How do I use EOS?

Modified on Wed, 09 Oct 2019 at 12:46 PM

BC Vault supports the EOS blockchain from firmware version 1.3.0 onward. This is different from the EOS ERC20 token which appeared in prior versions:

EOS is quite different from other cryptocurrencies supported by BC Vault, with features like staking, voting, resource management and others. BC Vault does support EOS sending, staking and account creation but does not support ALL EOS network features (they are not really meant for crypto wallets).

If you do not have a lot of experience with crypto currencies, we do recommend you to do your first steps with some other easier to understand crypto currency.

1. EOS Concepts

EOS Accounts

EOS has a concept of accounts, unlike other cryptocurrencies which operate directly using public keys, encoded in one way or another. EOS still uses public keys in the background, but you won't directly interact with them unless you create a new EOS account either using an external service or BC Vault itself. EOS instead uses accounts, which are 1-12 character strings that uniquely identify a particular wallet. These can be specified by a user, under Account Name.

Only 12 character accounts are directly supported. If you want to get shorter name on EOS network, you have to bid for it. Check this article by EOS Canada. Once you have the right to the short name you can use it in BC Vault if you have advanced options enabled.

Thus all you need is someone's account name to send them EOS (unlike with other crypto currencies where a public address is used).

EOS Resources

EOS unlike other crypto currencies uses resources instead of fees. In general EOS has following three resources:

  • RAM - Used as storage of static data
  • NETWORK - Used to transfer data in motion
  • CPU - Used to execute transactions

These resourced are displayed in the BC Vault application as used/max values. These values can fluctuate due to the implementation of the EOS network. It is normal to see your max be higher or lower one day than another. You can increase/decrease your staked EOS or bought RAM in the BC Vault App by clicking on one of the values. 

The CPU and NETWORK resources reset their used amounts once a day. RAM does not reset.

Each EOS account needs all of those resources to operate. This is the reason why somebody has to give you all that resources when you want to create an EOS account (more on that below).

EOS Transactions

EOS Transactions do not require a fee, but they consume the CPU and NETWORK resources, so you are limited as to how many transactions you can submit in one day.

2. Steps for your first EOS account creation

  1. Create a new EOS Wallet on your BC Vault:
  2. Choose an Account Name that is unique. The BC Vault app will warn you if the name already exists. Create the wallet.
  3. Click the 'CREATE' button under the account name in the address list, our wallet is called 'example.test':
  4. The Account Name, Owner Public Key, and Active Public Key will need to be provided to an external account creation service (only for your very first wallet, after that you can create all further EOS wallets from your existing EOS wallet).

First EOS Wallet in BC Vault

  • If this is your first EOS wallet in BC Vault go to one of the EOS wallet creation services as (listed as example, no preference and no relation to BC Vault):

  • Different services might expect the Owner and Active Public Key in different formats (follow service manual), example:

BC Vault Provided key: PUB_K1_8gJpuvKWuM2MGt4pMpmRG27gGswQ1tLYb1LWRZhzoU1cxDMLdV

Variation 1:                     8gJpuvKWuM2MGt4pMpmRG27gGswQ1tLYb1LWRZhzoU1cxDMLdV

Variation 2:                     EOS8gJpuvKWuM2MGt4pMpmRG27gGswQ1tLYb1LWRZhzoU1cxDMLdV

After external service will confirm the account creation, your EOS Wallet will automatically become active.

Additional EOS Wallet in BC Vault (one EOS Wallet already active)

  • If you already have at least one active EOS Wallet in BC Vault you can create new EOS Wallets for yourself or others.

  • Simply try to send EOS to any EOS account name you want to activate and you will get following popup:

  • After clicking on "Confirm" you will see EOS Account Creation Dialog:

  • Enter all required information and select amount of EOS and resources (Staked Values) you want to send to new account for the creation purpose. Resources will be by default set to what is currently considered minimum.

3. Managing EOS Account Resources

Once you have active EOS Wallet in BC Vault, you can manage (buy/sell - stake/unstake) all available resources - RAM, Network and CPU. Simply click on any Resource on your EOS Wallet view:

You will be presented with EOS Resource Management Dialog:

Dragging the slider to the left means SELL/UNSTAKE the resource, where dragging to the right means BUY/STAKE. 

You can manually enter exact values if you enable "Manual input" on the ticker that is found on the top right corner of the dialog.

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