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We are excited to inform you all that we are adding a new digital asset: EOS RAM. With this new addition, we have listed a total of 73 digital assets! Let us remind you once again that Bitbns is the only cryptocurrency exchange in India to have listed more than 50 digital assets — and it is only the beginning. You can expect a lot more in the future.
Now we would first understand RAM and why is RAM trading so unique.
On the EOS network, RAM is mostly used by developers to store the data used in the launching and production of decentralized applications (dApps). RAM, in this case, refers to general storage space in the EOS memory database, and can also be used to create new accounts. Users have to purchase a minimum of four kilobytes to open an account on EOS, essentially staking out a portion of the network's processing power for their own projects.
EOS ranks 5th in terms of market capitalisation. With more developers adopting EOS for smart contract purpose, the demand of EOS RAM required will increase in the market, indirectly raising the price of RAM. In such cases, developers will be required to purchase the RAM from the users who own them. Only ~17% of RAM is left to be occupied after which it can only be purchased from the user who owns it.
On June 20, Ram RAM in the EOS network cost about 0.01 EOS per kilobyte. July 1, RAM in the EOS network cost about 0.11 EOS per kilobyte. On Jul 03, the price had doubled to 0.20 EOS/KB before blasting off to a current rate (at the time or writing) of 0.57 EOS/KB.
Users on Bitbns will be able to purchase RAM against EOS. Since RAM is the memory database of EOS, users will have to purchase RAM in terms of KB using EOS.
Let's consider an analogy. All developer platforms (Ethereum, EOS, Tron, Cardano) thrive on developers developing them. Now think how a resource that developers critically depend on has a finite supply, which then has to be valued. Right now there is just 64GB of total RAM available on EOS. And this would increase slowly — it is fixed for a certain period until there is a meeting from block producers and they decide on increasing it. Ideally, it should increase with Moore's law, it should become twice every 2 years.
Let's take another example to understand the importance of RAM. Say, electric batteries are going to explode with all electric cars. And all batteries (cars, mobiles, laptops) need Lithium inside it. So the cost of Lithium would keep on increasing as long as the supply is finite, the demand outstrips the product supply and there is no technological breakthrough that gives users another alternative to lithium. This is how critical EOS RAM will be to the EOS ecosystem.
" I suddenly realised that RAM is the true EOS token, at least for the next couple of years. If RAM supply is to grow at max 20% per annum as Dan [Larimer] suggested, then RAM supply is extremely limited for the foreseeable future. Remember, what the EOS token is for? It's not a cryptocurrency per se, but a token which you buy so as to CLAIM resources on the EOS network to run Dapps. However, the EOS token itself is not the resource. RAM is the resource."
Users should trade with caution, no doubt. But this asset will have a fairly large volatility, which can benefit traders. Being true to our mission of bringing the best digital assets experience, we are bringing for the first time globally trading of EOS RAM.
The way you trade it will be slightly different. You can't deposit or withdraw RAM, but you can buy it from a block producer. Once you click on the deposit or withdraw section, there will be more details on it. EOS RAM can also be tradeable with INR just like all the other digital assets.
EOS RAM Price (Last 24 Hrs): 0.37141683 EOS / KB EOS Price: ~ 583 INR Current Purchased Capacity: 53.62 GiB (83.78 %) Total Current Capacity: 64 GiB
Trading time will be updated on our Telegram Channel. Subscribe to stay tuned for EOS RAM trading updates.