The current limit for RAM on the network is 64 Gb with the update working to gradually increase the RAM from EOS to 1 KB per block.

The platform had entrusted block producers with the duty of voting to implement the RAM update with 15 producers who voted 'Yes' to carry out the update.

How is this RAM upgrade beneficial?

Random access memory [RAM] as a commodity is quite important in the EOS ecosystem. EOSIO has adopted a free market approach to RAM trading, a system where users can buy or sell RAM, but cannot exchange it. The supply of this RAM memory is supervised by the producers of the above mentioned blocks, with the main objective of giving a basic advantage to the engineers and customers. 

According to reports, trading RAM in the EOS network is based on a simple supply and demand policy. Whenever there is a high demand for RAM on the network, a user who requires RAM can only buy it from another user rather than from the system. The main concern raised by users on the network was the lack of RAM memory available to all of them for commerce, a problem that this update aims to solve.

News of the RAM update occurred during the first week of July, which triggered EOS RAM prices above 900 EOS / MB, which is approximately $6399.

Chris_harris, a Reddit user commented:

"Hell yeah! This is what I'm talking about.

At the time of writing, EOS was quoted at $8.62 with a market capitalization of $7.875 billion. EOS is the fourth highest winner on the top 10 list with market growth of 1.74% in the last 24 hours.