Blockchain Account: A Guide to Stocking EOS Accounts

If this year is the year of public blockchain, then June must be the month of EOS. More than half a month has passed, and topics surrounding EOS have been coming one after another: mainnet launch, node voting, bigwigs fighting... the drama continues. Therefore, as a vertical blockchain community, Bihu has a lot of articles about EOS published every day.

Jimmy has done little research on EOS and rarely writes about it. But I recently looked at the EOS account system and found it quite interesting.

In today’s article, Jimmy will help you understand EOS accounts from three perspectives.

1. What are the characteristics of EOS’s account system?

Anyone who has used Bitcoin or Ethereum transfer systems must have learned two concepts: public key and private key. Today we will not discuss the concepts here, but give an example of a public key:

0xBA88466218360bEc6541dea22cf0cd2B03738c5B

The address above is the public key address used by our "Good Article Council" to raise KEYs, a total of 42 bits. Such an address length leads to several possible problems:

• Every time we transfer money, we can only copy or scan the code. Most people can’t remember even their own account names. But this is not a big deal, because everyone may be used to copying.

• For the first transfer, in order to avoid mistakes, we always recommend to transfer a small amount first to see if it can be received. As we all know, the transfer speed of Ethereum or Bitcoin is very fast, so there is an extra verification time.

• When I meet someone like me who is more entangled, I am also worried about copying errors. If it is a large amount, I always have to proofread it multiple times. Such a long number is really tiring to look at.

Another point is that as a commonly used address, we cannot customize it, which is more or less a pity. Of course, with such a long number of digits, you can't remember it even if you can customize it.

As the EOS with the greatest potential to become the representative of "Blockchain 3.0", it has made great improvements in the user experience in the account system.

The improvements are:

• The number of digits is simplified. Although the account name is still a 64-bit integer within EOS, it is displayed as a maximum of 12 characters on the front end. Compared with the 42-character Ethereum public key, it can be said to be greatly simplified and easier for everyone to remember.

• Transfers are made instantly, which is not strictly a feature of the account system, but due to the improvement of TPS and the optimization of the transfer experience, if you want to verify a small amount of money, the experience will also be qualitatively improved.

• Customized account name. Unlike Bitcoin and Ethereum, we finally have the right to name our own account address, which is cause for celebration.

• Account names with 12 characters are free, and those with less than 12 characters can be obtained through auction. This is similar to the idea that basic Internet functions are free, but value-added functions are paid.

When we do EOS wallet mapping, the account name is randomly assigned by the system, and it is all 12 digits. If you want to register a favorite 12-digit account name yourself, you can wait for Maizi Wallet. It was mentioned in the previous review that they have such a function. Jimmy has confirmed with the official that it will be launched this week.

Among these features, the most distinctive one is: account names with 12 digits are free, and those with less than 12 digits can be obtained through auction.

Why would anyone want to bid for an EOS account name with less than 12 characters?

The answer is simple: this thing may be similar to a QQ account in the future and will be quite valuable.

2. Why is it said that EOS accounts may be valuable?

There is a standard answer to this question online:

EOS account names are globally unique and are on a first-come, first-served basis. Like Internet domain names and Ethereum ENS, they also have investment value, and good names need to be grabbed.

Jimmy does not fully agree with this answer. In Jimmy's opinion, there is a big difference between EOS accounts and Internet domain names. The former is just a payment account, while the latter is a website entrance. The former is mostly used for personal purposes, while the latter is mostly used for commercial purposes. Therefore, the value difference between the two is relatively large.

To make a more accurate analogy, Jimmy believes that it is the same as a QQ account. Of course, being able to have a QQ account is already awesome and valuable enough. So far, Jimmy believes that there are several reasons why EOS accounts may be valuable:

1. EOS is likely to be a blockchain infrastructure that is more powerful than QQ.

Not every fancy number is called a QQ fancy number, and not every 12-digit account is called an EOS account. The value of an EOS account can be said to be proportional to the value of EOS.

As for the potential value of EOS, Naiwang has already said a lot. Jimmy summed it up in one sentence: EOS is the basic public chain with the highest probability of success. This alone is enough to support the value of EOS accounts.

2. EOS account names are globally unique and can be transferred directly.

Uniqueness represents scarcity, and scarcity increases value. If user names like Fulcrum can be registered at will, the scarcity of the name will be difficult to guarantee.

However, being unique alone does not necessarily mean high value. Just like domain names and QQ numbers, the shorter the name, the easier it is to remember, and the more scarce it is. After all, being memorable and spreadable naturally creates value.

The EOS account name is similar to the public key address of Ethereum, and can be used to transfer money directly. It is very easy to use, which also consolidates the foundation of its value.

3. EOS accounts with less than 12 digits adopt an auction mechanism.

Everyone wants to grab a good name. If it is first come first served like QQ numbers or Internet domain names, then netizens who have been educated many times will definitely hoard account names in large quantities. In the end, only a handful of the most discerning people like rice farmers can get the cheap ones.

