Got REX?
Oh neat. Rohan from EOS Authority just let me know a custom referral link like this: https://eosauthority.com/rex?ref=lukeeosproxy will hook people up to my EOS proxy (lukeeosproxy) when they stake their EOS to get REX tokens. Time to get your inactive EOS out of cold storage and put to good use!
If you’re not sure what REX is, go use a search engine. Having to ask another human what something is instead of our Google overlords is so primitive.
Hehe. J/k.
REX is a recently deployed system for EOS holders to safely, with zero risk, make their tokens available for others to rent. This is important because EOS tokens represent a share in the available resources (CPU and network bandwidth) of the EOS decentralized, distributed computing system. You stake your tokens in the system contract and get back REX. You can then sell them back after they mature (4 days later) for more EOS than you started with.
This is great news for applications on EOS that need resources to scale their applications for millions of users. Now these resources are cheap.
In order to use the REX system, you have to vote for at least 21 block producers or you have to set a proxy. Setting a proxy is easy as you won’t have to keep up as much with the politics of who is adding value.
Some interesting tweets to consider:
https://twitter.com/lukestokes/status/1124380658921607168?s=21
https://twitter.com/chrisconeyint/status/1124206488963121152?s=21
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Would be cool to have a Rex like setup on Steem for lending out resource credits.
Agreed. It was discussed a while back, but I haven’t seen any forward progress yet.
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Could this be built for steem by a community (blockchain) dev initiative?
Or is it really only in Steemit Inc (or maybe Blocktrades) territory?
delegations already exist, and there is existing rental markets.... why do we need rex?
In theory, anything could be built by a dedicated community. It's all open source software.
I am guessing it would require a hardfork to implement?
Maybe. Not sure. Resource credits are already a thing. Maybe they'd just need functions for transferring them between accounts.
Is there a more secure way to handle private keys on Android? I use a cold wallet to sign json files.
I don’t have an android so I’m not sure. A cold wallet signing is the best way to go.
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Yeah man! The eosauthority site was the easiest! They should be in the top five BP but that’s another drama I don’t want to bring up 😅😂
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so many under valued bps in eos. EoS detroit and GenerEoS being near the top of the list IMO
Define something to do with my EOS while I still attempt to understand it all! Thanks for sharing!
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Will it be harder to make a return by leasing out on REX as more people floor their tokens on there into the pool? I'm assuming that you can only make a return if someone leases from you, right? Or is there a guaranteed return if you put them up for lease? I'd think that the returns would scale down as lease competition kicks in (if supply swells more than the demand).
Yeah, I have no idea what the returns will be, but I do think they will be positive, even if only small. To me, it's not so much about getting returns as it is about making resources on the network very cheap for applications which would otherwise be a barrier to entry for apps that want to serve millions of people.
Luke. Hey dude hope you are well! I'm just discovering EOS REX and am very interested but I'm having a hard time wrapping my head around how it works. Any chance you have or know of an explainer that breaks down the fundamentals like I was a fifth grader? :-) Cheers! Lij
Hey Lij. Are you looking for a YouTube video or...? What have you researched so far? What has made sense and what was confusing?
The basic idea is you put your EOS into a system-level smart contract and get back REX tokens. Then people pay into that smart contract to use EOS for CPU and bandwidth resources. The more EOS they pay into the contract, the more valuable your REX tokens become. Whenever you want to convert back to EOS, you sell your REX back into the smart contract and get EOS out (always more than you put in, but don't expect to make a lot of money until the demand for EOS resources goes way up). It uses the Bancor algorithm which is quite interesting and worth learning about (check out the great videos by EOS Weekly, I think they have one on Bancor).
This is the main interface I like most for REX: https://eosauthority.com/rex/statistics