BM: Proposal for EOS Resource Renting & Rent Distribution
关于EOS资源租赁和租金分配的提案
We present a solution for lowering the capital costs of using network and CPU resources on EOSIO based blockchains. The EOS network allows at most 400ms per second of CPU time to be billed and an average of 40ms per second sustained. This CPU time is divided evenly among all holders of EOS tokens that choose to stake them for 3 days. Unused CPU time is allocated on a fractional reserve basis, which means unused time is given to those who stake and decide to use it.
我们提出了一种解决方案，用于降低在基于EOSIO的区块链上使用网络和CPU资源的资金成本。 EOS网络允许每秒最多400ms的CPU占用，平均可以维持40ms。CPU资源在所有将EOS代币抵押3天的持有者之间平均分配，未占用的CPU资源以小数储备为基础分配，这意味着未使用的时间将给予那些拥有并决定使用它的人。
The EOSIO white paper called for the ability to delegate bandwidth to others. The ability to delegate bandwidth implies the ability to rent unused bandwidth. From this token holders have an opportunity cost associated with not renting their unused bandwidth.
EOSIO白皮书要求能够将带宽委托给其他人。委派带宽的能力意味着能够租用未使用的带宽。因此代币持有者如果不租用他们未使用的带宽，则会产生机会成本。
Creating an efficient rental market requires price discovery and liquidity. An efficient rental market will ensure resources are always available and at more reasonable prices for the participants. Token holders can lend their EOS at a fee in exchange for some loss of liquidity for the duration of the loan. There is no risk of losing capital to the lender.
创建有效的租赁市场需要价格发现和流动性。高效的租赁市场将确保资源始终可用，并为参与者提供更合理的价格。代币持有者可以借出他们的EOS，由于损失了流动性，他们可以在贷款到期时收取租用者一定的费用。贷款人没有损失资金的风险。
Lending Tokens 租借代币
A EOS holder can lend their tokens to the Resource Exchange and will receive REX tokens for their EOS at the current book value of the Resource Exchange. The REX will generate fees by lending the EOS which will increase the book value. At any time the holder of REX tokens can convert REX back to EOS at book value.
EOS持有者可以将其代币借给资源交易所，并将以资源交易所的当前账面价值为其EOS接收REX代币。 REX将通过贷出EOS来产生费用，这将增加账面价值。 在任何时候，REX代币持有者都可以将REX转换回EOS的账面价值。
In addition to earning fees for renting CPU and NET resources, we propose the fees from RAM trading, name auctions, and any other resource offered by the EOSIO chain will be added to the books of the REX. This will cause the rewards from network operation to accrue to REX holders (staked EOS holders) and generate an effective reward for holding EOS for at least 30 days (the rental period).
除了租用CPU和NET资源的收入之外，我们还建议将RAM交易、名称拍卖以及EOSIO链提供的任何其他资源的费用添加到REX的账簿中。 这将导致网络运营的奖励累积到REX持有人（抵押的EOS持有人），并为持有EOS至少30天（租赁期）产生有效奖励。
Borrowing Stake Tokens借用抵押代币
For every EOS contributed to the books of the REX a number of Staked EOS tokens (SEOS) is created. The SEOS and EOS are deposited into two connectors of a Bancor Relay. The initial number of SEOS per EOS created is 1 to 1. From this point traders can buy and sell SEOS for EOS with a small trading fee (e.g. 0.5%).
对于REX账簿中的每个EOS，都会创建一些Staked EOS代币（SEOS）。 SEOS和EOS存放在Bancor Relay的两个连接器中。每个EOS创建的初始SEOS数量为1比1.从这一点来看，交易者可以以较小的交易费用（例如0.5％）买卖EOS的SEOS。
If the SEOS is not sold back to the Bancor Relay, it can be converted into delegated EOS for either CPU or NET resources for a period of 30 days. At the end of 30 days the SEOS is returned to the Bancor Relay connector (after 3-day delay) and resold to other renters. No EOS is returned to the renter after they convert SEOS into a delegated period.
