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3. Advanced Course

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  1. 1. What is Taproot?
  2. 2. Blockchain bridges – what are they?
  3. 3. What is Ethereum Plasma?
  4. 4. What is Ethereum Casper?
  5. 5. What is Zk-SNARK and Zk-STARK? 
  6. 6. What is Selfish Mining? 
  7. 7. What is spoofing in the cryptocurrency market? 
  8. 8. Schnorr signatures - what are they? 
  9. 9. MimbleWimble - what is it? 
  10. 10. What is digital property rights in NFT?
  11. 11. What are ETFs and what role do they play in the cryptocurrency market? 
  12. 12. How to verify a cryptocurrency project – cryptocurrency tokenomics 
  13. 13. What is the 51% attack on blockchain?
  14. 14. What is DAO, and how does it work?
  15. 15. Zero-knowledge proof – a protocol that respects privacy 
  16. 16. What is EOSREX?
  17. 17. What is Proof of Elapsed Time (PoET)?
  18. 18. Mirror Protocol – what it is? 
  19. 19. What are synthetic assets? 
  20. 20. How to create your own NFT? 
  21. 21. Definition of DeFi, and what are its liquidations?
  22. 22. New identity system - Polygon ID
  23. 23. Ethereum Foundation and the Scroll protocol - what is it?
  24. 24. What is Byzantine fault tolerance in blockchain technology?
  25. 25. Scalability of blockchain technology - what is it?
  26. 26. Interchain Security - new Cosmos (ATOM) protocol
  27. 27. Coin Mixing vs. Coin Join - definition, opportunities, and threats
  28. 28. What is Ethereum Virtual Machine (EVM) and how does it work?
  29. 29. Soulbound Tokens - what are they, and how do they work?
  30. 30. Definition of LIDO - what is it?
  31. 31. What are Threshold Signatures, and how do they work?
  32. 32. Blockchain technology and cyberattacks.
  33. 33. Bitcoin script - what it is, and what you should know about it.
  34. 34. What is zkEVM, and what are its basic features?
  35. 35. Do confidential transactions on blockchain exist? What is a Confidential Transaction?
  36. 36. Algorithmic stablecoins - everything you should know about them.
  37. 37. Polygon Zk Rollups ZKP - what should you know about it?
  38. 38. What is Web3 Infura?
  39. 39. Mantle - Ethereum L2 scalability - how does it work?
  40. 40. What is the NEAR Rainbow Bridge?
  41. 41. Liquid Staking Ethereum and LSD tokens. What do you need to know about it?
  42. 42. Top 10 blockchain oracles. How do they work? How do they differ?
  43. 43. What are Web3.js and Ether.js? What are the main differences between them?
  44. 44. What is StarkWare, and recursive validity proofs
  45. 45. Quant Network: scalability of the future
  46. 46. Polygon zkEVM - everything you need to know
  47. 47. What is Optimism (OP), and how do its roll-ups work?
  48. 48. What are RPC nodes, and how do they work?
  49. 49. SEI Network: everything you need to know about the Tier 1 solution for DeFi
  50. 50. Types of Proof-of-Stake Consensus Mechanisms: DPoS, LPoS and BPoS
  51. 51. Bedrock: the epileptic curve that ensures security!
  52. 52. What is Tendermint, and how does it work?
  53. 53. Pantos: how to solve the problem of token transfer between blockchains?
  54. 54. What is asymmetric encryption?
  55. 55. Base-58 Function in Cryptocurrencies
  56. 56. What Is the Nostr Protocol and How Does It Work?
  57. 57. What Is the XDAI Bridge and How Does It Work?
  58. 58. Solidity vs. Rust: What Are the Differences Between These Programming Languages?
  59. 59. What Is a Real-Time Operating System (RTOS)?
  60. 60. What Is the Ethereum Rinkeby Testnet and How Does It Work?
  61. 61. What Is Probabilistic Encryption?
  62. 62. What is a Pinata in Web 3? We explain!
  63. 63. What Is EIP-4337? Will Ethereum Account Abstraction Change Web3 Forever?
  64. 64. What are smart contract audits? Which companies are involved?
  65. 65. How does the AirGapped wallet work?
  66. 66. What is proto-danksharding (EIP-4844) on Ethereum?
  67. 67. What is decentralised storage and how does it work?
  68. 68. How to Recover Cryptocurrencies Sent to the Wrong Address or Network: A Practical Guide
  69. 69. MPC Wallet and Multilateral Computing: Innovative Technology for Privacy and Security
  70. 70. Threshold signature in cryptography: an advanced signing technique!
  71. 71. Vanity address in cryptocurrencies: what is it and what are its characteristics?
  72. 72. Reentrancy Attack on smart contracts: a threat to blockchain security!
  73. 73. Slither: a static analyser for smart contracts!
  74. 74. Sandwich Attack at DeFi: explanation and risks!
  75. 75. Blockchain RPC for Web3: A key technology in the world of decentralized finance!
  76. 76. Re-staking: the benefits of re-posting in staking!
  77. 77. Base: Evolving cryptocurrency transactions with a tier-2 solution from Coinbase
  78. 78. IPFS: A new era of decentralized data storage
Lesson 16 of 78
In Progress

