Users will now find it easy to open an account on the EOS network. This is following a new proposal that was announced by the fifth largest cryptocurrency network.
Block producers, which are organizations that authenticate transactions and enact regulations for EOS, announced that they would double the network’s supply of RAM. Notably, RAM is a resource that is obtained with EOS tokens and is critical in running the blockchain network.
Given that RAM prices are influenced by supply and demand, the network has in the recent months become a playground for speculators. Since the network was launched in June, the price of RAM has dramatically increased making it challenging for new users to create accounts and costly for developers who want to launch decentralized applications (dApps) on EOS.
At some point, the RAM price surpassed the 900 EOS/MB thresholds such that 1MB sold for more than $7,700, using the current exchange rate. Since opening a new EOS account requires about 4kb of RAM, new users wishing to join the ecosystem had to spend a minimum of 3.5 EOS, which is about $30.15. Although the prices significantly reduced in the following months, new users opening EOS accounts still spent as high as $10 or more. Users complained that the price was still high, and that EOS had to reduce it if it wanted to become the most widely used blockchain.
Block producers now have the power of balancing the number of speculators and developers by adding new RAM to the network, an authority they have now used for the first time. This innovation has increased the RAM capacity of EOS network from 64GB to 128GB, an increase of 1kb per block.
Although six organizations including Huobi and Bitfinex refrained from voting, 15 of the 21 active block producers had approved the resolution by the time of writing this article. Admittedly, the resolution is already effective since only 15 votes were required for it to pass. The resolution has drastically reduced the value of RAM prices in the recent days settling at 260 EOS/MB, an equivalent of $2, 250, MarketstackD reported. Meanwhile, the EOS token has a value of $8.59 per unit and $7.7 billion circulating market cap.