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      "title": "What REX Means for Token Holders",
      "body": "*by Haley Thomson, Head of Strategy at EOS Cafe Calgary*\n\nDan Larimer shook things up last Thursday with his “[Proposal for EOS Resource Renting & Rent Distribution](https://medium.com/@bytemaster/proposal-for-eos-resource-renting-rent-distribution-9afe8fb3883a)”. The proposal includes sweeping changes to EOSIO software and many complex concepts. It left even the most astute EOS enthusiasts with many questions and much is still unclear about the proposal.\n\nWhile this proposal centers around adding a rental market for EOS bandwidth (CPU), the near term implications for the average token holder actually have nothing to do with CPU at all. Even if you assume that the rental price of your CPU is $0, token holders should still be very excited about this proposal.\n\nDon’t get me wrong, the ability for dApps to rent bandwidth for a fraction of the capital cost of owning is great for adoption, and the prospect of all token holders being “landlords” will be very valuable long-term. But a price of $0 for CPU in the near term isn’t a crazy assumption (given the limited demand and near endless supply).\n\nWhat really matters to token holders short term is the Resource Exchange (REX). REX is a bucket that collects all EOSIO resource fees including RAM sales, fees, and name auctions. The future price of CPU rental may be uncertain, but revenue from RAM and Names are very significant. Currently these resource fees are unallocated but this proposal changes that, and that’s big news.\n\nAt the current price, $1.50 of RAM is created and sold with every block. That adds up to over $250,000 a day of unallocated revenue that could soon flow to REX. Forget the CPU market, how does a token holder get a piece of that?\n\nThe mechanics of REX are actually pretty simple; to receive network rewards a token holder has to lend their EOS to REX, in exchange for REX tokens (T-Rex), at a 1:1 ratio.\n\n![image1of.png](https://cdn.steemitimages.com/DQme6T2LunsCeAD6ALA3p7NFSYb3JrF4xG6PaTT1ht7PQpQ/image1of.png)\n\nThese tokens are non-transferable, there will be no market for them, they are simply an “accounting artifact” that can only be exchanged between REX and an account holder.\n\n![image2of.png](https://cdn.steemitimages.com/DQmbPB2QpwuDN5syaKdsQszwaToMreyFiqZhpqD6oEiC7jP/image2of.png)\n\nWhile you hold T-Rex you collect your proportional share of all revenue that flows to REX over that period. So if you hold 50% of all T-Rex tokens for a day, and 40,000 EOS in RAM sales are collected in the REX bucket that day, you will receive 20,000 EOS (50%) in rewards when you exchange your T-Rex tokens, plus the original EOS you lent.\n\n![image3of.png](https://cdn.steemitimages.com/DQmT5ZG4cKCb59Lt4e3buHmudBEpLKQ7owJGJi54bmoJAM2/image3of.png)\n\nThere is **NO RISK** to the token holder in lending EOS to REX. REX will, at a minimum, always hold the EOS that was lent to it. Since T-Rex is distributed at a 1:1 ratio there will never be fewer EOS in REX than there are T-Rex held by account holders. T-Rex can be exchanged back for EOS at anytime.\n\nThere will however always be **MORE** EOS in REX than what was lent to it. This is simply because fees slowly trickle in block by block. If you held T-Rex for one block that included a eosio.ramfee transaction, you are entitled to a portion of that fee. Token holders who lend to REX for any significant amount of time will **ALWAYS** receive some reward.\n\nFrom a token holder’s perspective it’s really quite simple.\n\n![image4of.png](https://cdn.steemitimages.com/DQmcjkcEzdYkQGbERRJugtoAugtXKJnUMpoxNzcv6CvVH88/image4of.png)\n\nCompletely ignoring CPU all together this proposal gives token holders means to collect significant rewards that are currently unallocated, without taking any extra risk. Since all token holders are facing a 5% annual inflation this is welcome news. So what’s the catch?\n\nThe first catch is pretty simple, as you can see in the diagrams above the CPU staking power of the token holder drops when they lend their EOS to REX. Since this proposal does include the rental of CPU bandwidth, this makes sense. This means holders who are using their bandwidth for transactions might choose not to lend to REX because they are using their resource. If you send your EOS to REX you will have fewer moves on [EOS Authority’s Space Invaders](https://eosauthority.com/space/) game available to you, for example.\n\n![image5of.png](https://cdn.steemitimages.com/DQmfVHiAehsFjMVzL5hKy8Ze3y5kCXsBwKE6qKsdZwMoTUo/image5of.png)\n\nSince 99% of token holders are not using their bandwidth for transactions this shouldn’t be a big drawback. But what about voting?\n\nOne of the most important elements of Dan’s proposal is that **you can only lend EOS to REX if you are voting at least 21 BPs.