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Block Beats BlockBeats
, author: 0x22, 0x29, reproduced by Odaily with authorization.After a year, the EOS network finally gained the attention of the currency circle again, but this time, it was because EOS, which claims to have a TPS of 100,000, was completely blocked. This is not an attack, but a token airdrop of EIDOS, a new project of EOS fan Aiden Pearce.Up to now, the CPU resource price of EOS has skyrocketed by 1,000 times. An ordinary EOS transfer that only takes a few seconds now takes at least 5 minutes.Speaking of Aiden Pearce and his EIDOS, we have to talk about his former EnuMivo (avocado ENU), a popular project based on the concept of UBI (Universal Basic Income, a fixed monthly payment).
Due to his love for EOS, the founder AP published the ENU white paper on the bitcointalk forum in February 2018, expressing that he would use EOS code to realize his UBI ideal.ENU's white paper states that as long as you send 0 Ethereum to an address, you can receive an airdrop from ENU. This kind of airdrop method was not common at the time. Generally, airdrops require users to hold certain coins to be able to airdrop, while ENU’s airdrop is equivalent to unconditional, as long as 0 Ethereum is sent.This almost cost-free acquisition method has attracted a large number of users. With the bull market of EOS in June 2018, the ENU community has also become crazy, and the price of ENU has skyrocketed, once approaching RMB 1.
But the good times didn't last long. ENU broke up before realizing UBI.AP found that 6 of the 21 nodes in the ENU network are controlled by the same person, and he expressed that he could not bear the centralization of the ENU network. In August of this year, AP announced that it would abandon ENU and cancel its Telegram account. At the same time, the official website of Enumivo has also removed the original content and replaced it with the words "Enumivo is dead (ENU is dead)". Regarding AP's abandonment of ENU, it was also disgusted by a large number of community members, who also had a natural resistance to the new project EIDOS.And this history is also the origin of EIDOS. While announcing the launch of the new project, AP introduced the source of the name of EIDOS on the official website of the original ENU, "EIDOS——ENU IS DEAD, OH SHIT!" (Avocado is dead, shit!)
According to the EIDOS introduction provided on the official website, we can actually predict that, according to ENU's once popular phenomenon, it is not surprising that EOS has this phenomenon. Then let's take a look at how this EIDOS, which commemorates the largest airdrop ENU project in history, completely blocked the EOS network, which is known as 100,000 TPS.EIDOS is more like a large DAppAccording to the EIDOS airdrop method, users can transfer any amount of EOS to the eidosonecoin account, and the smart contract will return the same amount of EOS to the user account, and will send 0.01% EIDOS stored in the eidosonecoin account to the user account .According to the EIDOS airdrop rules, 25 EIDOS will be generated every second in the contract, of which 20 EIDOS will be airdropped to users, and the remaining 5 will be sent to the team's account. The airdrop will last for 15 months, and eventually, 1 billion EIDOS will be generated, 800 million of which will be used for airdrops.For example, at 4 pm on November 1st, the user sends 0.001 EOS to the eidosonecoin account. If the transaction is successful in the first second, the user can receive back 0.001 EOS and 0.002 EIDOS.This airdrop method looks very similar to the spinach DApp that was once popular. At that time, in order to attract users to participate, Spinach DApp adopted the incentive model of mining rewards. Users participating in a game, no matter whether they win or lose, can get token rewards issued by the project party. The amount is proportional to the amount of betting in the game. Game tokens can be traded and cashed out on the decentralized exchange DEX. As a result, a large number of players began to bet with scripts. They did not want to win money, but their purpose was game tokens. This is like a kind of mining behavior, mining profit by participating in the game.The difference between EIDOS and DApp is that the reward for each mining is fixed and not directly proportional to the investment amount.
What really needs attention is that transactions on the EOS network require resources, including CPU, NET (bandwidth), and RAM (memory), while transfers require the most CPU, which is also an important reason for the EOS network congestion on November 1.
At the beginning of the airdrop, there were not many participants, and the network was not blocked. Users can get up to 0.5 EIDOS for one transfer.
But it didn't take long, more and more users participated, and the EIDOS obtained by a single transfer became less and less. For users, the most fatal thing is that there are not enough resources in the account.CPU is a necessary resource for transfers in the EOS network, and it is not a cost. According to the rules of EOS, users need to mortgage EOS tokens in exchange for resources, and when users do not need resources, they can redeem them.When the network transaction volume increases, CPU resources become less and less, and more and more EOS are required to mortgage the same amount of resources. As reported by users in the community, he mortgaged 100 EOS CPUs, but the CPU became popular, that is, the CPU required for a transfer has exceeded the CPU allocated to him by the network.Just a transfer worth 0.001EOS requires more than 100 EOS. Very few users have a large amount of EOS that can be used as collateral.
