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以下内容来自微信公共帐号“EOS技术爱好者”，搜索“EOSTechLover”即可订阅，翻译Gavin，校对Lochaiching。转载必须保留以上声明。仅授权原文转载。
本文原文链接为https://medium.com/@eoscafe/what-rex-means-for-token-holders-238375dea397 ，由本号“EOS技术爱好者”翻译。
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What REX Means for Token Holders
REX对Token Holder们意味着什么？
作者：Haley Thomson（EOS Cafe）
翻译：Gavin（EOShenzhen）
Dan Larimer shook things up last Thursday with his “Proposal for EOS Resource Renting & Rent Distribution”. The proposal includes sweeping changes to EOSIO software and many complex concepts. It left even the most astute EOS enthusiasts with many questions and much is still unclear about the proposal.
在上周四，Dan Larimer通过他的“EOS资源租赁和租金分配提案”引起了轰动。该提案包括了对EOSIO软件的全面彻底的修改和许多复杂概念。它甚至给最敏锐的EOS爱好者们都留下了很多疑惑，关于这个提议的认识仍然不清晰。
While this proposal centers around adding a rental market for EOS bandwidth (CPU), the near term implications for the average token holder actually have nothing to do with CPU at all. Even if you assume that the rental price of your CPU is $0, token holders should still be very excited about this proposal.
虽然这个提案主要围绕为EOS带宽（CPU）增加一个租赁市场，但对普通的token holder短期内的影响实际上与CPU无关。即使你假设CPU的租金是0美元，token holder仍然对这个建议感到非常兴奋。
Don’t get me wrong, the ability for dApps to rent bandwidth for a fraction of the capital cost of owning is great for adoption, and the prospect of all token holders being “landlords” will be very valuable long-term. But a price of $0 for CPU in the near term isn’t a crazy assumption (given the limited demand and near endless supply).
不要误解我的意思，很多分布式应用都可以以一小部分的资本成本用来租用带宽，这对于它们来说是可以接受的，而且长期看来，所有token holder成为“房东（landlord）”的前景将是非常有价值的。 而短期内CPU价格为0美元也不是一个异想天开的假设（考虑到有限的需求和近乎无限的供应）。
What really matters to token holders short term is the Resource Exchange (REX). REX is a bucket that collects all EOSIO resource fees including RAM sales, fees, and name auctions. The future price of CPU rental may be uncertain, but revenue from RAM and Names are very significant. Currently these resource fees are unallocated but this proposal changes that, and that’s big news.
对token holder来说，真正有意义的是资源代币（REX）。REX是一个收集所有EOSIO资源费用的存储桶，包括RAM销售费用和域名拍卖。 CPU租赁的未来价格可能不确定，但RAM和域名的收入是非常值得注意的。 目前这些资源费用是未分配的，但这个提案改变了这一点，这是个大新闻。
At the current price, 1.50 of RAM is created and sold with every block. That adds up to over250,000 a day of unallocated revenue that could soon flow to REX. Forget the CPU market, how does a token holder get a piece of that?
以目前的价格，每个区块创建并销售1.50美元的RAM，每天可以增加超过250,000美元的未分配收入，这些收入很快就会流入REX。 抛开CPU市场，来思考token holder如何获得它的一部分？
The mechanics of REX are actually pretty simple; to receive network rewards a token holder has to lend their EOS to REX, in exchange for REX tokens (T-Rex), at a 1:1 ratio.
REX的机制实际上非常简单; 为了获得网络奖励，一个token holder必须将其EOS借给REX，以换取REX token（T-Rex），比例为1：1。
These tokens are non-transferable, there will be no market for them, they are simply an “accounting artifact” that can only be exchanged between REX and an account holder.
这些代币是不可转让的，它们没有市场，它们只是一个“会计工具”，只能在REX和账户持有人之间交换。
While you hold T-Rex you collect your proportional share of all revenue that flows to REX over that period. So if you hold 50% of all T-Rex tokens for a day, and 40,000 EOS in RAM sales are collected in the REX bucket that day, you will receive 20,000 EOS (50%) in rewards when you exchange your T-Rex tokens, plus the original EOS you lent.
当你持有T-Rex时，你将收取在此期间流入REX的所有收入的比例份额。 因此，如果你在一天持有所有T-Rex token的50％，并且当天在REX桶中收集了来自于RAM销售的40,000个EOS，那么当你兑换T-Rex token时，你将获得20,000 个EOS（50％）的奖励 ，加上你之前借贷出去的EOS。
There is NO RISK to the token holder in lending EOS to REX. REX will, at a minimum, always hold the EOS that was lent to it. Since T-Rex is distributed at a 1:1 ratio there will never be fewer EOS in REX than there are T-Rex held by account holders. T-Rex can be exchanged back for EOS at anytime.
token holder将EOS借给REX时，是没有任何风险的。 REX至少会一直持有借给它的EOS。 由于T-Rex以1：1的比例分配，因此REX中的EOS永远不会少于账户持有人持有的T-Rex。 T-Rex可以被随时换回EOS。
There will however always be MORE EOS in REX than what was lent to it. This is simply because fees slowly trickle in block by block. If you held T-Rex for one block that included a eosio.ramfee transaction, you are entitled to a portion of that fee. Token holders who lend to REX for any significant amount of time will ALWAYS receive some reward.