** Not only does T-Rex contribute to voting power (as shown in the diagram), but voting is a prerequisite to owning T-Rex at all. While this may seem like a “catch” for some, it is a very elegant requirement that concentrates the “dividends” of the EOS network into the hands of the token holders actively participating and voting in beneficial ways.\n\nThis voting prerequisite is one of the simplest parts of Dan’s proposal, but likely the most important. The network benefits greatly from fair and thoughtful voting, and suffers in its absence. Combining REX and this voting requirement will either ensure that most token holders are acting beneficially, or that those who are reap all the rewards.\n\nBottom line is this proposal is a win/win/win. Token holders gain access to rewards that were currently unallocated. Incentives get created that improve the value of the network as a whole. And, although we didn’t emphasize this point, dApp developers gain access to network bandwidth at rental rates that will be a fraction of the ownership cost.\n\nIf it seems a little complicated to you, don’t worry, it won’t be for long. In practice, collecting rewards from REX will be a simple one-click operation in a wallet. It will be some time before this proposal is formalized and approved. In the meantime you can prepare by researching 21+ top notch BPs and voting for them, or finding a proxy to do it for you. While you’re at it, don’t forget to vote for _**eoscafeblock**_.",
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      "body": "## New tool launched in partnership with HKEOS\n\nEOS Cafe Calgary is proud to announce the launch of [bloks.io](https://bloks.io/), the fastest block explorer for EOS. The tool was launched by EOS Calgary alongside HKEOS.\n\nBloks.io is a web tool that allows people to view information about blocks, transactions, accounts, and producers on the EOS blockchain. It also has a detailed account page which shows:\n\n* Balances of all airdrops\n* Filtering actions based on type (RAM/Account/Producer)\n* Breakdown of RAM/CPU/NET usage\n* Proxy information\n* Token transfers, and more\n\n“We’re excited to share bloks.io with the EOS community,” said Syed Jafri, Head of Development at EOS Cafe Calgary. “Our goal was to create the fastest and most reliable block explorer for the community as a way to engage with others and keep them informed about the EOS network.”\n\nEOS Cafe Calgary is a leading block producer candidate on the EOS network, under the name ‘eoscafeblock’. They are active members of the EOS community and have participated in network activities since before its launch, collaborating with other block producers in an effort to increase the adoption and value of EOS. In addition to bloks.io, EOS Cafe Calgary has also created user-friendly tools for the EOS community such as [offline key validation](https://github.com/eoscafe/eos-key), a [paper wallet](https://github.com/eoscafe/eos-paper-wallet), and [fallback registration](https://eoskey.io/).\n\nBased in Canada, EOS Cafe Calgary has communities all over the world, supporting the development of dApps on the EOS blockchain. Their ultimate mission is to create online and real-world collaboration spaces – EOS cafes – for enthusiasts to meet up and build upon the system.\n\nEarlier this month they also announced a [partnership with KARMA](https://medium.com/@hello_11092/karma-partners-with-eos-cafe-d48b8a722533), to whom they provided RAM support for the KARMA Token.\n\nFor more information, visit [bloks.io](https://bloks.io/) and [eoscafecalgary.com](https://eoscafecagary.com).\n\n__- ends -__\n\n__Contact:__ \nSyed Jafri\nsyedjafri AT eoscalgary DOT io\nTelegram: syed_jafri\n\nmedia AT eoscalgary DOT io\n\n__About EOS Cafe Calgary__\nEOS Cafe Calgary is a leading block producer candidate that is committed to increasing the adoption and value of EOS. Our goal is to harness the power of EOS to provide education, infrastructure and decentralized applications to enrich the global EOS ecosystem. [eoscafecalgary.com](https://medium.com/@hello_11092/karma-partners-with-eos-cafe-d48b8a722533) | [GitHub](https://github.com/eoscafe) | [Medium](https://medium.com/@eoscafe) | [Steemit](https://steemit.com/@eoscafe)",
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      "title": "Dear Block.one  and the EOS Community -  Open Letter",
