Congratulations! Now that you’ve made it this far you know more about this blockchain than the average user. We’ve added this Chapter last for good reason. Most new users jump straight into creating a new EOS account without knowing how it interacts with the rest of the EOS ecosystem. The knowledge from this User Guide will help you manoeuvre through the ecosystem and to find solutions to some of the problems you might come across.
Your account is your gateway to the world of EOS and acts as your passport to all its wonderful destinations. Keep it safe and secured at all times because it is also your wallet and storage for all the digital assets you will pick up along the journey. One account for all your EOS needs, such convenience carries a responsibility on your side – keep your account safe! This chapter focuses on the creation, funding and security of your account(s).
EOS Keys 101
EOS keys are representations of your account. Whoever has access to them also has access to the account. At first encounter it is very intimidating looking at all these keys especially now that you know how vital they are to keeping your account secured. EOS accounts have two types of keys – Active keys and Owner keys, each representing their own Public and Private keys.
The key is in the name (excuse the pun). Active keys are used for all your daily actions on the EOS blockchain like sending transactions, voting, staking tokens, buying resources and logging into dApps etc. They are restricted though from making vital account changes.
These keys are the master keys to your account. Owner keys can be used to do all those actions an active key does, but should be reserved only for important actions. Owner keys are used for actions such as changing all the keys to the account and its ownership.
To prevent vulnerabilities in your account Active and Owner keys shouldn’t be identical. This means even if you were using your active keys, should they get exposed then your master key (owner key) is also exposed. Should your Owner keys get compromised on third-party applications, then whoever has access to them practically has access to your account. Never give out your private keys to anyone!
Create an EOS account
As we’ve mentioned in earlier chapters of this user guide; transactions on EOSIO are free but for this to be possible you need to have resources in your EOS account. Resources are not free which is why all new EOS accounts need to be bought/paid for.
The money used to purchase your account is invested into these resources so that you may be able to use your account and interact with the blockchain. You own all of the resources in your account and can sell them anytime you wish to. But remember, without resources your account won’t be able to send or receive transactions.
Buying your first EOS account is probably the toughest thing you’ll come across on this blockchain, everything after that will be a breeze. So to keep this process as simple as possible we’ll show you how to create your account using a simple method.
[Quick note: Certain third-party applications may give out free EOS accounts as a privilege for using their services. Remember though that the private keys of such accounts could be accessed or owned by the third-parties. Should this be the case we encourage you to not store any valuable assets on them and get your own personal account as soon as it is possible for you to do so.]
Creating an account using EOS account creator:
Step 1: Go to ‘ https://eos-account-creator.com/‘, then click on create account.
Step 2: Create your unique 12 character account name. The characters can contain any letter from ‘a-z’, and any number from ‘1-5’. Once you’ve entered a valid account name click continue to go to the next step.
Step 3: Here you’ll need to create your public and private keys. Click one of the provided options to create your keys, copy & paste them somewhere for safe storage. For the purpose of this guide we’ve shown the simplest option and this should be fine in most cases, but for added security EOSKEY is a great offline option.
Once you’ve created your keys input/paste ONLY the public keys in the spaces provided then click continue.
Step 4: Simply choose your method of payment, credit card or cryptocurrency, then click on pay.
Final Step: Make the payment using your preferred method and you’re done.
Congratulations! You just created your first EOS account. To view your new EOS account on the blockchain go to https://bloks.io/ and type in your new account name into the search bar.
Funding your EOS account
Now you have an EOS account you may want to add some funds to it to allow you purchase digital goods, use some dApps or just simply to store some EOS tokens. You can buy EOS tokens using fiat on many exchanges (listed below) once you’ve acquired your EOS tokens send them directly to your EOS account. Unlike on EOS, exchanges charge you a fee when depositing as well as when you withdraw. Transaction speeds are also much slower compared to the EOS blockchain so be patient.
Try to avoid storing your tokens on any exchanges, they are not as secure as a blockchain. Even the biggest ones in the past have collapsed after being hacked for millions of dollars. Also if your tokens are in an exchange they’re not yours since you don’t own/possess the keys.
That’s another great benefit of using EOS, decentralised exchanges like NewDex which run on EOS don’t have access to your private keys. You login using your ‘active key’ and trade without ever exposing your owner “master” key. Your account acts as an attachment on the exchange platforms rather than an account existing within the exchange.
Setting up an EOS wallet
Most dApps running on EOS today require the use of a 3rd party wallet to sign transactions. Setting up a wallet is very simple! The most important thing to consider when choosing a wallet provider is to confirm that the wallet gives you full control over your private keys. Otherwise it’s not really your wallet and anything stored on it can be taken away from you. You are fully responsible for your account/wallet and you cannot hold anyone else accountable. Users have many options to pick from when choosing a wallet, but for the sake of keeping this short we’ll focus on just two wallets. One for desktop users (Scatter) and the other for mobile users (Token Pocket).
For desktop users:
Step 1 – Go to ‘https://get-scatter.com/’ and download the desktop application.
Step 2 – Open and install the application file.
Step 3 – Congrats, you now have a wallet!
For mobile users
Step 1 – Go to ‘https://www.tokenpocket.pro/en/’ and download the Android/iOS application.
Step 2 – Open and install the application file.
Step 3 – You’re in!
Importing your account to the wallet:
Once your wallet is created you’ll need to import your account to the wallet of your choice. To do this on both Scatter and Token Pocket is a simple process.
Step 1 – Click on ‘wallet’ tab.
Step 2 – Go to ‘Import Key’.
Step 3 – Choose ‘text’ and then copy/paste the active private key you saved earlier when creating your account.
Using Token Pocket:
Step 1 – Tap the ‘wallet’ icon on the homepage.
Step 2 – Click on ‘EOS’ then ‘Import Account’.
Step 3 – Choose ‘Private Key’ and then copy/paste the active private key you saved earlier when creating your account.
Congrats once again, you’ve now reached the end of this EOS User Guide! Hopefully we’ve given you all the knowledge and pointers you’ll need to help you maneuver your way through all the corners of the EOS blockchain. It’s a jungle out there. No, it’s a theme park. No, no. It’s whatever you make it out to be! Whether its gaming, trading, gambling, or socializing, whatever your interests, the EOS ecosystem has something for you.
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Disclaimer. EOSWriter does not endorse any content or product on this page. While we aim at providing you with all the important information we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.