How does an EOS account work?
EOS account is an entry point to the EOS blockchain. Each account has a unique name which is a 12 character alphanumeric combination (alphabets from a-z and numerals from 1-5). You can either generate it automatically or create a personalized one. You can have multiple accounts and give access to your account to other users.
Each EOS account has two levels – owner and active with two separate key sets (the public key which includes the active and owner key pairs and a private key). Ownership of the account means the ability to change who the owner is at any time. The owner key determines permissions while the active level is used for staking, transactions, and for voting. To create it, you need some initial deposit.
The EOS account has three main resources: CPU, Network, and RAM. A deposit is needed to purchase some RAM: Network and CPU can be obtained from staking, but RAM is needed to pay for storage space. An existing user can do it for you or you can do it by yourself using an exchange, wallet, or a special EOS name generator.
How to create an EOS account?
There are many services freely available on the internet. You can also create it using an exchange or even a wallet will work. The steps are essentially the same but an exchange or a wallet will automate some of the steps for you. Therefore, it is easier to create one on an exchange or a wallet.
- Regardless of the service, you decide to use, the first step is to enter and select a unique name.
- The next step is to select and enter the owner key and active key (public keys). They can be the same (or different) but it is better to create separate keys for more safety. This key pair is known as the public keys and the second key is the private key (it is rarely used unless you need to change your public keys i.e. the owner and active key pairs) and can never be regenerated. Once created, these keys should be saved securely (especially the private key). The account is created now but it must also be activated by sending some tokens.
How to activate your Account?
- Once the account is created, enter the address in any EOS explorer and check the details.
- If you wish to create it using an exchange, it can be done easily using signupeoseos smart contract where you can send a designated amount of coins from your exchange. The steps are the same but it will happen automatically.
- In some wallets such as Atomic or Guarda, you can convert any cryptocurrency to EOS. To do this, simply click on the exchange tab and select the cryptocurrency you wish to use. Once done, head over to the EOS section in your wallet (which will be visible now) and select the advanced feature to view your name and keys. You can change the keys if you like later. The steps here are the same but the wallet has done all the work for you.
Why is Activation Required?
EOS accounts need some resources to be allocated on the CPU and Network to run the transactions and have enough RAM for storage space. If you won’t activate your account, it will still be valid and functional, though without enough resources you won’t be able to perform transactions and make full use of EOS blockchain.
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