      "body": "![5.png](https://cdn.steemitimages.com/DQmdpcoRUT6sfT4mEUfNEcyEhLL6C93RkaR1SdqCu825Rdc/5.png)\n\n## **Dear Block.one and the EOS Community,**  \n\nThis is an open letter to both Block.one and the whole EOS Community, including the people with 10 tokens who think that their vote doesn't count.\n\nYour announcement on June 28 to participate as an active voting member in the EOS public blockchain network is applauded by EOS Cafe Calgary and the greater EOS community. We admire the effort your team has taken to build a more secure and connected network using blockchain technology. Please read our letter below, which we plan to also publish as an open response to the wider community. It is our hope that we will demonstrate that EOS Cafe Calgary is a worthy and responsible steward of the EOS network.\n\n## Why EOS Cafe Calgary?\n\nOur team at EOS Cafe Calgary has worked endlessly over the past 6 months to add value to the EOS community. We have demonstrated our commitment to increasing ease of adoption for the public by developing key management tools, paper wallets and Ethereum fallback tools. In addition to our own tools for the community, we have strived to grow the network in an impartial manner with a focus on the needs of the community, as demonstrated by our guides, reviews and endorsements for tools by other block producers including Greymass, SimplEOS and EOS Toolkit. Our proven history of engagement within the EOS community since its inception makes us excellent candidates for Block.one's vote - a vote we will strive to earn daily as we continue to grow the EOS network.\n\nWhat sets us apart as a BP is our continuous engagement with both the technical and non-technical communities in the EOS network:\n\n![1.png](https://cdn.steemitimages.com/DQmb2J3U6GgpSGKZ8b7uQzBcDaaJPe7X26rUxQk1yCCfQCh/1.png)\n\nWe have highlighted our participation and involvement in the network to date, but we understand that EOS is still in its infancy and will continue to grow its global reach. As we move forward, we will continue our diligent work as a reliable block producer while also developing applications to keep adding value to the broader EOS ecosystem.\nEOS Cafe Calgary has always followed Block.one's leadership. We love the EOS community because the values and beliefs of Block.one mirror our own. As such, our team is very aligned with both Block.one's values and the EOS constitution. \n\nBelow is a quick summary of how EOS Cafe Calgary strives to meet the values and considerations highlighted in your June 28th [press release](https://block.one/news/block-ones-participation-as-voting-eos-community-member):\n### Honesty, integrity, and fairness.\nEOS Cafe Calgary has always conducted itself openly, honestly and in a spirit of collaboration with all community members including other BPs.\n\nWe adhere to our [code of conduct](https://steemit.com/blockproducer/@eoscafe/eos-cafe-calgary-code-of-conduct-roadmap-finances-and-voting) which outlines our values and offers a transparent view into our organization. We will continue to be transparent in all of our operations so the community can inquire about our business at any time.\n\n\n### Transparency of identity, activities, and decision-making.\nWe are completely transparent about the identity of our block producer partners, their areas of decision-making, and influence. We will always provide updates on our team and new team members, and are determined to hold ourselves to a higher standard than publicly traded companies. Our team is 100% self funded and we have no outside investors or influence over our activities other than EOS token holders. Our full identities and equity disclosure has been available on our website [eoscafecalgary.com](https://eoscafecalgary.com/#blockProducer) since post-launch, and we have recently mirrored it to an ownership disclosure [GitHub](https://github.com/eoscafe/ownership-disclosure).\n\n### Abides by smart contracts and programming of network participants, in the absence of proven systemic bugs.\nWe agree with Block.one's stance on [The-Intent-of-Code-is-Law](https://medium.com/@bytemaster/the-intent-of-code-is-law-c0e0cd318032). As a block producer we embrace our duty as jury; to evaluate the code of a contract and to vote on a decision to either freeze a broken contract, or replace it with one determined (by arbitrator or affected parties) to operate according to the original intent.\n\nWe do not agree with or desire any powers or authorities beyond this, especially any that involve enforcement of subjective contract terms.\n\n### 24/7 timeliness in processing transactions, upgrading the network and emergency response.\nEOS Cafe Calgary has a team monitoring block production 24/7. Since EOS has been running, our team has proven:\n- A response time of under 15 minutes during network emergency situations\n- High uptime and consistent block production\n- Timely software and contract updates\n\n### Compliance with the Ricardian Contracts entered into when becoming a block producer.\nEOS Cafe Calgary is steadfast in its compliance to the [regproducer contract](https://github.com/EOS-Mainnet/governance/blob/master/eosio.system/eosio.system-regproducer-rc.md) into which we entered. We believe this is the very minimum standard we must hold ourselves to as a block producer, and we feel that the community should hold us, and all BPs, to an even higher standard when voting.