EOS 관련 컬럼

댄 라리머, RAM 마켓 & 뱅코르 알고리즘

Views 848 Votes 3

EOSIO RAM Market & Bancor Algorithm

The EOSIO blockchain software enables communities to configure the amount of RAM (Random Access Memory) that all full nodes are expected to have for maximum performance. RAM is required to store account information such as keys, balances, and contract state. Because the amount of RAM available to a single computer is limited by Moore’s Law and other technological advances, RAM is fundamentally scarce.

EOSIO adopts a free-market approach to allocating scarce resources to their highest purpose. To facilitate this market, the eosio system contract allows users to buy RAM from the system and sell RAM back to the system in exchange for the blockchains native tokens (e.g EOS). This provides liquidity in the RAM market while facilitating price discovery. The less unallocated RAM available to the market maker the higher the market maker prices the remaining RAM. The algorithm used for this market maker is known as a Bancor Relay.

A Bancor Relay does not set the price of RAM. It only offers to buy and sell at previously established market rates. Anytime the current market rate is different than the current price offered by the Bancor Relay traders will buy or sell RAM pushing to closer to the market determined price.

The eosio system contract uses the proceeds of past RAM purchased by a blockchain community to provide liquidity to those looking to sell RAM back to the system. Using the community EOS blockchain as an example: theeosio.ram account has 4.4M EOS (about $40 million dollars) at the time of this writing. This 4.4M EOS is providing liquidity to 52GB of RAM with a market value of around 25M EOS ($270 M) at current pricing. It should be obvious to all that the market maker is unable to control the value of RAM when it only holds EOS worth less than 20% of the RAM market cap.

RAM is a Commodity

While RAM can be bought and sold, it cannot be transferred from user to user. Furthermore, unlike the social consensus about maintaining artificial scarcity of traditional cryptocurrencies, the RAM supply may be increased overnight based upon community demand and technological advances. The supply of RAM is managed by voters for the benefit of developers and users which need cheap RAM to build applications. Expensive RAM makes a blockchain unviable for many business models.

The eosio system contract is operating automatically on behalf of EOS token holders who get to vote on the pricing structures. As a holder of RAM the only thing you are entitled to by the blockchain is storing data in contracts. You are not entitled to any specific repurchase price other than what the community is willing to offer you via the eosio system contract at the time you decide to sell. Because RAM is limited by technology the eosio system contract will generally offer to buy or sell RAM at market prices. Once again, the contract does not set market prices. The market prices are set by people interacting with the system contract to buy and sell.

Bancor Relay Volatility

The Bancor Relay has some parameters that impact how fast the price moves in response to incoming requests to buy and sell RAM. This effectively determines the shape of the orderbook and the degree of slippage someone would see when buying or selling a large quantity.

Due to an unintentional configuration of the Bancor Relay weights on the EOS blockchain, this parameter is set at .05% rather than 50%. This introduces some heavy slippage for buying and selling large quantities and causes more volatility than desired.

We recommend updating this parameter to the intended value of 50%. The immediate effect of this change will be to temporarily lower the spot-price offered by the market maker. Market participants will be able to interact with the market maker to push it back toward market value. Keep in mind that under both the old and new values the free market is setting the price and the market maker is merely responding. This means that changing the parameter may create a buying or selling opportunity until the price returns to market value.

As the free market pushes the Relay back to market value pricing of RAM users will experience far less slippage when buying and selling in large quantities. Reducing slippage and volatility provides a more predictable and stable market for both RAM speculators and RAM users.

Bringing Down Costs by Scaling

Blockchains have been struggling to scale since the introduction of Bitcoin. The recent price spikes in the EOS RAM market indicate that the market believes RAM is worth $4 per KB given current supply. This is a STRONG market signal that providing more RAM would be very valuable.

Dapp developers face two costs when building their system.

  1. The cost of interacting with the blockchain
  2. The cost of hosting a full node

Keeping RAM scarce (64 GB) lowers the cost of hosting a full node, but increases the cost of interacting with the blockchain. So much so that deploying a typical smart contract (which uses 10MB of RAM) costs about $40,000 at today’s RAM prices. A developer attempting to build a social media platform will likely want to host at least one full node of their own. For them, spending $39K on high-end hardware with sufficient RAM and $1K for storing their contract in RAM is “break even”.

RAM is about $11 per GB per server and the EOS RAM market is pricing RAM at $4M dollars per GB. This indicates that the network as a whole could buy real RAM for over 300,000 servers for the same price speculators are bidding on the limited 64 GB of RAM allocated to the EOS chain.

The network could clearly maintain significant decentralization while raising the cost of a full node. Based upon this analysis of server-cost vs chain-cost to Dapp developers, it is clear that a dramatic increase in on-chain RAM and more expensive full nodes is cheaper for the users of the overall network.

