The EOSIO white paper called for the ability to delegate bandwidth to others. The ability to delegate bandwidth implies the ability to rent unused bandwidth. From this token holders have an opportunity cost associated with not renting their unused bandwidth.

Creating an efficient rental market requires price discovery and liquidity. An efficient rental market will ensure resources are always available and at more reasonable prices for the participants. Token holders can lend their EOS at a fee in exchange for some loss of liquidity for the duration of the loan. There is no risk of losing capital to the lender.

EOS 持有者可以将其持有的币借给资源交易所( Resource Exchange )，并将以资源交易所的当前其 EOS 的账面价值得到 REX 令牌。REX 将通过贷出 EOS 来产生费用，这将增加 REX 的账面价值。任何时候，REX 的持有者都可以将 REX 以其账面价值换回 EOS。

除了租用 CPU 和 NET 资源的收入之外，我们还建议将 RAM 交易、名称拍卖，以及 EOSIO 区块链提供的任何其他资源的交易费用添加到 REX 的账簿中。这个网络中的操作产生的费用可以使 REX 持有者奖励的累积，可以为持有 EOS 至少30天（租赁期）的 REX 持有者提供有效奖励。

Lending Tokens

A EOS holder can lend their tokens to the Resource Exchange and will receive REX tokens for their EOS at the current book value of the Resource Exchange. The REX will generate fees by lending the EOS which will increase the book value. At any time the holder of REX tokens can convert REX back to EOS at book value.

In addition to earning fees for renting CPU and NET resources, we propose the fees from RAM trading, name auctions, and any other resource offered by the EOSIO chain will be added to the books of the REX. This will cause the rewards from network operation to accrue to REX holders (staked EOS holders) and generate an effective reward for holding EOS for at least 30 days (the rental period).

REX 账本记录下的每个抵押的 EOS，都会创建一个 Staked EOS 令牌（SEOS）。SEOS 和 EOS 存放在 Bancor Relay 的两个链接器中。每个 EOS 创建的初始 SEOS 数量为1比1。从这一点来看，交易者可以以较小的交易费用（例如0.5％）买卖EOS 的 SEOS。

如果 SEOS 没有被卖回 Bancor Relay 中，则可以将其转换为代表 EOS 的其他形式，CPU 或 NET 资源，为期30天。在30天结束时，SEOS 将返回 Bancor Relay（有3天的延迟）并转售给其他租户。当 EOS 转换为 SEOS 进入委派期后，EOS 不会返还给出租人。

为了阻止 SEOS 持有人持有且从不转换或出售，SEOS 以与当前 EOS/SEOS 价格为30天租赁定义的隐含利率相等的速度进行通胀。 随着 SEOS 的通胀，委托1  EOS 所需的 SEOS 数量将会增加。新增的 SEOS 被添加到 Bancor Relay 并出售给市场。

对 SEOS 进行通胀的行为产生了付给将 EOS 换成 REX 的 REX 持有人的实际利率。

借给 REX 的 EOS 也还是可以用于投票。

Borrowing Stake Tokens

For every EOS contributed to the books of the REX a number of Staked EOS tokens (SEOS) is created. The SEOS and EOS are deposited into two connectors of a Bancor Relay. The initial number of SEOS per EOS created is 1 to 1. From this point traders can buy and sell SEOS for EOS with a small trading fee (e.g. 0.5%).

If the SEOS is not sold back to the Bancor Relay, it can be converted into delegated EOS for either CPU or NET resources for a period of 30 days. At the end of 30 days the SEOS is returned to the Bancor Relay connector (after 3 day delay) and resold to other renters. No EOS is returned to the renter after they convert SEOS into a delegated period.

To discourage holders of SEOS from holding and never converting or selling, SEOS is inflated at a rate equal to the implied interest rate defined by the current EOS/SEOS price for 30 day rental. As SEOS is inflated the number of SEOS required to delegate 1 EOS will grow. The newly inflated SEOS is added to the Bancor Relay connector and sold into the market.

The act of inflating SEOS creates generates an effective interest rate paid to the REX holders which are lending their EOS to the REX.

EOS lent to the REX will count as stake for voting purposes.

在现有的 EOS 资源分配模型下，使用贷款一个月的成本等于购买永久使用权的成本减去30天后出售的收益。在此期间，EOS 的用户面临价格波动可能是非常剧烈的。用户的资产可能翻倍或损失一半。

在严重拥塞（持续负载超过10％）的情况下，EOS 的抵押算法会保证给抵押者每EOS每天100ms的 CPU 时间。想要每分钟交易一次的交易者（每笔交易需要1ms）需要约15,000EOS（截至2018年8月约100,000美元）的抵押。 许多交易者没有这多资金，很少有人愿意将其暴露于交易的波动风险中。

租用 CPU 和 NET 资源对交易者来说更有意义，因为他们不会暴露于 EOS 价格波动的风险下，也没有昂贵的资本成本。如果我们假设抵押的 EOS 持有人以5％APR（年度成本百分率）租用 EOS 那么一个月每分钟交易一次的成本为60 EOS 或每笔交易约0.01美元。即使 EOS 的价格持平，这也低于买卖15,000 EOS 的交易费用。

虽然不可能知道资源租赁费率是多少，但可以保守地假设更高的租金将推动购买和持有 EOS 的需求。该市场将有效地分离 EOS 价格和网络使用成本。

Effect on Resource Prices

Under the existing EOS resource allocation model, the cost of using the network for one month is equal to the cost of buying the right to use it forever minus the proceeds of selling 30 days later. During this time the user of EOS is exposed to price volatility which could be extreme. It is possible that the user could double their money or lose half of their money.

