Clive Humbly said Data is the new oil. In the rawest form, like oil, it is useless. But a refined version can be very valuable. To store the data you need space. That memory space on computers, we have come to know as RAM and ROM. There is a RAM on EOS network too. It is 64 gigabytes.
RAM is the memory space on EOS network that can be used by Decentralised Application developers to store the temporary data of their programs. EOS RAM can be purchased on the RAM market and currently 81% of the RAM has already been bought. On July 3, only 17% of RAM was available for purchase.
In the past couple days, RAM prices shot up to unprecedented levels. On 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 rate of 0.92 EOS/KB which is the ATH. At the time of this writing, RAM is trading at 0.43 EOS/KB.
There are no decentralised app developments on going on the EOS network, hence all of the purchased RAM is actually being hoarded by traders speculating a price increase due to scarcity in the future. Eventually, the developers have to buy it from the hoarders at very high prices.
Now, Bitbns wants to introduce trading of EOS RAM using INR – the Indian fiat currency Rupee. Bitbns will be the first cryptocurrency exchange worldwide to offer EOS RAM trading. On July 3, Bitbns became the first Indian exchange to launch the mainnet of EOS and continue the deposits of EOS coins.
In other news, many exchanges are disabling there INR deposits and withdrawals in India but Bitbns has maintained that they will continue to offer INR services to their users. Along with RAM-INR trading on bitbns, you can buy and sell RAM using EOS. That can be done on Bitbns.
Here’s how Bitbns explained the process:
- User deposit EOS to Bitbns
- User purchases RAM using EOS at price P1 ( P1 = price at that current time)
- Similarly, user can sell RAM for EOS at price P2 ( P2 = price at that current time)
- With this user can get more EOS, If sell price of RAM is greater than buy price.
- Trade will be Instant at global rates
- Buy or sell order placed are non cancellable market orders with instant execution.
Can Price Action Continue?
RAM capacity on the EOS network can be increased in the future, which could mean the end for hoarders. However, for making such a change, the EOS network requires 2/3 majority votes of approval from the 21 nodes that govern the system.
Many have criticised EOS for being largely centralised and the fate of RAM also lies in the hands of these 21 nodes, who may or may not hold any RAM.
For now though, RAM prices seems to be sidelining. But with Bitbns’s launch of RAM trading, who knows where it can go.
What do you think will RAM Prices be? Let us know in the comments below