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2018-12-30

EOSGO DApp Review: BankofStaked

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BankofStaked is one of the most used self-serve CPU&NET lease providers, it’s open source and developed by EOSLaoMao.
The service has been online since October 2018 and to date, it has served more than 30,000 EOS accounts with the free emergency plan.

It’s the first and only CPU rental product in the market that does not require asset transfer for creditors. This guarantees security of assets.

The product has three major strengths that differentiate it from similar services:

  1. No EOS transfer needed. Creditor’s EOS sits in their account, under their control at all times, which means there are ZERO risks of fund loss.

  2. All airdrops will be received automatically. Again, because EOS sits in the creditor’s account.

  3. Voting rights remain under creditors control. In a DPOS blockchain, owning your voting rights is fundamental and BankofStaked leaves that right to the creditor’s account.


How does it work

image1 BankofStaked available plans

BankofStaked currently provides one free CPU emergency plan and six paid plans. In order for the user to activate the plan, they need to transfer the right amount of EOS to the smart contract.

In the free CPU emergency plan, the user needs to send 0.100 EOS to ‘bankofstaked’. Then, the account will receive immediately both the amount of EOS transferred as a refund, and a total of 1 EOS staked (0.8 EOS in CPU + 0.2 EOS in NET). Receiving CPU becomes as easy as sending a simple transaction. The rate for leasing goes from 0.2% for 7 days to 0.6% for 28 days

The smart contract is accessible on the BankofStaked website.

Who offers the BankofStaked EOS supply? The EOS leased to users comes from creditors. To become a creditor you’ll need to satisfy four main requirements:

  1. An EOS account for creditor use where the balance is greater than 20,000 EOS.

  2. The creditor account will have to deploy a smart contract (safedelegatebw) provided by BankofStaked.

  3. The creditor account should authorize the delegate/undelegate permission to BankofStaked.

  4. The creditor account needs to ensure that the account itself has sufficient RAM/CPU/NET resources.

Creditors will never have to transfer their EOS. Accounts will have to use a smart contract that allows BankofStaked to lease EOS through the stake and unstake mechanisms. This feature is one of BankofStake's major strengths. Not only do creditors incur no credit risk, they will be in full possession of their rights, including the right to vote and the right to receive airdrops.

Currently creditors are mostly Block Producers. Here’s a list from the website:

image2

BankofStaked creditors

Every EOS token holder that fulfills the requirements mentioned above can apply to be a Creditor. For obvious reasons, creditors should not revoke the EOS being leased to others in advance and revoke the delegate/undelegate permission from the BankofStaked Smart Contract.

Furthermore, creditors will receive 90% of the lease income. Lease income is automatically allocated to the account after each order expires.


Team

BankofStaked is developed by EOSLaoMao, a mainnet EOS Block Producer that focuses on DApp development and tools for the community. EOSLaoMao is also one of the top21 EOS mainnet BPs.

EOSLaoMao’s core team is currently composed of CEO Lao Mao, CTO Zhao Yu and Lemons Wang EOSLaoMao’s engineer.

The team has also developed:

  • The ‘BlackList Smart Contract’ which adds blacklist configs onchain to facilitate BPs blacklist management. The smart contract is currently used by more than 50 BPs.
  • The ‘EOS Cluster Generator’ which can be used to have a fully-fledged local testnet in 1 minute on your laptop.

eoscluster.png

EOS Cluster Generator - docker


RISKS

There are other projects that offer similar services. Examples of that are:

-CPU Emergency, which provides a limited amount of free CPU for accounts with low resources.
-Chintai, a decentralized leasing platform that created a market for CPU leases.

In the near future the Resource Exchange (REX) will be added to the list. REX is a rental mechanism within the official EOS mainnet contracts.

Putting aside REX since it still needs to be implemented, Usually leasing platforms need users to transfer their EOS to the platform. With BankofStaked that’s not the case. However if the smart contract is hacked, it can cause a loss of the undistributed leasing income while creditors funds will still be secure in their accounts.

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the website's content as such. EOS GO does not recommend that any cryptocurrency should be bought, sold, or held by you. Nothing on this website should be taken as an offer to buy, sell or hold a cryptocurrency. Do conduct your own due diligence and consult your financial advisory before making any investment decision. EOS GO will not be held responsible for the investment decisions you make based on the information provided on the website.

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