EOS RAM Mining Project RUTM gameplay and risk issues

EOS CPU has been in the limelight for more than a year. The eternal "congestion" issue has never been resolved. On May 28 this year, EOS officially purchased 3.3 million EOS RAM, which pushed the RAM price up by nearly 300%. After that, it fell silent. No one expected that EOS RAM would suddenly return to the public's attention again in the past two days, and the topic was soaring. All this was mainly due to its mining model RUTM.

RUTM is issued on the EOS chain through EOS RAM mining, with a total of 100 million, of which 80 million will be airdropped for free until all tokens are airdropped. The token contract will be based on the EOS address ramupthemoon.

1 RUTM token is equal to the redemption right of 1KB EOS RAM. The number of RUTM will continue to decrease due to the destruction of recycled EOS RAM.

Currently, the total amount of EOS RAM is 142.2G, and 72G has been sold. The issuance of 1 RUTM occupies 1KB EOS RAM, the issuance of 1,000 RUTMs occupies 1M EOS RAM, the issuance of 1 million RUTMs occupies 1G EOS RAM, and the issuance of 80 million RUTMs occupies 80G EOS RAM. If the RUTMs are issued and not recycled, most of the EOS RAM will be sold out and used.

The picture below is a simple diagram made by "Galaxy Computing Power", which can give you a general understanding of how to play.

The current official content about RUTM mainly comes from: https://github.com/baromjon/ramupthemoon

According to the content on github, the airdrop rules are:

Send the seed to start EOS RAM mining. Use your EOS account to send 0.0001 EOS to the EOS RAM contract mining address ramupthemoon. Fill in the seed in the memo column. After receiving the EOS, ramupthemon will return you 0.0001 EOS and 0.0001 RUTM.

This 0.0001 RUTM is equivalent to the seed for starting mining. After the 1,000 EOS RAM mining seeds are released, the project owner will announce the EOS RAM mining rules and the start time of mining.

At 8:00 AM GMT on December 1, 2019 (20:00 Beijing time on December 1). EOS account sends 0.0001 RUTM to the EOS RAM mining contract address ramupthemon. ramupthemon will immediately send you 1.0001 RUTM tokens. After a mining is completed, a new RUTM will be generated for each mining.

0.25 RUTM will be sent to the contract account. At the same time, the transfer EOS account will occupy 1KB ram, which can be recycled. In this mining, 1-100 RUTM can be mined at a time. 100 RUTM can be mined by transferring 0.01 RUTM at a time, but the user must ensure that there is enough memory on the account.

In RUTM's white paper, many things are briefly mentioned without detailed explanation. IMEOS lists these doubts:

1. The total amount is 100 million, 8000w is airdropped, and the purpose of 2000w is not specified.

The so-called airdrop of 8000w is actually generated by mining, of which 2000w has no public use.

2. For every 1 RUTM generated by mining, an additional 0.25 RUTM will be sent to the project owner’s account.

We understand that the project party takes 25% of the commission, but the mechanism is not clearly explained. Is it 25% for every RUTM mined, or only 0.25 RUTM for each mining? We tend to take 25% for every RUTM, but this 25% is taken from the 80 million airdrop pool, not from the miners.

The project owner has 2000w of unspecified purpose, plus this 25% withdrawal, the project owner has a lot of room for manipulating the coins.

3. Source of Value

Where does the value of RUTM come from? The white paper says that when many people buy RAM, the price of RAM will rise, and then you can redeem RAM and sell it at a high price. So, isn’t it enough to just buy RAM and wait for it to rise?

In addition, if 1 RUTM = 1 k ram is forced, the room for growth will not be too large, and there are many big investors who are stuck with the original ram and may take this opportunity to sell it.

Also, everyone should remember that EOS RAM is constantly being issued and there is no upper limit.

4. The project owner may change the gameplay or hide the gameplay without making it public.

At present, the mechanism still has many shortcomings, including no clear description and explanation of the 0.25 RUTM that will be sent to the contract publishing account and the use of the remaining 20 million RUTM. I don’t know whether the project will release more information.

This article comes from: IMEOS, original link: EOS RAM mining project RUTM gameplay and risk points