This article is for people to quickly understand basic knowledge of EOS ecosystem, including “what is EOS account”, “EOS account authority issue”, “What is EOS resource”, “what is the role of EOS wallet in the ecosystem”, etc. If you are an EOS new learner with an understanding of blockchain basic knowledge, this article will help you easily understand EOS Blockchain by some explanation. If you are interested to learn more after reading this, you can check EOS.IO Technical White Paper v2.
EOS Account is The Key to Entering The EOS Ecosystem
An account is user’s identity on EOS blockchain, it is authorized by the private key and public key. The user uses private key for signing transaction to prove that he/she has transaction export right, and the transaction information will be saved on the blockchain.
The EOS.IO software permits all accounts to be referenced by **a unique human-readable name of up to 12 characters in length, including number 1–5 and lowercase letter a-z. **accounts under 12 characters need to be bidding. The account is transferred address(use for deposit and withdraw), it can be understood as credit card numbers.
*How can I have an EOS account?
The way EOS works are that new accounts can only be created by someone with an existing account. Creating an account also requires to stake a certain amount of EOS and to buy some RAM.
It is now easy for regular users to create an account, more and more EOS wallets are making it easy by purchasing/presenting invitation code for creating EOS account. Such as MORE Wallet is opening an event — free invitation code activity for creating EOS account.
EOS Eco-Portal — EOS Wallet
So far, the EOS wallet is one of the easiest tools to create an account if the wallet developer supports this feature. Generally speaking, the wallet is used to store the private key, and it can also realize daily transfer, purchase of resources, voting and other functions.
Under normal circumstances, EOS holders who put EOS in their wallets will automatically receive airdrops from some project parties.
Wallet Password
While creating the wallet, the user will need to set a password. Consider of the safety, the password should be set as a bit complicated. The password used for transfer, voting, use DApps and daily operation, similar to your credit card password.
Cold Wallet
“Cold” means offline, network disconnected, which the internet is unable to access to the private key stored location.
Hot Wallet
“Hot” means online, network connected, which the internet is able to access to the private key stored location. EOS deposited in exchanges, mobile APP wallet are the hot wallet. Relatively speaking, the cold wallet is much safer, and the hot wallet is more convenient.
Different wallets with different features are developed. For MORE Wallet, it is developed completely based on EOS, connect each EOS holder as an ecosystem portal. There is some built-in daily function in MORE Wallet by MORE team developer — — — Asset Transfer, BP Voting, Resource Management, Account Management, Check Public Key and so on, besides some popular DApps also integrated with MORE Wallet — — — EOSBET, FIBOS, EOS BANK, etc. And some related searching function — — — EOS Token Box, EOS Contract Validation, My EOSkit………
Mnemonics/Private Key Backup
After wallet created, there will be a Mnemonics Backup feature appeared, choose to backup Mnemonics, enter the password, there will have 12 words, this is Mnemonics.** It is another form of the private key, in order to help users to remember complicated private key(64bits Hash).**
While importing into the wallet, enter Mnemonics can access to the wallet, and achieve the tokens operations by wallet password. Mnemonics must be written down while backup.
Two Private Key Permissions of EOS Account
In the EOS account system, each EOS account has two permissions: owner and active. Each account will correspond to a set of mnemonics/private keys.
Active is operation right, used for transfer, voting and daily operation.
The owner is ownership, it has all authority of Active private key, and higher authority for resetting Active and Owner.
It is important to note that the owner’s mnemonics is the highest level of the account’s permission. It will** only appear when the account is created**. After that, the backup will not be provided. Please copy it and save it.
The relationship between Owner and Active can be understood as the relationship between the boss and the employee. The Owner has the highest level of authority in your account. Relatively speaking, employees have limited permissions.
Usually, employees (Active) are mainly used for daily operations such as transfer, voting, etc. The highest level of authority of the Owner does not need to be used in daily operations unless there is a major problem with the employee.
Tips:
The Active private key is the operation right, which can be used for daily transfer, voting, etc. to meet daily operations needs.
The Owner private key is ownership, has all permissions for the Active private key, and has higher privileges such as resetting the Active private key.
On April 6th of this year, BM published “EOSIO Dawn 3.0 Now Available” on the Medium, and the “Lost Password Recovery” section said:
“Every account has at least two permission levels: “owner” and “active”. The owner permission level should be a N of M multisig where there is no N that doesn’t include the owner’s key(s). The owner permission level can reset the active permission any time the active key is lost or stolen.
If you lose the owner key or your multisig partners are being uncooperative, then the account active permission can request a reset of owner permission after 30 days of owner permission inactivity. The owner authority then has 7 days to challenge the request by updating the active authority.”
Resource Management
There are 3 parts of resource on EOS: RAM, NET and CPU.
RAM
RAM is a memory of operation, used for store data on EOS, belong to consumption resource, it is a necessary resource for developing DApp.
You can buy a certain quantity of RAM based on the current market rate, every time it will charge you 0.5% handling fee for buying/selling. RAM price is based on the Bancor algorithm, which can be understood as market supply and demand model. If RAM demand exceeds supply, it will require more EOS to buy RAM; At the same time, you can get more EOS for selling RAM.
NET
NET measures by the average consumption volume in the last 3 days, unit is KB. **Every time you send an action or transaction will consume NET temporary. **If without enough NET, you are unable to make transferring or some basic function. But it will release back as time goes.
NET can be obtained by staking EOS, and you can unstake NET as well, it will be unstaked after 3 days(72 hours).
CPU
CPU measures by the average consumption(ms/unit) in last 3 days. When you send an action or transaction, it will consume CPU temporary. If without enough CPU, you are unable to make transferring or some basic function. But it will release back as time goes.
CPU can be obtained by staking EOS, same as for voting. And you are unstake in any time, it will be unstaked after 3 days(72 hours).
The difference of 3 Resources
1.RAM is tradable in the free market, the price decided by the market. CPU and NET are by staking mode to obtain, the EOS quantity you stake, you can get the same back.
2.RAM can be traded in any time, but CPU and NET, there will be a 3 days waiting period.
3.CPU and NET can be rent to other accounts, after unstaked, EOS will be returned back to your own account. You can help other accounts to buy RAM, but the RAM you bought will belong to the account you bought for.
How to Buy/Sell Resource
Now, most wallets have to buy/sell resource function, for example, users can process account resources operation in 「Resource Management」of MORE Wallet.
At the same time, MORE team integrated 「柚资银行EOS Bank」 into MORE Wallet, it offers EOS renting and saving. DApp developers can rent resource by paying a little fee, and the fee will be paid to savers, everyone can make the best of their EOS in hands.
Important Factor for EOS Ecosystem Development — DAPP
DApp means decentralized App, based on blockchain. Different DApps usually employ consensus protocol of different data structure types. IMEOS website (imeos.one) collects the most completed DApps and ecosystem tools on EOS blockchain.
How to participate in EOS DApp Ecosystem?
If you already login your EOS account in MORE Wallet, you can find MORE Wallet already integrated with EOSBET, FIBOS, EOS Bank, UnderWorld OL, PRA Candy Box, and other DApps, later MORE Wallet will integrate with more DApps and sort them in different functional groups.
Further participation in the EOS DApp ecosystem please refer to：<An easier place to embrace EOS Blockchain — EOS Wallet>
If you don’t have EOS account and need an EOS account, you can join the activity and get it: <Event Description — MORE Wallet Invitation Code for Creating EOS Account>