译文/Translated：
上周四Dan Larimer以一份《关于EOS资源租赁和出租分配的提议》引起了轰动。他的提议包括对EOSIO软件和其它复杂概念的全面变革。哪怕是最精明、最热忱于EOS的爱好者都对这份提议有些疑问，而且提议中也确实还有很多不确定因素。
尽管这个提议围绕着给EOS带宽（CPU）增加一个租赁市场，但是对于普通的持币人来说，这项提案带来的短期影响和CPU跟本没有关系。但即使假设租赁你的CPU的费用是0，持币人对此还是应该表示开心。
不要误会我的意思，去中心化程序（dApps）通过出租获得少量持有的资本成本这个想法本身是非常值得采用的，让所有代币持有人都成为“房东”这个想法从长远来看也非常有价值。问题是，假定CPU的短期价格为0并不是异想天开（考虑到需求有限而供给趋近无穷）。
对于持币人短期真正重要的是资源交易所（REX）。资源交易所是一个集所有的EOSIO资源费用一体的存储桶，其中包括RAM交易、费用、帐户名拍卖。CPU租赁未来的价格可能是不定的，但是从RAM和命中中获得的利润是非常可观的。目前这些资源费用并没有被分配，但是这个提议改变了现状，这是最值得注意的事情。
按市值来看，每一个区块会创建和销售1.5美金的RAM。这样，未分配的利润每天总计超过250，000美金，这些钱很快会流入REX。先别想CPU市场，我们先看看持币人怎么从中分得一杯羹。
REX的机制实际上非常简单：要获得网络回报，持币人必须把他的EOS借给REX，以1：1的价格换取REX代币（T-Rex）
这些代币是不可转让的，它们没有市场，它们只是一种“会计工具”，只能用于REX和账户持有人之间的交换。
当你持有T-Rex的时候，你就能按比例获得这个期间流入REX的所有利润的分红。换言之，如果你一天持有50%的T-Rex代币，一天REX这个存储桶通过RAM交易获得40，000个EOS，那么当你交换你的T-Rex代币的时候，除了你最初借出去的EOS，你还能获得20，000个EOS（50%）的回报。
持币人把EOS借给REX的时候是没有任何风险的。至少，REX会一直持有借给它的EOS。又因为T-Rex是以1：1的比例分配的，所以REX的EOS绝对不可能少于账户持有人拥有的T-Rex。T-Rex可以随时被换回EOS。
但是，REX中的EOS总是会比借给它的更多。这仅仅是因为费用是逐块流入的。如果你持有的T-Rex中拥有一个包含eosio.ramfee 交易的区块，你就有权获得该费用的一部分。只有持币人借出的时间够长，那么他们总是能够获得一些报酬的。
从持币人的角度来说，这是非常简单的事情了。
哪怕完全忽略CPU，这个提议让持币人能够获得目前未分配的可观的权益，同时持币人还不需要承担额外的风险。考虑到所有的持币人都面临着每年5%的增发率，这个提议真的是很好了。但是，还有什么问题呢？
第一个问题很简单。如上图所示，当持币人把EOS借给REX的时候，他们的CPU质押能力会随之下降。因为这个提议确实包括了租赁CPU带宽，这样也是合理的。这意味着使用带宽做交易的持币人可能不会租赁给REX，毕竟这会占用他们的资源。比如说，如果你把你的EOS借给REX，你在EOS Authority开发的Space Invaders游戏中能做的动作就少了。
但考虑到99%的持币人都还没有用带宽做交易，这倒不是大问题。那么投票问题上呢？
Dan的天中最重要的一个要素是，只有当你投票给至少21个超级结点了你才能把EOS租给REX。T-Rex不仅有助于投票权（如图所示），而且投票就是拥有T-Rex的一个前提条件。对于某些人来说，这可能是一个“问题”，但是这却是一个非常好的要求，因为它能把EOS网络中带来的“分红”集中在活跃地参与并且积极且良性投票的持币人手中。
投票要求是Dan的提议中最简单的要求之一，但它很可能是最重要的一个。网络从公平和周全的投票中获益匪浅，如果做不到这样的投票，那么网络也将受到损害。把REX和该投票要求结合起来要么能够确保大多数持币人的行为是好的，要么也能保证行为好的持币人能够获得所有的报酬。
其底线是这个提议是一个三赢的状态。持币人可以获得目前还未分配的权益。提高整个网络价值的动力会被激发。此外，尽管我们没有强调，但是dApp的开发人员能够以租金方式获得网络带宽，而租金相比所有权成本是非常低廉的。
如果你觉得这还是有点复杂，也不用担心，很快就不会了。实践中，从REX中获得奖励会是钱包中简单的一键操作。到这个提议正式确定和获得审批还有一段时间。这个阶段，你可以研究21个以上的资优的超级节点，为其投票，或者找一个代理帮你做。当你看到这里的时候，别忘了投票支持eoscafeblock。
原文/Original：
Dan Larimer shook things up last Thursday with his “Proposal for EOS Resource Renting & Rent Distribution”. The proposal includes sweeping changes to EOSIO software and many complex concepts. It left even the most astute EOS enthusiasts with many questions and much is still unclear about the proposal.
