译文/Translated：
针对利用基于区块链技术上的EOSIO社区中的网络和CPU资源中产生的资本性支出，我们提出以下解决方法。EOS网络允许对最大量程400毫秒每秒的CPU时间进行计费，维持平均40毫秒每秒的CPU时间。CPU时间平均分摊到所有持EOS代币达3天以上的用户中。未被使用的CPU时间则分配给准备金，换言之，它们将被分配给抵押并决定使用代币的用户。
EOSIO白皮书呼吁将带宽委派给他人。能够委派带宽意味着有能力租赁未占用的带宽。这样，如果持币人不能出租未占用的带宽，这就给他们带来机会成本。
创建有效的租赁市场需要价格发现和流动性。一个有效的租赁市场会确保参与者始终能以更合理的价格获得资源。持币者可以借出他们的EOS，并且有于租赁期间损失的流动性，他们可以收取一定得费用。持币者没有损失资金的风险。
出租代币
EOS持有人可以把他们的代币借给资源交易所，持有人可以以EOS在交易所的账面换取REX代币。通过出借EOS，REX将会产生费用，这就会增加EOS的账面价值。REX代币的持有人在任何时间都可以以账面价值把REX转换回EOS。
除了靠出租CPU和NET资源赚取费用，我们也建议把RAM贸易、名称拍卖、以及EOSIO链提供的其它任何资源都添加到REX账面上。这会给REX持有者（抵押的EOS持有者）积累网络运营收入，同时对于持有EOS至少30天（租赁期）的持有人带来可观的回报。
租借抵押的代币
每一个被添加到REX账簿的EOS都会产生数个抵押的EOS代币（SEOS）。 SEOS和EOS被存储在班科协议（Bancor Relay）的两个连接中。一开始，SEOS和EOS的比例是1:1。之后，买卖双方可以通过小额的交易费用（如0.5%）来进行交易。
如果SEOS没有被卖回班科协议，它会被转成EOS指派到CPU或者NET资源，其时限为30天。30天之后，SEOS会回到班科协议中（有3天延迟）并被重新卖给其他用户。在EOS被转化成SEOS的委派期中，它们不会被返回到租赁方。
为了避免SEOS的持有人一直持有而不进行转换或者销售，在30天的租用期间，SEOS将以目前EOS/SEOS规定的隐形利率进行增发。随着SEOS增发，委派一个EOS的SEOS数量会随之增长。增发后的SEOS会被加入班科协议并被卖入市场。
REX的持有人向REX出租自己的EOS，而增发SEOS这个行为产生了对他们支付的实际利率。
借给REX的EOS会被认定为抵押品，同样可以用于投票
对于资源价格的影响
在现存的EOS资源分配模型下，使用该网络一个月的成本等于永久购买使用权的成本减去30天侯出售的收益。在此期间，EOS的使用者会面临价格波动，而该波动可能会非常严重。用户的资金可能会翻倍，也有可能会亏损过半。
在严重拥堵的情况下（持续负载超过10%），EOS的staking算法中，每EOS每天可以保证100微秒的CPU时间。想要每分钟交易一次（每次交易需要1微秒）的交易者需要15,000个EOS（截至2018年8月，约100,000美元）。多数交易者并没有这么多资金，也没有多少人愿意将其暴露在交易的波动风险中。
租用CPU和NET资源对于交易者来说因此就更有意义了，因为他们既不会面对EOS的价格波动也不需要高昂的资本成本。我们假设抵押EOS的持有人以每年5%的贷款利率（APR）出租EOS，那么每月交易一次的成本会是60EOS，或每笔交易0.01美元。即使EOS的价格持平，这也低于购买和出售15000个EOS的交易费用。
虽然不可能知道资源租赁确切费用会是多少，我们还是可以假设租赁费越高，购买和持有EOS的需求就越大。该市场将会有效地分离EOS价格和网络使用成本。
交易SEOS和EOS
SEOS/EOS市场的建立将会使投机者可以设定30天内委派CPU或NET带宽的利率。投机者通过准确地预计未来的价格变动赚钱，同时有助于通知网络合适的租赁费用。除了租金以外，网络和REX持有者都从该交易量中获益。
投票要求
要购买REX，账户必须设置和维护一个投票代理或者至少投票给21个超级结点。它可以更改它的投票但在持有REX代币期间不能删除投票。在账户出售所有的REX代币之后，它就不必一定投给21个超级节点了。
更新到系统合约
实施该提案需要把EOSIO系统合约进行更新，使其能够和其它网络活动中的投票权和费用分配交叉。虽然可能在系统合约外实施相似的市场，但这些市场会因为投票目的产生抵押的机会成本。
自动续租
30天的委派合同结束之后，假设用户有足够的EOS购买另外30天的租赁，该用户能够选择自动购买和再投入30天从而获得10%的折扣。这10%的折扣来自于在股权委托给另外一个用户前避开的3天的延迟。由于测量使用的平均算法，这3天的延迟阻止了资源使用的双重开支。
和费用模型的对比
其它区块链基于每笔交易费用出售交易。以手机为类比，用户可以按每分钟付费也可以选择每月花费50美元获得某项最低服务水平。
研究表明，月套餐模型比按次支付模型更容易评估和理解。试想对用户来说以下哪个更好：每篇新闻报道支付0.01美元还是直接按月订阅？每首歌支付2美元还是在流媒体上每个月付10美元？
以太坊的即时费用价格产生了高波动和不稳定的体验。带宽的月租金可以明显降低价格波动并带来更可控的用户体验。
基于费用的模型还会增加会计成本，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小时的以太坊的GAS价格要昂贵得多。
结论
我们认为，这个提案会降低使用EOS网络的费用，把CPU和NET使用成本和EOS的资本减少/损失分离。对于不愿意承担EOS价格波动所带来的高风险的人群来说，该提案会鼓励他们使用EOS，也会鼓励他们参与EOS网络的管理。
不采用租赁模式可能会限制也希望在EOS价格上投机的投资者使用EOS。
原文/Original：
We present a solution for lowering the capital costs of using network and CPU resources on EOSIO based blockchains. The EOS network allows at most 400ms per second of CPU time to be billed and an average of 40ms per second sustained. This CPU time is divided evenly among all holders of EOS tokens that choose to stake them for 3 days. Unused CPU time is allocated on a fractional reserve basis, which means unused time is given to those who stake and decide to use it.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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