Crypto guides: how to access EOS

Bybit

EOS is a relatively new smart contract that supports blockchain. It focuses on a user-friendly experience and is relatively quick. EOS has long been number one on Blocktivity, a website that measures activity on blockchains.

Setting up the EOS account

In order to use EOS, users must first open an account for which EOS supports real names. The account name must consist of 12 characters and contain all lowercase letters and numbers from 1 to 5. There is a cost to setting up an EOS account, but with a twist! This is due to the special EOS resource model. Users own some of the network resources that enable them to conduct transactions. Therefore, there are costs involved in setting up an EOS account. This is because EOS uses a special resource model. In return, transactions are free. It currently costs about 0.34 EOS or about $ 0.85 currently to set up an EOS account.

Setting up an EOS account is a simple process with bloks.io. Click on the following link, then write your username under “Account Name”. The website will automatically recommend a key pair for you. You can use the Generate Key function to generate various keys. Alternatively, you can suggest your own public key. Important: When sending and receiving coins on EOS, use the account name and not the keys. The keys can be changed at any time as you wish. If the account name is valid, you will be presented with an EOS address where you can send the tokens for activation. Once this is done, your account will be activated. Important: Keep your private keys!

Set up wallet

One of the best wallets right now is the Anchor Wallet. This wallet functions at the same time as a wallet and web interface, similar to Metamask on Ethereum. This wallet covers all of your needs. Download and install your own wallet here.

Start Anchor and set your password. This password must be entered every time you start the wallet. You may be used to this from Metamask. Now you need to import the private key. Click Home-> Manage Wallets-> Import Accounts-> Import Account-> Import Private Key. Once the private key is retrieved, Anchor scans the blockchain for accounts that have the public key related to that private key. (One private key can be used for multiple accounts). As soon as you have linked your EOS account to the wallet, you can get started.

Configure your resources

The CPU resource is very important when using EOS. These are useful for performing calculations. Every transaction contains orders to be executed. These jobs consume CPU. CPU regenerates over time (3 days). CPU must be unplugged. If you have EOS

Click on Wallet and then on Stake CPU / NET. In the CPU field, enter the EOS amount you want to wager, then do the same for NET. You don’t need a lot of NET for that, 0.1 EOS should be enough. NET refers to transactions. The more data you send, the more NET you are using.

After using the blockchain, you can always remove your resources. This process takes 3 days. Alternatively, you can also borrow EOS explicitly for resources. To do this, click on REX and then on Borrow CPU / NET. If you pay 0.5 EOS, it should be enough for a month of CPU. After a month you would have to do the same process again. It is currently not worth borrowing NET, as very little is required to use EOS.

Memory is an additional resource in your account. This is how much data you can store. RAM cannot be staked out, instead it has to be bought on the open market. RAM can also be resold. RAM is freed when the tokens are sent, i.e. when information leaves your account. You can manage your RAM by going to Wallet-> Buy / Sell RAM.

You can see the status of your resources under Account.

Account resources on bloks.io

For example, this account has used 84% of its RAM. CPU and NET are not used (CPU and NET return to 0% after 3 days of inactivity as they regenerate).

diploma

Yes, joining EOS is a rather unfamiliar process, but once you’ve done it you will quickly see the benefits it brings. You can also borrow your unneeded EOS to generate passive income, which we will show in the next article. For more questions, visit our discussion channel on Telegram, where we will answer your questions.

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