INTRODUCTORY SUMMARY
EOS utilizes an account system with a resource staking mode, hence any actions executed on the EOS blockchain consumes resources, including the creation of EOS accounts.
Unlike what we see in other blockchains like Ethereum where a small percentage of ether is used as gas fee to run a transaction or Bitcoin where you have to pay a few sats as miner fee for the transaction. In EOS platform, you have to stake a given amount of EOS to be able to use different services on the platform such as transactions, account creation, contract creation etc.
EOS BLOCKCHAIN RESOURCES
1. RAM
This is necessary for storage of data on the blockchain and must be bought. You are provided a fixed number of bytes of storage based on RAM market price at that time. The price automatically adjusts up and down with buying and selling action. If you decide release storage, you can sell RAM back to recover your EOS at its market price at that time.
2. Network Bandwidth (NET)
This is measured as your average consumption in bytes over the last 3 days. Net bandwidth is temporarily consumed every time you send an action or transaction but decreases over time returning to 0. The more tokens you stake for net bandwidth the more you get to use. You can unstake at any time to reclaim your EOS tokens.
3. CPU Bandwidth (CPU)
This is measured as your average consumption in microseconds over the last 3 days. CPU bandwidth is temporarily consumed when you send an action or transaction but decreases over time returning to 0. The longer your transaction runs, the more CPU bandwidth it will consume. You can unstake at any time to reclaim your EOS tokens.
ACCOUNT CREATION.
To complete the EOS account creation process, another EOS wallet with sufficient EOS is required to pay for the required resource. Which is not possible at times if you are a first time user as you won’t be having any other EOS wallet.
To solve this, our account creation method will be through self-registration by making payment through ETH.
REQUIREMENTS
• Mobile device (iOS or Android)• Ethereum Wallet address with sufficient Ether in it (ETH worth at-least 2 USD can do)
• Imtoken App 2.0 (Multiple Chain Wallet Version)
STEPS
1. Download Imtoken 2.0 (Multiple chain wallet). Get the links from the official website https://token.im/download2. Once you have downloaded the app and installed it, Import your address which has some ether balance into the app.
3. Proceed to the wallet management page by clicking on the top of your app marked by a red rectangle in the screenshot and then click on “Select an EOS account”
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4. After, click “Register for an EOS account” to go to the registration page.
The owner key and active key will be displayed at the registration page, please input the desired EOS account name (12 characters consisting of only a-z and 1-5).
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5. The desired method of registration in this case is Self-registration through payment with ETH. So you simply click on the blue button (Register EOS Account) and you will be brought to the confirmation page with the required ETH amount. Click “Next” and enter the wallet password to complete the account creation.
That marks the final step of account creation.
Please note that in order to use the account for transactions without any inconvenience of running out of RAM, CPU and NET resources, You will need to send in more EOS to your newly created account and stake it for more resources power. You can unstake your EOS anytime you need it(it takes 72 hours to be available in your account)
After creation, you are free to import your wallet in any of the famous EOS wallets such as;
- Scatter
- MEET.ONE
- EOSlynx
- SimplEOS
- Token Pocket
Sources and additional Information:
- https://support.token.im/hc/article/360006465214
- https://medium.com/imtoken/new-features-simplifying-your-eos-account-setup-39f4445759fd
- https://www.eosrp.io/