Based upon this analysis it seems reasonable to increase the cost of full nodes until it is cheaper to deploy a large contract to chain than it is to operate a full node.

Virtual Memory

20 years ago, when 128MB of RAM was considered a lot, most computers relied on virtual memory to support more applications at once. Virtual memory swaps RAM contents to disk when it hasn’t be used recently. This can dramatically slow down your computer when under RAM pressure. Fortunately for us, SSD technology has dramatically reduced the gap between RAM and disk performance. Additionally, a large percentage of RAM is infrequently used and/or held entirely for speculative purposes.

It should be possible for non-producing full nodes to rely on virtual memory to reduce costs. The vast majority of CPU capacity of the network is under-utilized so there is opportunity to trade CPU time for RAM.

Emerging NVM Technology

Modern operating systems also support RAM compression which trades CPU cycles on idle cores for more space. It is actually faster to decompress RAM than it is to load it from disk. The combination of compression, disk-paging, and modern ultra-low-latency disks means that a blockchain community can made a tradeoff between maximum TPS and RAM. After all it doesn’t help anyone if they can do 1 billion TPS if they are limited to the 8MB of L3 cache. There is a market trade-off that all blockchains must make between memory usage, throughput, cost of a full node, and demand for scarce resources.

Transparency in RAM Market

In order for RAM speculators to do their part to balance present vs future demand for scarce resources, they need reliable projections of RAM supply growth. Sudden and unpredictable increases in RAM supply can cause them to lose money and/or stay away from the market. This leads to less efficient resource allocation.

Sudden increases in RAM supply represent inefficient distribution of new supply by the system contract and will extract less tokens from the market than could be extracted over time. The impact of less efficient extraction is a loss of revenue to the market maker and an increase in long-term volatility caused by a less-well-funded market maker.

Therefore, has created an proposed update to the system contractthat will add a fixed amount of bytes-per-block to the RAM supply. The elected block producers can set a sustainable rate of growth rather than instantaneous increases. As RAM supply increases are the purview of the producers, it is my opinion that no referendum is needed to automate what they could do manually today.


RAM is meant to be used for developers who want to build real things to make everyone’s lives better. The free market and blockchain communities will adopt a combination of approaches to reduce the total cost of deploying and using large-scale decentralized applications. RAM is not designed to be artificially scarce the entire market is working on ways to increase both RAM and TPS over time.


1개의 Comment


대단한 알고리즘인듯 샷샷

  • KOREOS 2018.07.18

    ECAF가 메인넷 이후 계정 동결 관련 내용 등 5주간의 진행 과정 및 앞으로의 개선 방향을 밝혔습니다.

  • 서리 2018.07.18

    EOS 는 암호화화폐 게임의 판도를 바꿀 기술 - EOS.FISH(이더리움 F2pool 채굴풀 Marshall Long)

  • 서리 2018.07.14

    반코르 프로토콜의 EOS BP 인 리퀴드 EOS가 소개하는 Dapp 들이 EOS를 기반으로 만들어져야 할 이유입니다.

  • 뮤직홀릭 2018.07.13

    안녕하세요. 요즘 이오스가 너무나도 많은 분들에게 갈등을 보여줬던 시간이지 않았나 싶습니다. 사실 이오스 프로그램 자체로는 계획대로 잘 가고 있는데 그 외 다른 부분들 때문에, 특히 램 시장 때문에 너무나도 많은 이슈를 만들어 냈습니다. 여...

  • 서리 2018.07.12

    나의 EOS 계정 보안을 위해 권한을 설정하는 방법 By EOS CANADA EOS의 멀티시그니쳐 기능을 이용해 서명 횟수와 서명 권한자를 설정하는 방법이 소개됩니다. 다만 쉬운 툴이 아니라 CLEOS 커맨드 명령을 통해 실시하는 방법으로 개념 이해에 도움...

  • KOREOS 2018.07.07

    스캐터(리들 | 이오스) 대표 인터뷰 / Scatter(RIDL | EOS) Interview with the Founder

  • <span style=램 마켓을 보며 드는 또 다른 생각(대안?)" class="ed webzine-thumbnail-none" style="width: 160px; height: 100px">
    뮤직홀릭 2018.07.06

    램 마켓을 보며 그런 생각이 들었습니다. 결국 EOS 토큰을 이용한 시장의 한 부분이긴 하지만 가격만 올려놓는 램 시장의 펌핑은 큰 그림을 봤을때 이오스 생태계에 긍정적이진 않은 것으로 보여집니다. 수익을 보신 분들은 이오스 수량이 많이 느셨...