如果SEOS未售回Bancor Relay，则可以将其转换为CPU或NET资源的委派EOS，为期30天。在30天结束时，SEOS将返回Bancor Relay连接器（延迟3天后）并转售给其他租户。将SEOS转换为委派期后，EOS不会返回给租用者。
To discourage holders of SEOS from holding and never converting or selling, SEOS is inflated at a rate equal to the implied interest rate defined by the current EOS/SEOS price for 30 day rental. As SEOS is inflated the number of SEOS required to delegate 1 EOS will grow. The newly inflated SEOS is added to the Bancor Relay connector and sold into the market.
为了阻止SEOS持有人持有且从不转换或出售，SEOS以与当前EOS / SEOS价格为30天租赁定义的隐含利率相等的速度进行增发。随着SEOS增发，委托1 EOS所需的SEOS数量将会增加。新增的SEOS被添加到Bancor转接口并出售给市场。
The act of inflating SEOS creates generates an effective interest rate paid to the REX holders which are lending their EOS to the REX.
对SEOS进行增发的行为产生了向REX持有人支付的实际利率，REX持有人将其EOS借给REX。
EOS lent to the REX will count as stake for voting purposes.
借给REX的EOS将作为抵押，用于投票。
Effect on Resource Prices对资源价格的影响
Under the existing EOS resource allocation model, the cost of using the network for one month is equal to the cost of buying the right to use it forever minus the proceeds of selling 30 days later. During this time the user of EOS is exposed to price volatility which could be extreme. It is possible that the user could double their money or lose half of their money.
在现有的EOS资源分配模型下，使用网络一个月的成本等于购买永久使用权的成本减去30天后出售的收益。在此期间，EOS的用户面临价格波动，这可能是极端的。用户可能会将资金翻倍或损失一半的资金。
Under heavy congestion (sustained load over 10%), the staking algorithm of EOS would give about 100 microseconds per day of guaranteed CPU time per 1 EOS staked. A trader wanting to transact once per minute (where each transaction requires 1ms) would require stake of about 15,000 EOS (or about $100,000 dollars as of August 2018). Many traders lack that much capital and few would want to expose it to volatility risks just to trade.
在严重拥塞（持续负载超过10％）的情况下，EOS的放样算法每1 EOS放样每天可保证100微秒的CPU时间。想要每分钟交易一次的交易者（每笔交易需要1ms）需要约15,000份EOS（或截至2018年8月约100,000美元）。许多交易者缺乏那么多资金，很少有人愿意将其暴露于交易的波动风险中。
Renting CPU and NET resources makes far more sense for traders because they are not exposed to EOS price volatility nor do they have expensive capital costs. If we assume that staked EOS holders are renting EOS at 5% APR then the cost to trade once per minute for a month would be 60 EOS or about $0.01 per trade. This is less than the trading fees associated with buying and selling 15,000 EOS even if the price of EOS was flat.
租用CPU和NET资源对交易者来说更有意义，因为他们没有暴露于EOS价格波动，也没有昂贵的资本成本。如果我们假设赌注的EOS持有人以5％APR租用EOS那么每月交易一次的成本为60 EOS或每笔交易约0.01美元。即使EOS的价格持平，这也低于买卖15,000 EOS的交易费用。
While it is impossible to know what the resource rental rates will be, it is safe to assume that higher rental rates will drive demand to purchase and hold EOS. This market would effectively decouple EOS price and network usage costs.
虽然不可能知道资源租赁费率是多少，但可以安全地假设更高的租金将推动购买和持有EOS的需求。该市场将有效地分离EOS价格和网络使用成本。
Trading SEOS and EOS交易SEOS和EOS
The creation of the SEOS / EOS market will enable speculators to set the interest rate for 30 day of delegated CPU or NET bandwidth. Speculators make money by accurately predicting future price movements and help inform the network of the proper rental rates. The network and REX holders profit from this trading volume in addition to the rental fees.