\n\nWe were the 3rd block producer to be 100% compliant with the regproducer contract and receive an A+ rating, as shown by [EOS Wire](https://www.eoswire.org/bpcompliance).\n\n### Alignment on the EOS Constitution, the latest of which can be found [here](https://block.one/news/block-ones-proposal-for-eos-constitution-v2-0/).\nEOS Cafe Calgary is informed and aligned with the current EOS Constitution. Furthermore, we support and agree with the recent changes. We fully endorse the moves which limit room for disputes and further define the role and scope of block producers within the system. We believe these changes give clarity and confidence to all EOS members and increase the value of the network.\n\n### The Block.one vote and the future of EOS.\n\nEOS Cafe Calgary is thrilled about Block.one's decision to be an active member in the EOS community. We believe that Block.one's involvement will help guide EOS to become the platform on which a whole new world can be built. We are honored that we have been able to contribute to something much larger than ourselves, and much greater than the sum of its parts. Should Block.one support us with their vote, EOS Cafe Calgary promises to help the EOS network maximize its potential and stay true to the shared vision of a free market system that secures life, liberty and property.\n\nWe recognize the need for responsible stewards of the network and believe that we have proven ourselves to be worthy of this responsibility. EOS Cafe Calgary operates on the guiding principles of honesty, integrity and fairness - this will not change.\n\nWe respect that Block.one has an important decision to make and we appreciate your consideration of EOS Cafe Calgary for your vote.\n\n**The EOS Cafe Calgary team\nSyed, Swandoyo, Troi and Haley**",
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      "title": "",
      "body": "Congratulations @eoscafecalgary! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/notifications/firstvote.png)](http://steemitboard.com/@eoscafecalgary) You made your First Vote\n\n<sub>_Click on the badge to view your Board of Honor._</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n**Do not miss the [last post](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-russia-vs-egypt) from @steemitboard!**\n\n---\n**Participate in the [SteemitBoard World Cup Contest](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-collect-badges-and-win-free-sbd)!**\nCollect World Cup badges and win free SBD\nSupport the Gold Sponsors of the contest: [@good-karma](https://v2.steemconnect.com/sign/account-witness-vote?witness=good-karma&approve=1) and [@lukestokes](https://v2.steemconnect.com/sign/account-witness-vote?witness=lukestokes.mhth&approve=1)\n\n---\n\n> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "body": "@@ -1681,16 +1681,77 @@\n  lost.%0A%0A\n+The fix is found at: https://github.com/EOSIO/eos/pull/4158%0A%0A\n EOS Cafe\n",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://www.reddit.com/r/eos/comments/8ritwo/mainnet_chain_paused_for_36_hours_will_resume_at/",
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      "title": "EOS Mainnet Live Update",
      "body": "# Initial Information\nAn issue has been identified with the EOS Mainnet, the issue is being fixed by all block producers.\n\nThe chain will be restarted from irreversible block 1027926, no blockchain data will be lost. \n\nEveryone please shutdown nodes and downgrade to 1.0.3 immeadiately. Store all data as backup for later analysis.\n\nETA: 3-6 hours.\n\n\n# Updates\n**9:56 UTC:** The EOS mainnet blockchain paused. At 10:01 UTC Block Producers and many Standby Nodes joined together on an international conference call to identify and fix the issue. At 10:57 UTC The choice was made that all Standby Block Producers would stop their nodes and backup any information that could helpful in diagnosing the problem.\n\n**11:02 UTC:** A method to unpause the chain was formulated and is currently underway. Normal functions should be available within 3 to 6 hours from the time of the publication. Incoming connections to the network are not being accepted while the work is taking place. Please wait for an update from the Top 21 Block Producers before attempting EOS mainnet transactions.\n\nWe are working directly with Block.One at this time.\n\n**13:02 UTC:** We identified the root cause and are working on a fix. A full release outlining the root cause will be issued once we’ve completed the work.\n\nThe following steps will be taken:\n1. A nodeos fix will be released\n2. The block producer nodes will be upgraded\n3. Blocks will be replayed until last irreversible block\n4. Block producers will sync to each other\n5. Chain will be opened up for mainnet\n\nRoot cause was due to how deferred transactions were handled. Chain will be upgraded to version 1.0.5. No data on the blockchain will be lost.\n\nEOS Cafe Calgary",
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