Author: Jagdish Kumar, India
Even after the Reserve Bank of India (RBI) ban on cryptocurrencies have come in existence from 6 July 2018, Bitbns, a crypto exchange have added another coins to its stable.
This comes when many crypto exchanges in the country have shut down operations, or have shifted to other countries to bypass the ban on crypto trading in India.
Bitbns in a statement said that it is the first exchange globally making EOS RAM trading available on its platform, apart from 50 cryptocurrencies for trading that includes Bitcoin, Ripple, Neo, ZCash, Monero, Litecoin, Dash, others.
Users on Bitbns will be able to purchase RAM against EOS. Since RAM is the memory database of EOS, users will have to purchase RAM in terms of KB using EOS, the company said in a statement.
On the EOS network, RAM is mostly used by developers to store the data used in the launching and production of decentralized applications (dApps). RAM, in this case, refers to general storage space in the EOS memory database, and can also be used to create new accounts.
Users have to purchase a minimum of four kilobytes to open an account on EOS, essentially staking out a portion of the network’s processing power for their own projects.
As of 11 July 2018, EOS was trading at INR 506 ($ 7.36) per token, EOS is currently ranked at 5th in terms of market capitalization with $6.60 billion.
With more developers adopting EOS for smart contract purpose, the demand of EOS RAM required will increase in the market, indirectly raising the price of RAM.
In such cases, developers will be required to purchase the RAM from the users who own them. Only 16.22% of 64 GiB RAM is left to be occupied after which it can only be purchased from the user who owns it, Bitbns statement added.
Following the EOS mainnet launch, the price of EOS RAM increased from a mere $0.01 per kb to $0.57 per kb. The EOS RAM can be traded against USDT, FIAT & EOS in the Bitbns exchange.
EOS is an alternative to Ethereum, created by Dan Larimer, who is also the developer of Steemit and Bitshares.