And this also triggered the outbreak of another market on the EOS network, resource leasing.The madness of the EOS rental marketIn the EOS network, CPU and NET resources can be obtained through leasing. In fact, users can rent idle EOS. The entire EOS network can be regarded as a private cloud one by one. As much EOS as you have, you can get as many network resources, and some users do not need these resources, so they can put the idle resources they do not need on the rental market , for other users in need to rent, and they can get rental fees.The REX officially provided by EOS is such a resource leasing market. BM once said that users mortgage unnecessary EOS into REX for lease by other users in need, and can share the income equally. The application with the largest mortgage amount among Defi applications on the chain is larger than the Ethereum mortgage amount of the largest Defi MakerDAO on Ethereum.But the embarrassing thing is that there are too few people who really need to rent resources. DApp is no longer popular, and there is only one Defi application on EOS, and there is no rigid demand for leasing resources on the entire network.
However, the emergence of EIDOS has completely revitalized the resource leasing market that has been quiet for a long time.Block Beats The reporter of BlockBeats also experienced this airdrop event. Of course, considering that the resources may not be enough, we first rented resources on REX. When the airdrop has not yet started, 1 EOS can be rented to 3,500 EOS for 30 days. To be on the safe side, we spent 2 EOS and borrowed 7000 EOS in exchange for CPU resources.
But we still underestimated the madness brought by EIDOS. After a few hours of digging, the 7,000 EOS-mortgaged CPU also became popular, and the transfer was impossible.
At this time, the REX rental market was completely crazy. Before the event started, 1 EOS could borrow 3,500 EOS resources, but after 9 hours, it dropped to 940 EOS. In other words, looking at the REX market alone, the price has risen nearly 4 times, and there is no slowing down trend.
The price of CPU is even more terrifying. Nine hours after the airdrop started, the price of CPU, which had not fluctuated in price for several months, skyrocketed up to 1000 times.
The listing of the exchange has also accelerated people's Fomo mentality. Half an hour after the airdrop started, Bithumb Global launched the EIDOS transaction, and the price was once pulled to 0.2 USDT, and then fell back. But this did not affect the enthusiasm of the exchanges. Exchanges such as Hoo have announced the launch of EIDOS. After 9 hours, the price of EIDOS has increased by more than 100% from the low point.Thoughts brought by EIDOSFirst of all, it seems to be a good thing for EOS. In any case, EOS, once known as "Blockchain 3.0", has not received such great attention for a long time. But under this stress test, EOS still has some problems.Behind the congestion of EIDOS is the disadvantage of the EOS resource mechanism. When the Ethereum network is congested, people can still transfer money and run DApps with high gas fees, but when EOS has popular applications, although people's transfer costs are controllable, the resources consumed by running DApps will become extremely expensive. The process of recharging the CPU is also relatively cumbersome. If the CPU in the user's account is exhausted, he has to ask friends who have EOS tokens and resources for help, or buy a CPU first aid kit with extremely low cost performance.On the other hand, the performance of EOS is not as good as people expected. Just one EIDOS airdrop can make the EOS resource system on the verge of collapse. The E of EOS stands for commercial grade, but EOS's solution of sacrificing some decentralization in an attempt to improve performance is far from the real commercial grade application.What else can EIDOS bring us to think about?Thinking about it from another angle, EIDOS is like a social experiment. He reinterpreted Bitcoin—at the beginning, when there were not many people participating in EIDOS, it was very easy to obtain tokens, no matter the degree of network congestion or each distribution. None of the numbers that arrived were that bad. However, when more and more large households and institutions pay attention to EIDOS, the entire network becomes congested, resources become extremely expensive, and it becomes extremely difficult for retail investors to participate in EIDOS mining.The original intention of EIDOS is to tokenize the idle resources of EOS, which is an airdrop benefit for EOS holders. However, when large currency holders flood in, it becomes an "arms race"—whoever has more EOS in stock, who rents more EOS in the early days, and whoever has more machinery and equipment will control the game. The initiative of "airdrop".In fact, this is very similar to the development process of Bitcoin mining, and even the EIDOS airdrop can be regarded as an extremely reduced version of Bitcoin mining. The 15-month airdrop period of EIDOS is like the 131-year block reward period of Bitcoin; EIDOS consumes a lot of CPU resources, and in the end it is actually the cost of electricity, just like Bitcoin through a large number of hash operations, It causes energy consumption; and the amount of expected income from mining EIDOS once is like the mining difficulty of Bitcoin. But the difference is that 20% of the total EIDOS airdrop is sent directly to the team account, which is equivalent to 20% "pre-mining".
So, EIDOS may be an unfair experiment.
