EOS Ram Debacle Gets Good News, Reduces Token Creation Cost by 25%
The Cost of Creating an Account on EOS Reduced by 25%
The lower cost of EOS account creation doesn’t seem like it is something official, but a method generated by Daniel Larimer in his “A Three-Step Plan for Lowering EOS Account Creation Costs.” In his post, in the section concerning lowering account memory usage, he stated:
The default EOS blockchain hard-codes a RAM usage of 3 KB per account where 1.5 KB is currently reserved for future expansion. This was an overly conservative estimate. Upon closer auditing of actual RAM usage per account, we have concluded that only 512 bytes are required for each new account. Block.one will provide an update to the system contract that will create 1.5 KB of RAM per account and retroactively offset the overly conservative usage estimate.
EOSIO v1.2.1 is a contract update along with 14 other Block Producers. The update reduces account creation costs on EOS by 25%. This will generate a hard-coded change on the method of account calculation for the total amount of ram available and it will add 1400 bytes of to new accounts. Overall, this will minimize the recommended amount of KiB one ought to purchase for a new account from 4 to 3. In addition, existing accounts only need only to stake, unstake, or buy RAM.
As one can surmise, the EOS account creation costs are important to the platform’s health. Those who use EOS dApps are early adopters, individuals who are eager and who want to spend time understanding the EOS blockchain. However, it is highly likely that future users will not share the same sentiment. Such users may want to use the dApp they found quickly and even more significantly, they may not even be aware of their interaction with the blockchain.
By reducing costs by 25%, barriers to development concerning account creation decrease as well.
Individuals who created their EOS account before EOSIO v.1.2.1 update will still be eligible for 1400B of free RAM. Those who perform actions such as BUYRAM, DELEGATEBW, or UNDELEGATEBW will receive 1400 bytes.
As for the cost of account creation, the minimum amount of RAM one should purchase for the new account is 3KiB or $1.84, including the free 1400B. New accounts will be able to hold Eos tokens and 8 unique dApp tokens.