How to Create an EOS Account

How to Create an EOS Account
This image: CC BY-NC 4.0 license by darmeth

EOS is a blockchain built for decentralised applications (dApps). Notable for utilising a delegated proof-of-stake consensus model, it differs from the other big chains like Bitcoin and Etherium, which use the proof-of-work model, or mining.

EOS transactions are irreversible or confirmed in 3 minutes flat and all transactions are free across the network. Unfortunately, this has led to the network being riddled with spam. Also, free is not entirely free... there is a minimum one-time cost when setting up an EOS address or account which involves staking some EOS in exchange for resources, namely CPU, bandwidth and RAM. Further resources need to purchased proportionate to the number of transactions performed on the network. But, as hinted at the start of this paragraph, the cost of extra resources is minimal, therefore the spam.

What is an EOS address or account?

It is a human-readable name that serves as the wallet. The account or address resides on the the EOS blockchain and is used to transact on the network. Think of it as a bank account number.

Standard EOS account names have 12 characters consisting of letters a-z and numerals 1-5. Some services offer vanity names where it is possible to create an account with less than 12 characters, but that comes at a price. For the purpose of this article, we will stick to the standard format.

How to create a new EOS account

There are essentially two ways to create an EOS account: (1) do it yourself and (2) ask a friend who already has an EOS account to help.

The main point to note is that to have full control over your account, you must be in possession of the so-called private keys. Having a virtual EOS account on an exchange platform like Crypto.com or Coinbase does not count because the exchange has ultimate control over your wallet and its contents.

Create an EOS account via a cryptocurrency exchange

This method is likely deemed the complete way to create and manage a new EOS account. By having an account on an exchange, you have a so-called on-ramp and an off-ramp; crypto-speak for swapping fiat for crypto (on-ramp) and swapping crypto back to fiat (off-ramp).

Visit an exchanges that supports EOS - Crypto.com or Coinbase are good places to start and are highly recommended. Register for a new account on their platform and complete their KYC process, where applicable. Once your account is approved and active, you are ready to rock and roll.

Next:

  1. Add some funds to your exchange account, created above. 2 EOS is plenty (currently worth about USD 5).
  2. Go to either eosauthority.com or bloks.io. There are other places where accounts can be created but these two are recommended and trustworthy.
  3. Create a name and save your private key.
  4. Send the required amount from your exchange account to the address specified. VERY IMPORTANT: Make sure to include the memo, as instructed.
  5. Once confirmed, congratulations! You are now the proud owner of an EOS account!

Both eosauthority.com and bloks.io have block explorer functionality where all transactions on any EOS account can be viewed.

Create an EOS account via a secondary EOS account

If you know someone who already has an EOS account, ask them to assist with getting you up and running. Setup costs are minimal (cheapest today is at bloks.io, costing 0.3 EOS, about USD 0.80 at current exchange rates).

The steps to accomplish this are relatively easy: simply ask your friend to setup an account using the name you provide and then make sure you get the private keys. Of course, you need someone you trust to do this for you. Assuming you will pay-back the USD 0.80 at some point, that person needs to trust you in return.

Once you receive your private keys, the account is now under your control. You should, however, change the keys as soon as possible because the original account creator will also have access to the account as they know your private keys. Trust is key here (pun intended)! And how to change EOS account keys is the subject of another future article.

Get in touch via telegram: @darmeth and checkout my own EOS account: darmethsbank

 
Tags: technology

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