IOST Wallet Series – Part 2 of 3: Beginners Guide to IOST Resources (iRAM & iGAS)
This guide explains two IOST resources, iRAM and iGAS, and how they work. This is a continuation of a three part series named the IOST Wallet Series. The first part, Beginners Guide to IOST Wallet, and subsequent editions will feature IOST wallet security and other things pertaining to the IOST wallet.
Just like its counterpart (EOS), IOST maintains a transaction fee-free network i.e unlike Etheruem, BTC and other networks where you have to pay a chunk of your actual amount as a transaction fee to complete a transaction on their network. Instead, IOST makes use of other resources which are used to pay for your transactions on the network. IOST key network resources are iGAS and iRAM.
This resource serves as a transaction fee or transaction enabler, so instead of spending a part of my traditional IOST as a transaction fee for carrying out a transaction, my IOST resources are the ones used up to carry out the transactions instead.
What is iGAS and How does it work?
iGAS is the transaction resources to be paid when you make a transaction on the IOST network. It is a combination of NET(bandwidth) and CPU (computing power) i.e iGAS = NET (bandwidth) + CPU (computing power).
iGAS controls the rate at which a transaction is completed on the network. The time to complete a transaction will be less if you pay more iGAS. If speed is not of importance, then you can spend less iGAS. Each time a transaction is initiated, the system first calculates the number of iGAS that is available in your account and will use this amount to pay the transaction fees.
The calculation formula of iGAS is:
iGAS can be acquired by pledging a little amount of your IOST in return for iGAS. In addition, you can also pledge IOST in return for iGAS for your friend’s account. The IOST you pledge can be pledged back after usage or when not needed again. It takes 3 days for the unpledged iGAS to be restored to your main IOST account.
What is iRAM and How does it work?
iRAM serves as storage resources on the IOST network, just like the traditional RAM which is used to store data in the computer.
In computer science, RAM (Random Access Memory) is a form of computer data storage that stores data and machine code currently being used. When running an application, RAM is used to hold active data for a short period of time because RAM is very fast when it comes to reading and writing. Such data includes keys, balances and contract state.
Users will need iRAM to sign new IOST accounts and dApps will use iRAM to store state information of their application so it is quickly available when needed. In both cases, RAM is used to store records on the IOST blockchain. When iRAM is insufficient for a dApp, some operations are unable to carry out and smart contracts cannot be deployed.
IOST’s iRAM calculations use the Bancor algorithm. The iRAM resources are limited and can only be traded once. The initial limit of the iRAM system is 128G. Users are charged 2% of the admin fee for buying and selling iRAM to the system, and this admin fee will be burnt. The user’s iRAM may also be used when calling a system contract.
iRAM can also be acquired the same way iGAS is acquired.
Other Useful Resources
What are iGAS and iRAM? | Learn How You Can Utilize The IOST Network – https://medium.com/iost/what-are-igas-and-iram-learn-how-you-can-utilize-the-iost-network-8fa30f7362ff
IOST FAQ – https://forum.iost.io/t/faq-most-frequently-asked-questions-in-iost-official-international-telegram-group/85
- IOST Watch – Weekly IOST Digest #30 October 20, 2019
- IOST Watch – Weekly IOST Digest #29 October 13, 2019
- Sonata (Ken): My IOST journey (community member to IOST Node Partner) October 12, 2019
- IOST Watch – Weekly IOST Digest #28 October 7, 2019
- IOST Watch – Weekly IOST Digest #27 September 29, 2019
Here's a quick Digest for last week on $IOST: 1⃣ Intro to IOST-Kalytn cross-chain 2⃣ IOST reaches 40M Block height… https://t.co/YgrstV7OaeFollow