SEOS / EOS市场的建立将使投机者能够设定30天的委托CPU或NET带宽的利率。 投机者通过准确预测未来的价格变动来赚钱，并帮助告知网络适当的租金。 除租赁费外，网络和REX持有人还从该交易量中获利。
Voting Requirements投票要求
In order to buy REX an account must set and maintain a voting proxy or approve at least 21 block producers. They may change their votes but not remove them while they hold REX tokens. After an account has sold all REX tokens they may vote for less than 21 producers.
为了购买REX，账户必须设置和维护一个投票代理或批准至少21个区块生产者。 他们可能会更改他们的投票，但在他们持有REX代币时不会将其删除。 在账户出售所有REX代币后，他们可能会投票给不到21个生产商。
Update to System Contract更新到系统合同
Implementing this proposal will require updates to the EOSIO system contract to the extent that it intersects with voting rights and distribution of fees from other network activities. While it would be possible to implement a similar market outside of the system contract, such markets would come at an opportunity cost to staking for voting purposes.
实施该提案将要求更新EOSIO系统合同，使其与投票权和其他网络活动的费用分配相交叉。 虽然有可能在系统合同之外实施类似的市场，但这样的市场会因为投票而有机会成本。
Automatic Renewal自动续订
At the end of a 30 day delegation contract, a user can opt to automatically purchase and stake another 30 days for a 10% discount assuming the user has sufficient EOS to purchase another 30 day rental. The 10% discount comes from not having to wait for the 3-day delay to pass before the stake can be delegated to another user. The 3-day delay prevents double-spending of resource usage due to the averaging algorithm used in measuring usage.
在30天授权合同结束时，假设用户有足够的EOS购买另外30天的租赁，用户可以选择自动购买并再投入30天以获得10％的折扣。 10％的折扣来自于在将股权委托给另一个用户之前不必等待3天的延迟。 由于用于测量使用的平均算法，3天的延迟防止了资源使用的双重花费。
Comparison to Fee Model费用模型的比较
Other blockchains sell their transactions based upon a per-transaction fee. Using cell phones as an analogy, one could either pay-per-minute or pay $50 per month for a certain minimal level of service.
其他区块链基于每笔交易费用出售其交易。 使用手机作为类比，可以按分钟付费或每月支付50美元用于特定的最低服务水平。
Research shows that monthly fee models are easier to value and understand than micropayment models. Which is more paletable to users, paying $0.01 per news paper article, or paying a monthly subscription? Paying $2 per song or paying $10 per month to stream?
研究表明，月费模式比微支付模型更容易估值和理解。 对于用户来说哪个更容易上瘾，每篇新闻报道支付0.01美元，或者按月订阅？ 每首歌支付2美元或每月支付10美元流？
The instantinous fee prices on Ethereum generate high volatility and unpredictable experiences. The monthly rental of defined bandwidth provides significantly lower price volatility and more predictable user experience.
以太坊的即时费用价格会产生高波动性和不可预测的体验。 定义带宽的月租金可显着降低价格波动性，并更提供可预测的用户体验。
Fee-based models also increase accounting costs and enable lower-cost short-term denial of service by pushing prices high. It is much more expensive raise 30-day rental prices than it is to raise Ethereum GAS prices for 24 hours.
基于费用的模型还会增加会计成本，并通过推高价格实现低成本的短期拒绝服务。 提高30天的租赁价格比提高24小时的以太坊GAS价格要贵得多。
Conclusion结论
We believe that this proposal will lower the cost of using the EOS network and decouple cost of CPU and NET use from capital appriciation/loss of EOS. It will make EOS usable by people who do not want to have high exposure to EOS price volatility and it will create incentives to participate in the governance of the EOS network.
我们认为，该提案将降低使用EOS网络的成本，并将CPU和NET使用成本与EOS的资本减少/丢失分离。 这将使那些不希望对EOS价格波动产生高风险的人使用EOS，并且它将激励他们参与EOS网络的治理。
Not adopting a resource rental model will likely limit use of EOS to those who are also willing to speculate on EOS price.
不采用资源租赁模式可能会限制对那些也愿意投机EOS价格的人使用EOS。
Translated by EOSUnion. 本文由EOS联盟翻译。
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