So I just said that the standard answer is wrong. For EOS account names with only 12 characters, it is first come first served. For those with less than 12 characters, you have to bid. The bidding mechanism has two advantages:

• Give the right to the person who most recognizes the value of the account name, rather than having it registered by scalpers.

• There is bargaining based on the initial auction price, which increases the cost of the EOS account name and lays the foundation for subsequent value growth.

4. EOS account names support the concept of "domain".

For example: The owner of the @com account is the only one who can create @user.com. Isn’t that cool?

This feature has greatly expanded the imagination of EOS account names. According to a technical friend of mine:

The EOS account name is the unique identifier in the EOS system. As the object of transfer, it is equivalent to the Ethereum address. It is easier to remember, but there is still a lot of room for imagination in application, more than domain names and email addresses. Each account name can be bound to a contract, and the account interface can be customized. There is a lot of room for imagination in application. For example, if a message interface is provided in the contract, others can send you messages, which is equivalent to a mailbox. The specific function depends on the purpose of the account and the interface provided by the contract, which can be customized.

In addition, Jimmy noticed the following sentence in the official FAQ:

Q: What is sub-account name ownership?

A: It means that only the person who has taken the photo of the com account name can register a jd.com account name, and can sell all these sub-account names.

What does this mean? It means that the sub-account name can be sold separately. And according to my friend, the function of this sub-account is the same as that of a normal account. Is it surprising? Is it unexpected? Is it powerful?

5. EOS accounts can be transferred.

If the liquidity of a valuable thing is poor, its value growth will be affected to some extent.

The EOS account is a very easy-to-circulate value. It can be transferred to others by modifying the owner's permissions, so resale is completely feasible.

In summary, EOS accounts have the value support of EOS, are globally unique and scalable, and can transfer money. They have scarcity value and practical value. The cost is anchored through the auction mechanism, and the transfer mechanism ensures liquidity. Therefore, they have certain investment value.

In fact, there are many people who have similar ideas as me. The top EOS account is "EOS", and the current auction price is as high as 1,000 EOS, with a market value of more than 60,000 yuan.

On the other hand, it should be noted that although accounts with less than 12 digits must be auctioned, many account names that are meaningful only to oneself can be acquired at the lowest price (0.0001EOS).

What’s more, if the auction fails, the EOS will be returned. It won’t make you pregnant, so why not give it a try?

3. How to register an EOS account?

If you decide to register an EOS account, Jimmy recommends MathWallet, which is very convenient to use on mobile devices.

The following tutorial is simplified based on the official tutorial:

1. Download MathWallet (click to download)

If you have downloaded it before, you need to upgrade to version 1.4. Just in case, please back up your EOS wallet private key before upgrading.

2. Import EOS wallet

Select the EOS wallet type, import the EOS account, enter the EOS private key (that is, the private key generated when doing EOS mapping before), confirm the wallet payment password, and the import is completed.

Note that if the amount of EOS in the mapped account is less than 1, it cannot be imported.

After successfully importing, you can see your EOS wallet and account name. The account name at this moment is 12 digits and is randomly assigned. To bid for an EOS account name, the current account must have enough EOS.

3. Query account name and bid

Click the [App] menu at the bottom of the interface, find the [EOS Account Name Bidding] app in the app list and click to enter.

Search for the account name you want to bid for. If no one has bid before, you can bid directly. The minimum amount is 0.0001 EOS.

If someone has already bid and the account name is still in the auction (the last bid was less than 24 hours ago), you can bid higher. The minimum bid must be at least 10% higher than the previous bid.

There is a prerequisite, that is, two weeks after the main network is launched (voting reaches 15%) (approximately June 29), the transaction mechanism will be officially launched. So at this stage, it is in the auction period and there are no restrictions.

4. Check the auction status

Click [Bidding Record] in the upper right corner to see the account name with the highest bid, the account names that raised the bid after I made the bid, the account names that succeeded and failed, etc.

If someone else bids higher than I have bid, you can click [Bid Higher] to participate in the bidding as long as the auction has not ended.

5. Purchase memory

If you bid on many account names at the same time, there will be insufficient memory. At this time, you need to return to the [Apps] list, find and click the [Purchase EOS System Resources] app to purchase more memory.

The above is the EOS account sharing that Jimi brought to you today. Let’s summarize:

• EOS accounts can be up to 12 digits long and are customizable. Transfers can be made instantly and are much easier to remember and use than Ethereum public keys.

• The EOS account relies on the EOS ecosystem and has practical functions such as transfer and domain expansion. It also has a sense of scarcity brought by its uniqueness. In addition, the auction cost setting and transfer mechanism make it have certain investment value.

• It is recommended to use MathWallet to register an EOS account. There are still about ten days before the official start. If the auction is unsuccessful, the EOS can be refunded. On the other hand, if you do not want to register, you can also register your favorite 12-digit account.

Finally, I hope everyone can register their favorite EOS account.

This article is for commercial promotion only and does not represent the position of Wabi.com. Cryptocurrency is a high-risk industry. Please invest with caution. We are not responsible for any losses!