16. What is EOSREX?

It is a decentralized marketplace, offering different products from those we have come to know so far. With EOS, users share processor, network, and memory with other people. And of course – they earn a lot of money from it. The creator of EOSREX is the Block.one company. It is also behind the development of the EOS system. It is certainly more scalable and functional than, for example, the Ethereum ecosystem. Therefore, in the crypto world, EOSREX is often defined as an advanced DeFi. Let’s take a closer look at this issue ☺

The genesis of EOSREX

EOSREX stands for “EOS Resource EXchange” or “EOS Resource Exchange”. As you can see, it is the same name, differing by one letter. A proposal to develop this system was presented on August 2, 2018 by Dan Larimer on the official Block.one blog. He wanted to create a marketplace for leasing resources, i.e., processors, memory, and networks for EOS users.

How does this work in practice? Network users own their EOS or some of its memory/network/processor resources. They store them on the market and offer them to other users on credit. In this way, other network users gain access to them, in return for paying a fee. Thanks to this solution, we have access to many resources, which at the same time generate profit for their holders. And it all works, solving one of the most serious problems of the EOS system: network congestion. Thus, on 13 December 2018, the first version of EOSREX was released, becoming the first EOS DeFi platform since then.

Resolving problems

Before EOSREX came along, the EOS system had serious issues with congestion. They prevented it from functioning properly. Transactions or interactions with Dapps were virtually impossible. All because the network resources were not sufficient for the demand. So, it was necessary to find a way to encourage, especially large owners of resources, to rent them. This is how EOSREX came about. At the time the platform was launched, over 40% of the unused network resources had been taken up. This can be considered a complete success of the initiative.

EOSREX is a DeFi system where we don’t have a pool of assets, but a pool of resources. As a user, you rent them whenever you want. What’s more, if you own CPU / network or memory resources and rent them out, you get extra profits for marketing the above resources and offering them for rent. In this system, we have the advantage that we can always withdraw them – practically whenever we want, and regain full control over them.

EOSREX – how does it work?

The whole mechanism from the inside works very simply. Being an EOS user, we need a processor, memory, and network to perform some operation. The processor is used to process information about the transaction or operation we are performing. Memory is necessary for us to store the information that the operation needs to perform in the EOS virtual machine. The network, on the other hand, allows us to send and receive responses from the network, which is part of the EOS. As you can see, the whole system works completely differently from other DeFi platforms, or even Bitcoin and its commissions. We find some similarities in Ethereum, where, like this ecosystem, EOSREX works by relying on smart contracts.

You already know how the complete mechanism works. So, you’ve probably guessed what the purpose of the complete system is. EOSREX is supposed to be a marketplace where users with a lot of CPU, memory, and network resources will rent them. As a system explorer, not having enough resources (CPU, memory, network) you sublet them and do further operations. Users who place their resources or EOS in EOSREX earn a percentage based on their share of the system. It is also fed with interest from any loan the system itself makes.

REX token

The REX token is a key component of the system. It is the unit of internal stability. Literally – it represents the business claims of the REX group. As a user, you have to take care of your privileges, such as voting rights or keeping your EOS. And that’s what REX is for. By downloading resources within EOSREX or the EOS system, you also acquire REX.

What is very fascinating is that we can only sell REX tokens after four days of acquiring it. The smart contract that manages this token takes meticulous care of this. All this to avoid excessive market manipulation with its use. By staking REX, you receive dividends that are later reflected in EOS. This is very beneficial, especially for those who are staking short-term. How else do you make money? The price of the token increases with the demand for resources and any additional fees. So, you can sell it at any most profitable time.

EOSREX – benefits and summary

The first, which is the most prominent, is to allow users or DApps who do not have the resources to perform operations on the network to rent this inventory for a low price. The second advantage is the ability to rent EOS tokens on their accounts or CPU or network resources, in exchange for passive income. Moreover, – EOS tokens can be converted into REX tokens and then used in transactions.

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