然而，REX中的EOS总是比借给它的更多。 这只是因为费用逐块地流入。 如果你持有的T-Rex拥有一个包含eosio.ramfee交易的区块，你有权获得该费用的一部分。 在任务重要的时间内借给REX的token holder们都总会得到一些奖励。
From a token holder’s perspective it’s really quite simple.
从一个token holder的角度来看，这很简单。
Completely ignoring CPU all together this proposal gives token holders means to collect significant rewards that are currently unallocated, without taking any extra risk. Since all token holders are facing a 5% annual inflation this is welcome news. So what’s the catch?
这个提案是在完全忽略CPU的同时，对于token holder意味着可以得到当前未分配资源费用相关的重要奖励，而不承担任何额外的风险。由于所有的tken holder都面临着5%的年增发，这是一个好消息。那么问题是什么呢?
The first catch is pretty simple, as you can see in the diagrams above the CPU staking power of the token holder drops when they lend their EOS to REX. Since this proposal does include the rental of CPU bandwidth, this makes sense. This means holders who are using their bandwidth for transactions might choose not to lend to REX because they are using their resource. If you send your EOS to REX you will have fewer moves on EOS Authority’s Space Invaders game available to you, for example.
第一个问题非常简单，正如你在上面的图中所看到的，当它们向REX提供EOS时，token holder的CPU质押能力下降。由于这个建议确实包括了CPU带宽的租用，这是有道理的。这意味着那些使用带宽进行交易的holder可能会选择不向REX提供贷款，因为正在使用他们的资源。例如，如果你把你的EOS发送给REX，你将会在EOS Authority的Space Invaders入侵者游戏中获得更少的动作。
Since 99% of token holders are not using their bandwidth for transactions this shouldn’t be a big drawback. But what about voting?
由于99%的token holder并没有使用他们的带宽进行交易，所以这应该不是一个很大的问题。但是投票呢?
One of the most important elements of Dan’s proposal is that you can only lend EOS to REX if you are voting at least 21 BPs. Not only does T-Rex contribute to voting power (as shown in the diagram), but voting is a prerequisite to owning T-Rex at all. While this may seem like a “catch” for some, it is a very elegant requirement that concentrates the “dividends” of the EOS network into the hands of the token holders actively participating and voting in beneficial ways.
Dan的提案最重要的一个要素是，如果你投票至少21个BP，你才能将EOS借给REX。T-Rex不仅有助于投票权（如图所示），而且投票是拥有T-Rex的先决条件。 虽然这对某些人来说似乎是一种“问题”，但这是一个非常巧妙的要求，它将EOS网络的“红利”集中在以有益的方式积极参与和投票的token holder手中。
This voting prerequisite is one of the simplest parts of Dan’s proposal, but likely the most important. The network benefits greatly from fair and thoughtful voting, and suffers in its absence. Combining REX and this voting requirement will either ensure that most token holders are acting beneficially, or that those who are reap all the rewards.
这个投票的先决条件是Dan提案中最简单的部分之一，但可能是最重要的部分。 这个网络从公平和有思想的投票中获益匪浅，而且在它的缺席下下也受到损害。 将REX和这个投票要求结合起来，将确保大多数token holder行动是有益处的，并且他们可以收获应得的所有回报。
Bottom line is this proposal is a win/win/win. Token holders gain access to rewards that were currently unallocated. Incentives get created that improve the value of the network as a whole. And, although we didn’t emphasize this point, dApp developers gain access to network bandwidth at rental rates that will be a fraction of the ownership cost.
这个提案的最低保障是一个三赢状态。token holder可以获得当前未分配资源费用取得的奖励。 创建激励政策可以提高整个网络的价值。 而且，虽然我们没有强调这一点，但dapp的开发人员可以通过租赁费率获得网络带宽，而租金费用只是所有权成本的一小部分。
If it seems a little complicated to you, don’t worry, it won’t be for long. In practice, collecting rewards from REX will be a simple one-click operation in a wallet. It will be some time before this proposal is formalized and approved. In the meantime you can prepare by researching 21+ top notch BPs and voting for them, or finding a proxy to do it for you. While you’re at it, don’t forget to vote for eoscafeblock.
如果你觉得有点复杂，不要担心，它不会很久。 在实践中，从REX收集奖励将是钱包中的简单一键操作。 该提案正式确定并获得批准还需要一段时间。 与此同时，你可以通过研究21个以上的BP并为其投票，或找到代理人为你做好准备。 当你在这里时，别忘了投票支持eoscafeblock。
本文图片来源于英文原文
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