Two Ways of Thinking about EIDOS Mining Enthusiasm
The founder of Enumivo (ENU) Aiden Pearce recently launched his new project — EIDOS. Since the airdrop at 4 pm Beijing time on November 1st, the CPU usage of the EOS main network has surged, then the rental price has skyrocketed, causing inevitable EOS main network congestion.
There are two main reasons for ignited mining enthusiasm: First, ENU has set a record of 100x return on that airdrop. Everyone is still expecting a sequel. Second, it’s easy to get EIDOS which airdrop will last for 15 months. “Transfer is mining” becomes the fad in town. Users transfer any amount of EOS to the EIDOS contract, the same amount of EOS will be automatically returned with one out of ten thousands of the EIDOS balance on the contract account.
The Crazy Mining
Last year, many DApps were cold-started by mining, which experienced players were familiar with such design: the earlier you mine, the more you earn. The EIDOS project once again testified everyone’s mining enthusiasm. It is alledged that one player had staked 6,000 EOS, and quickly mined 8,000 EIDOS in the first half hour, which he sold for 165 EOS at annualized return close to 1000%.
Bithumb Global, Newdex, WhaleEx, MXC and other exchanges have all listed EIDOS. Although the circulation is not large, fueld by users’ high expectation, the price of EIDOS has risen five times in half a day. The quickly increasing enthusiasm has enabled the mining group to expand rapidly, in turn the EOS CPU usage has soared. Soon, EOS’s CPU resources become congested. Many users had difficulty to send normal transactions, let along continuous mining.
All of sudden, on Wechat users was asking about how to mine? How to increase CPU resources? Where is a good mining machine? On bihu.com articles about teaching users how to mine EIDOS are everywhere.
In the past, when the EOS CPU blasted, users can only wait. After REX appears, users can purchase CPU resources through REX when it’s needed. Though, for many users, such operation bar is pretty high.
Wallet DApps quickly reacted this time. Less than an hour after the start of the mining, at least three wallets launched their mining machines, and some launched a service for transfer package subscription. MYKEY, who is good at provide smooth user experience by hiding technology complexity, uses network credit instead of CPU in the wallet. To make sure its users can use EOS smoothly, MYKEY has spent more than 20,000 EOS to rent 20 million EOS from REX. All its users can mine some EIDOS for free. For users outside the blockchain, new KYC-ed users can get a free account with some free network credit which can mine EIDOS at least 1000 times for free.
While wallets are promptly addressing the needs of a large number of mining users, EOS REX’s CPU rental price has increased 10 times, which has brought a lot of revenue to REX users, and REX interest APR has reached 18%.
The End of This Game
Any game has winners and losers; players can be either good at or bad at it. The balance of this game has been tilted to those who rented a large amount of CPU resources in advance. They are the big winners of this mining game, typically big whales, wallets and exchanges. On the other side, the price of EIDOS sharply fluctuated, which is similar to DAPP mining fad last year. The first mining DAPP betdice has hit a 50 times return. So where will EIDOS eventually go?
Some people said that EIDOS token has no intrinsic value, but other are optimistic, because the circulation of EIDOS is small and many exchanges has listed it. Also the team of EIDOS may have follow-up actions.
Even if EIDOS fails quickly, the model may survive a much longer time period. There will be a lot of copy cats in the market soon, such as AIDOS, BIDOS, CIDOS…
Gratifying Opportunity
Some people say that EIDOS is shitcoin and it caused the paralysis of EOS main network. Wait a minute! The EOS BPs are still producing blocks without any problem! In my opinion, this is a distinct type of real world stress test for EOSIO. Just like Alibaba Double Eleven Day, some complain the one month’s consumption is squeezed into one day, and logistics is severely out of capacity. However, due to the technical difficulty of this gigantic online shopping carnival, Alibaba has the chance to build their skills to support 370,000 payments per second. “What does not kill me, makes me stronger”. The test will eventually make EOS even more powerful and resilient. Putting it this way, are there any other public chain out there that can ever support EIDOS?
EIDOS is not only a test of the EOS main network, but also a test to many DAPPs teams. In early mobile Internet era, users can’t watch smooth video play due to the limit of mobile data bandwidth. Should the videos hosting websites complain the network fee is too expensive? No! Instead they work out many mobile data plans to help users watch their videos with low cost. On blockchain, when users have needs to transfer for mining. We have seen some wallets moved ahead early with prepared mining machine, some wallets have timely introduced cloud mining services, and other wallets offer free mining credit to seize the opportunity to attract a large number of new users. Some team developed and tested cloud mining machines within half an hour, scaled dozens of servers in such short term, and applied traffic threshold and limitation to keep the mining work. Such quickly response to demands, fast iterative product development and snapping users acquisition opportunity so seriously, it is the first time we witnessed the same speed of mobile internet on blockchain!
According to the announcement issued by MYKEY(the smart wallet with the most daily active users, https://mykey.org), the max online mining users has exceeded 8,000. EIDOS has rekindled long-lost enthusiasm to EOS and has provided a good opportunity for new users to taste the nice blockchain experience.
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