The PowerUp Model is now live on the EOS Mainnet! The 4th and final MSIG was approved by 15 of the top 21 block producers and executed as of 3:30am UTC on February 24th, 2021. Thank you to everyone who contributed precious time and resources to discussing and testing the new PowerUp Model. Block producers, dApp creators, wallet developers, regular users and Block.one all worked together in a beautiful display of decentralized governance to achieve consensus both off-chain and on-chain.
Nerds that we are, EOS Nation is proud to be the first user of the PowerUp action on the EOS Mainnet! Our “proxy4nation” account rented 0.0004 EOS worth of resources from the PowerUP Model. ☺️
Many users are now wondering how the transition to the PowerUp Model will affect their on-chain activity. Prominent community member Joe Louis answered this popular question on Telegram:
⚡️ PowerUp FAQ ⚡️
What is PowerUp?
Block One: EOS PowerUp Model
Block One: EOS PowerUp Model Explained
CryptoWriter: PowerUp Feedback
CryptoWriter: EOS Ready to PowerUp!
Podcast: Coffee w/Greymass on PowerUp
PowerUp as Office Space Analogy
Technical Community Feedback
More Technical Community Feedback
When is PowerUp?
NOW, it was activated on EOS Feb-23-2021.
Who is PowerUp for?
Anyone can use PowerUp to rent resources for 24 hour periods at a time, BUT average users (most of us) will more ideally use Wallets and Resource Providers that simplify and package resources for their users. PowerUp’s target audience is developers and power users first.
How do I earn from PowerUp?
Hold REX tokens. REX tokens are an accounting artifact that keep track of how many EOS tokens you own in the resource pool.
If you already have REX tokens, you will automatically be earning from network activity (PowerUp fees, REX fees, Name bid fees, RAM fees).
If you don’t have REX tokens, you can deposit your EOS into a REX portal and start earning.
Where do I PowerUp?
If you’re sure you want to pay to rent resources, there are already a couple early portals available at Bloks and EOS Authority.
What about feeless transactions?
Once PowerUp is fully transitioned, you will no longer be able to stake your EOS for feeless transactions; however, you will be able to continue using wallets that cover a handful of free transactions for you each day.
If you own REX tokens, thereby participating in the earning side of the PowerUp Resource Model, you will now get a return on all network activity on EOS, not just some as with the previous resource model.
That return can be used to subsidize or in some cases cover the cost of renting what you may need – in a sense maintaining feeless transactions for yourself if you do not wish to use a wallet or provider that does this for you.
If you are a developer or power user that needs a lot of resources, you may need to use a Resource Provider or rent directly from PowerUp what you need.
What happens to the Resource Exchange (REX)?
For now, it will remain in place as the way for users to acquire REX tokens, but the rental of resources through this old model is now being phased out. PowerUp will control 99% of resources around April 8th, 2021.
What is the point of staking now?
Staking still serves an important role for account security when you separate your Owner and Active keys as well as staked tokens being a prerequisite to voting for block producers.
What about proxy voting and proxy rewards?
Nothing changes for voting or proxy rewards. Just as before PowerUp, you can still select a proxy when acquiring REX tokens.
Do you have more questions about the new PowerUp Model? Join us the rest of the community in the EOS Resource Model Telegram channel to get the answers to all of your questions.