While this proposal centers around adding a rental market for EOS bandwidth (CPU), the near term implications for the average token holder actually have nothing to do with CPU at all. Even if you assume that the rental price of your CPU is $0, token holders should still be very excited about this proposal.
Don’t get me wrong, the ability for dApps to rent bandwidth for a fraction of the capital cost of owning is great for adoption, and the prospect of all token holders being “landlords” will be very valuable long-term. But a price of $0 for CPU in the near term isn’t a crazy assumption (given the limited demand and near endless supply).
What really matters to token holders short term is the Resource Exchange (REX). REX is a bucket that collects all EOSIO resource fees including RAM sales, fees, and name auctions. The future price of CPU rental may be uncertain, but revenue from RAM and Names are very significant. Currently these resource fees are unallocated but this proposal changes that, and that’s big news.
At the current price, $1.50 of RAM is created and sold with every block. That adds up to over $250,000 a day of unallocated revenue that could soon flow to REX. Forget the CPU market, how does a token holder get a piece of that?
The mechanics of REX are actually pretty simple; to receive network rewards a token holder has to lend their EOS to REX, in exchange for REX tokens (T-Rex), at a 1:1 ratio.
These tokens are non-transferable, there will be no market for them, they are simply an “accounting artifact” that can only be exchanged between REX and an account holder.
While you hold T-Rex you collect your proportional share of all revenue that flows to REX over that period. So if you hold 50% of all T-Rex tokens for a day, and 40,000 EOS in RAM sales are collected in the REX bucket that day, you will receive 20,000 EOS (50%) in rewards when you exchange your T-Rex tokens, plus the original EOS you lent.
There is NO RISK to the token holder in lending EOS to REX. REX will, at a minimum, always hold the EOS that was lent to it. Since T-Rex is distributed at a 1:1 ratio there will never be fewer EOS in REX than there are T-Rex held by account holders. T-Rex can be exchanged back for EOS at anytime.
There will however always be MORE EOS in REX than what was lent to it. This is simply because fees slowly trickle in block by block. If you held T-Rex for one block that included a eosio.ramfee transaction, you are entitled to a portion of that fee. Token holders who lend to REX for any significant amount of time will ALWAYS receive some reward.
From a token holder’s perspective it’s really quite simple.
Completely ignoring CPU all together this proposal gives token holders means to collect significant rewards that are currently unallocated, without taking any extra risk. Since all token holders are facing a 5% annual inflation this is welcome news. So what’s the catch?
The first catch is pretty simple, as you can see in the diagrams above the CPU staking power of the token holder drops when they lend their EOS to REX. Since this proposal does include the rental of CPU bandwidth, this makes sense. This means holders who are using their bandwidth for transactions might choose not to lend to REX because they are using their resource. If you send your EOS to REX you will have fewer moves on EOS Authority’s Space Invaders game available to you, for example.
Since 99% of token holders are not using their bandwidth for transactions this shouldn’t be a big drawback. But what about voting?
One of the most important elements of Dan’s proposal is that you can only lend EOS to REX if you are voting at least 21 BPs. Not only does T-Rex contribute to voting power (as shown in the diagram), but voting is a prerequisite to owning T-Rex at all. While this may seem like a “catch” for some, it is a very elegant requirement that concentrates the “dividends” of the EOS network into the hands of the token holders actively participating and voting in beneficial ways.
This voting prerequisite is one of the simplest parts of Dan’s proposal, but likely the most important. The network benefits greatly from fair and thoughtful voting, and suffers in its absence. Combining REX and this voting requirement will either ensure that most token holders are acting beneficially, or that those who are reap all the rewards.
Bottom line is this proposal is a win/win/win. Token holders gain access to rewards that were currently unallocated. Incentives get created that improve the value of the network as a whole. And, although we didn’t emphasize this point, dApp developers gain access to network bandwidth at rental rates that will be a fraction of the ownership cost.
如果你觉得有点复杂，不要担心，它不会很久。在实践中，从REX收集奖励将是钱包中的简单一键操作。该提案正式确定并获得批准还需要一段时间。与此同时，您可以通过研究21个以上的顶级BP并为其投票，或找到代理人为您做好准备。当你在这里时，别忘了投票支持 eoscafeblock。
原文链接/Original URL
