Creating an account of any EOS DApp (Decentralized Applications) is costly. Currently, the cost is being borne by the developers and early adopters of EOS Blockchain. But if EOS blockchain has to become a standard chain for DApps, EOS has to drastically reduce the cost of resources being used.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Did you like the news you just read? Please leave a feedback to help us serve you better