What’s EOS?

It stands for Electro-Optical System. Based on blockchain technology, it supports decentralized applications on a commercial scale.

EOS cryptocurrency tokens are used as a payment system on the network, whose ecosystem is composed of two key elements: the EOS.IO software and EOS tokens:

  • EOS.IO is akin to the operating system of a computer. It manages and controls the EOS blockchain network. The software uses blockchain architecture for vertical and horizontal scaling of DApps.
  • The EOS token is the cryptocurrency of the EOS network.

EOS is usually seen as a direct competitor to Ethereum, with ambitions to be bigger, better, and faster. Yet, while Ethereum reportedly can handle 15 transactions per second, EOS is aiming for millions of transactions per second.

EOS has key usability features—including a web toolkit for interface development, self-describing interfaces, self-describing database schemas, and a declarative permission scheme.

If you’d like to know more about Electronic Wallet, we suggest to take a look at our previous article here:

https://www.edsx.ch/blog-news/how-to-open-an-electronic-wallet

In short, these are the main features:

  • Digital wallets are financial accounts that allow users to store funds, make transactions, and track payment histories by computer.
  • These pieces of software may be included in a bank's mobile app, or as a payment platform like PayPal or Alipay.
  • Digital wallets are also the main interface for using cryptocurrencies such as Bitcoin.

Public Key

Both the public key and the private key are the tools required to ensure the security of the crypto economy.

Main features:

  • A public key is a cryptographic code used to facilitate transactions between parties, allowing users to receive cryptocurrencies in their accounts.
  • Users are issued a private key and a public key when first initiating a transacti (like with IBAN).
  • The public key is used to verify the digital signature, which proves ownership of the private key.

Private Key

In cryptocurrency, private keys are also used to sign transactions and prove ownership of a blockchain address.

Main features:

  • A private key is a secret number, similar to a password, that is used in cryptography and cryptocurrency.
  • A private key is a large, randomly-generated number with hundreds of digits. For simplicity, they are usually represented as strings of alphanumeric characters.
  • A cryptocurrency wallet consists of a set of public addresses and private keys. Anyone can deposit cryptocurrency in a public address, but funds cannot be removed from an address without the corresponding private key.
  • Private keys represent final control and ownership of cryptocurrency. It is vitally important to prevent one's private keys from being lost or compromised.

Active Key

These are the keys that you should use for your daily operations. This private key will allow you to: stake/unstake, make transfers, change Active Keys and many other features.

Difference between Owner Key and Active Key: only a few transactions require the Owner’s authority. Access to the private key for the Owner permission will allow access and make actions on an account. If the Owner Key is exposed, then the account may be compromised. On the other hand, Active permission is more restricted. It is used for transferring funds, voting for block producers and making other high-level account changes.

EOS Key Generator

https://github.com/Nadejde/eos-token-sale

This will generate a private and public key pair for the EOS chain. The code is not mine. It is forked from the code the EOS team built. The difference is that this works in any browser without web3 dependency. It will work in any browser and you do not need any plugins. I have also removed everything else except the key generation bits.

EOS Account

https://eos-account-creator.com/

This website allows you to create an EOS account if you do not have one yet.

Some of the FAQs from the website:

WHY DO I NEED THIS SERVICE?

Eos new accounts can only be created by someone with an existing account. If you have a friend who has an EOS account, you can ask him to create one for you. If you do not, this website can be your friend for a small fee.

HOW MUCH DOES IT COST?

The cost of one EOS account is currently USD 4.76 when paid with cryptocurrencies, USD 6.46 when paid with credit card and 0.5 EOS when paid with EOS. Included in the price are 0.2 staked EOS that will be delegated to your account and 4 KB of RAM. To make sure you have enough CPU resources in your new account, we lend you roughly 3 EOS worth of CPU bandwith from REX, which will be yours for 30 days.

IS THIS WEBSITE SAFE TO USE?

Yes. You generate the keys safely offline and only use your public keys on the website. Public keys are safe to share. The source code is on GitHub and it can be audited. The activity of this website can be checked on the EOS blockchain. This tool uses the EOS account to generate new accounts, the activity can be checked in any block explorer. If you have further questions, please get in touch through our telegram group.

WHY DO I NEED TWO KEYS, OWNER AND ACTIVE?

The active key is the one you will use for daily operations, such as DApps interaction or money transfers. This would be the key that you will need import into your favorite wallet or Scatter (like, for example Anchor). If this key gets compromised, you will be able to regain control of your account using the owner key and cancel outgoing transfers that have not gone through yet.

The owner key is extremely important as whoever holds it is the real owner of the account. It will be necessary if you want to transfer the control of the account to someone else and to change your account keys. In adition, you can use the owner key to prove the ownership of your account in case your active key gets compromised. This is the reason why you should generate this key in an offline key generator program and save it in cold storage.

For the complete list, click here: FAQ

Create your Account

 

STEP ONE

In the field “Choose Account Name” you should type up to five digits.

You can also generate it randomly with the “I’m feeling lucky” button.

STEP TWO

You can also select “Help me generate those keys”, and it will look like this (example):

STEP THREE

Select your payment of choice and check the box below:

 

You’re done!

 


About EDSX

https://www.edsx.ch/

Based in Zug, the platform is fully compliant with all Swiss laws related to financial intermediaries, banking, anti-money laundering, and organized trading facilities. Among its core values, there are innovative solutions through blockchain technology, which ensures security and liquidity.

EDSX is the first platform in Europe with primary and secondary markets for both institutional and retails. EDSX is a pioneering platform that employs the world’s leading technology to globally list security tokens in both primary and secondary markets, listing digital securities of real financial instruments to the public with a decentralized peer-to-peer exchange. Our goal is to fully compromise every aspect of the financial revolution.

Do you have a question for us?

Send your query here:info@edsx.ch