Under heavy congestion (sustained load over 10%), the staking algorithm of EOS would give about 100 microseconds per day of guaranteed CPU time per 1 EOS staked. A trader wanting to transact once per minute (where each transaction requires 1ms) would require stake of about 15,000 EOS (or about $100,000 dollars as of August 2018). Many traders lack that much capital and few would want to expose it to volatility risks just to trade.

Renting CPU and NET resources makes far more sense for traders because they are not exposed to EOS price volatility nor do they have expensive capital costs. If we assume that staked EOS holders are renting EOS at 5% APR then the cost to trade once per minute for a month would be 60 EOS or about $0.01 per trade. This is less than the trading fees associated with buying and selling 15,000 EOS even if the price of EOS was flat.

While it is impossible to know what the resource rental rates will be, it is safe to assume that higher rental rates will drive demand to purchase and hold EOS. This market would effectively decouple EOS price and network usage costs.

SEOS / EOS 市场的建立将使投机者能够设定30天的代替 EOS 的 CPU 或 NET 带宽的利率。投机者通过准确预测未来的价格变动来赚钱，并帮助告知网络适当的租金。除租赁费外，网络和 REX 持有人还从该交易量中获利。

Trading SEOS and EOS

The creation of the SEOS / EOS market will enable speculators to set the interest rate for 30 day of delegated CPU or NET bandwidth. Speculators make money by accurately predicting future price movements and help inform the network of the proper rental rates. The network and REX holders profit from this trading volume in addition to the rental fees.

为了购买 REX，账户必须设置和维护一个投票代理或投票给至少21个节点。他们可能会更改他们的投票，但在他们持有REX令牌时不会将其删除。在账户出售所有 REX 代币后，他们可以投票给不到21个节点。

Voting Requirements

In order to buy REX an account must set and maintain a voting proxy or approve at least 21 block producers. They may change their votes but not remove them while they hold REX tokens. After an account has sold all REX tokens they may vote for less than 21 producers.

实施该提案将要求更新 EOSIO 系统智能合约，使其与投票权和其他网络活动的费用分配相关联。虽然有可能在系统智能合约之外实施类似的市场，但这样的市场会因为投票而产生机会成本。

Update to System Contract

Implementing this proposal will require updates to the EOSIO system contract to the extent that it intersects with voting rights and distribution of fees from other network activities. While it would be possible to implement a similar market outside of the system contract, such markets would come at an opportunity cost to staking for voting purposes.

在30天授权合同结束时，假设用户有足够的 EOS 购买另外30天的租赁，用户可以选择自动购买并再投入30天以获得10％的折扣。10％的折扣来自于在将股权委托给另一个用户之前不必等待3天的延迟。由于用于测量使用的平均算法，3天的延迟防止了资源使用的双重花费。

Automatic Renewal

At the end of a 30 day delegation contract, a user can opt to automatically purchase and stake another 30 days for a 10% discount assuming the user has sufficient EOS to purchase another 30 day rental. The 10% discount comes from not having to wait for the 3-day delay to pass before the stake can be delegated to another user. The 3-day delay prevents double-spending of resource usage due to the averaging algorithm used in measuring usage.

其他区块链基于每笔交易费用出售其交易。使用手机作为类比，可以按分钟付费或每月支付50美元用于特定的最低服务水平。

研究表明，月费套餐模式比按次支付模型更容易估值和理解。对于用户来说哪个更容易上瘾，每篇新闻报道支付0.01美元，或者按月订阅？每首歌支付2美元或每月支付10美元？

以太坊的即时费用价格会产生高波动性和不可预测的体验。带宽的月租金价格波动性显著的降低和更可预测的用户体验。
基于费用的模型还会增加会计成本，并通过推高价格实现低成本的短期拒绝服务。提高30天的租赁价格比提高24小时的以太坊 GAS 价格要贵得多。

Comparison to Fee Model

Other blockchains sell their transactions based upon a per-transaction fee. Using cell phones as an analogy, one could either pay-per-minute or pay $50 per month for a certain minimal level of service.

Research shows that monthly fee models are easier to value and understand than micropayment models. Which is more paletable to users, paying $0.01 per news paper article, or paying a monthly subscription? Paying $2 per song or paying $10 per month to stream?

The instantinous fee prices on Ethereum generate high volatility and unpredictable experiences. The monthly rental of defined bandwidth provides significantly lower price volatility and more predictable user experience.

Fee based models also increase accounting costs and enable lower-cost short-term denial of service by pushing prices high. It is much more expensive raise 30-day rental prices than it is to raise Ethereum GAS prices for 24 hours.

我们认为，该提案将降低使用 EOS 网络的成本，并将 CPU 和 NET 使用成本与EOS 价格升高/丢失分离。这将使那些不希望对 EOS 价格波动产生高风险的人使用 EOS，并且它将激励他们参与 EOS 网络的治理。

不采用资源租赁模式可能会限制对那些 EOS 投机的人使用 EOS。

Conclusion

We believe that this proposal will lower the cost of using the EOS network and decouple cost of CPU and NET use from capital appriciation/loss of EOS. It will make EOS usable by people who do not want to have high exposure to EOS price volatility and it will create incentives to participate in the governance of the EOS network.

Not adopting a resource rental model will likely limit use of EOS to those who are also willing to speculate on EOS price.