  • 댄 라리머, RAM 마켓 & 뱅코르 알고리즘
    서리 2018.07.05

    EOSIO RAM Market & Bancor Algorithm The EOSIO blockchain software enables communities to configure the amount of RAM (Random Access Memory) that all full nodes are expected to have for maximum performance. RAM is required to st...

  • <span style=램 시장과 홀더들의 STAKE 에 대한 생각" class="ed webzine-thumbnail-none" style="width: 160px; height: 100px">
    뮤직홀릭 2018.07.04

    안녕하세요. 뮤직홀릭입니다. 최근들어 램시장의 가격 급등으로 많은 EOS 유저들에게 이슈가 되고 있습니다. 또한 이러한 급등의 상황을 보고 지갑을 만들려는 분들도 많이 생깁니다. 저는 개인적으로 램시장은 투기적인 움직임보다 댑 개발자들......

  • 서리 2018.06.30

    EOSTOOLKIT.IO 로 RAM 구매, 판매하기 ================================================================================================================================ RAM 구매 / 판매 설명에 앞서 최근 RAM에 대한 많은 논의가 있었습니다...

  • KOREOS 2018.06.28

    댄라리머가 작성한 최신글입니다. 개인적으로 최근 EOS 동결 사태와 ECAF에 대한 견해를 밝히고, 여러 주요 개념 및 방법을 설명한 것이라 여겨집니다. 보다 자세한 내용은 번역이 제대로 나와야 알 수 있겠지만 "Code-is-Law", 리카르디안 계약이...

  • 서리 2018.06.21

    많은 분들이 관심이 있으신 EOS 토큰의 스테이킹, 언스테이킹 방법에 대해 간략히 설명드리겠습니다. 금일 설명드릴 툴은 EOS 툴킷 중 가장 많은 기능을 탑재하고 있는 EOSTOOLKIT.IO로 스캐터 인증 프로그램을 통해 손쉽게 다양한 기능을 사용할 ...

  • 서리 2018.06.20

    EOS에 대해 기본적인 내용들이 정리되고 있습니다. 질문 이전에 꼭 아래 링크의 글을 읽어주시기 바랍니다.

  • 서리 2018.06.20

    EOS 메인넷 계정의 이해 EOS 메인넷 상에서 계정 정보는 12자리(영문 소문자와 1~5까지의 숫자, 영문으로만 시작 가능)의 문자열이 대표하며, 기타 OWNER, ACTIVE 키는 해당 계정의 자격을 증명하는 일종의 암호화 키라고 보시면 됩니다. 따라서 EO...

  • [EOS 관련 컬럼] 체인간 통신의 미래 : EOS 2
    서리 2018.06.18

    EOS: The Future of Cross-Chain Communication Bancor Co-Founder & CTO Yudi Levi explains the power of cross-chain communication on EOS

  • 서리 2018.06.15

    스캐터 기반 EOS 지갑, Scattellet 이 정상적으로 메인넷을 지원합니다. 사용법은 너무나 간단해서 설명이 필요가 없을 정도인데, 여튼 다음과 같이 정리해보겠습니다. ================================== 준비물 ================================...

  • EOS TOOL KIT 관련 사이트 모음
    [EOS 관련 컬럼] EOS TOOL KIT 관련 사이트 모음 13
    서리 2018.06.15

    EOS 스테이킹/언스테이킹, 임대, 계정 생성, 프록시 설정, 토큰 전송 등이 가능한 EOS 관련 툴 모음입니다. 1. EOS ASIA 에서 제작한 툴입니다. 별도 다운로드 받을 필요가 없으며 투표, 계정생성, 프록시 설정, 프리미엄 계...

  • 서리 2018.06.14

    대부분 EOS 메인넷에서 무작위 발급 받은 어려운 이름을 사용하시고 계실텐데요. 여러분의 이 계정을 사용해서 실제 사용할 수 있는 쉬운 이름의 12자리 이름을 갖는 계정을 만들 수 있는 방법을 설명드리겠습니다. 현재 EOSIO에서 제공하는 CLEOS ...

  • KOREOS 2018.06.14

    체인스는 EOS 생태계 기반 거래 플랫폼으로써, EOS 메인넷 가동 전 과정에 큰 관심을 가지고 상황을 주시하고 있습니다. EOS 메인넷 첫 슈퍼 노드 선거가 15% 투표율을 달성하지 못하면, EOS 메인넷 가동이 불가능합니다. 저희는 거래 플랫폼이 이...

  • KOREOS 2018.06.14

    비트파이넥스에서 EOS를 보유한 회원을 대상으로 자체 찬반투표를 진행한다고 합니다. 메인넷 활성화를 위한 투표에 '예', 또는 '아니오'로 찬반투표를 진행해서 비트파이넥스에서 보유한 EOS 보유량의15%에 먼저 도달하는 쪽이 이...