Account Creation Costs

RAM cost on the EOS network is still a major talking point as many feel it is still far to expense per Kilobyte. The Price has a direct impact on those who want to join the EOS network for the first time or create another account. The system contract currently requires a minimum of 4K to be allocated to an account.

As I am writing this, RAM pricing has reduced massively from the all-time high of 0.9 per Kb to 0.35 per Kb, which means a new account will cost 1.4 EOS or in USD; it will cost you $9.49.

The current account creation cost is still too expensive for some people, as they believe it will impede adoption. As much as they may be true, we need to remember that the one-off cost of account creation is dwarfed by the cost savings we get via free transactions. Anyway, let’s not bring that up again, no point in flogging a dead horse.

Once again, Block One have listened to the community and are taking action. Dan Larimer posted a medium article defining his 3 step process to reduce the cost and improve the onboarding experience.

  1. Increase RAM Supply
  2. Lower Account Creation Costs
  3. Free Accounts with Block.one’s iOS Wallet

I will not regurgitate the entire post, but I will take about the third option listed above. Dan states that the following regarding that item.

Block.one is building a free iOS hardware wallet using Apple’s Secure Enclave. At this time, I believe Block.one will be able to offer a free EOS account to unique users of our iOS wallet. This is subject to change depending upon market conditions. This free account can be used with any decentralized application that is compatible with Block.one’s wallet API.

Once again Dan has teased the IOS hardware wallet with free account creation for newcomers, that is excellent news. Moreover, if we once again look through the EOSIO Github repo under Version 1.1 completed items, we see that an item labeled ‘Secure Enclave wallet support’;.

The release date for Version 1.1 is July 17th which is less than a week away now. We will, of course, have to wait for the block producers to upgrade and for the wallet app to pass through Apple’s approval system, but all signs point to our first Hardware wallet coming very soon.

You can read the full article here

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Responses

  1. Brandon Holsey

    Really looking forward to the Secure enclave wallet support! Until recently, I had no idea about how the iOS devices stored data this way. A friend attempted to explain it, but it was mostly beyond my realm of knowledge. He stressed that this is a highly secure way to store data as it requires the physical possession of the device in order to have much chance of comprising that stored data or stealing it. I know enough to know anything is possible in terms of being hacked, but I also realize reducing your odds of vulnerability are never going to hurt. Great content as usual, Adam. Thanks for sharing

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