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The complete guide to EOS — smart contracts

A lot of buzz has surrounded the EOS blockchain, and it’s only natural that anyone would want to know about it. It’s also likely that you have already read other guides, but none of them made sense, and you were left worse off than when you started; with tons of questions and doubts.

Well, worry no more as this guide has you covered. We will explain everything we can to make sure that at the end of it you have the tools you need actually to understand the EOS blockchain. This guide will provide a wealth of information not just for the advanced crypto lovers but for the beginners as well.

The wealth of information we are talking about here includes details of how the project started and how the technology works. It’s likely that you will find some real-world examples to help us internalize the concepts and make you an expert in EOS and EOS blockchain.

First and foremost, let’s get started with the correct pronunciation of EOS. EOS is pronounced “E-OS.” With that out of the way, let’s now get answers to the question, “What is EOS?”

The Story Behind EOS

The EOS blockchain was initiated with the intention of building a network that would have the capacity to process millions of transactions per second. EOS initial coin offering (ICO) was interesting for various reasons.

To begin with, EOS ICO took place in June 2017, and it ran till June 2018, setting the record as the longest running ICO of all time. Raising over $4Billion Dollars!!!

Why did the EOS team do this?

They wanted to ensure that everyone got the opportunity to get involved and buy some EOS.

The second thing is that this ICO managed to raise the equivalent of over $4 billion making it a very successful ICO. Upon completion of the ICO timeframe, the ICO released 700 million tokens or 70% of the entire supply.

Several experienced and well-known people are part of the EOS team. These include Daniel Larimer, the co-founder of both Steem and BitShares. His cryptocurrency projects are known to be worth billions of dollars. Block One is the company behind EOS, and they are also involved in various business and blockchain projects.

That’s the history of EOS Blockchain; let’s now move to the next phase of this EOS guide.

The Complete EOS Guide

As we embark on understanding what the project is all about, it’s important to note that at this moment in time EOS has not yet completed building their product and that everything is theoretical. However, we hope that EOS will keep its word and create exactly what they have said they will.

EOS aspires to develop a decentralized blockchain which will process free and fast transactions. It will also grant permission for smart contracts to be put up on top of it which will facilitate the release of dApps by developers. EOS wants to take it further by building a platform that will work as an operating system. This will make the platform really easy to use.

The future of the internet lies in dApps. So far, there are over a thousand of them already created on other blockchains.

A decentralized type of Facebook is a good example of a dApp which can be used on the EOS blockchain. Here, there’s no one controlling the network, and no one can gain access to another person’s personal information.

EOS wants to process millions of transactions per second which will solve a huge problem. Other blockchains can recognize smart contracts, but they cannot perform that quickly. To illustrate this, Ethereum, one of the more renowned smart contract blockchains can only handle 15 transactions per second.

Why should we be concerned about it?

On Facebook, there are 52,000 likes clicked every second and each of these likes is a separate and individual transaction which you and I don’t see or think about.

Social media aside, you have the financial industry that’s required to process no less than 100,000 transactions per second.

There’s a need here that requires to be met. By promising to handle millions of transactions per second, EOS is the perfect solution for these kinds of industries.

EOS also seeks to provide a solution to the issue of usability. For instance, both BitShares and Steem can process roughly 100,000 transactions per second and also use smart technology. Nevertheless, developers find it quite difficult to insert basic functions like task scheduling and account recovery.

Since EOS will use an operating system protocol, all these core functions will be built-in, and they will enable developers to work more efficiently.

These are the things that the EOS team is striving hard to achieve. Next, we look at how the technology works.

How EOS Works?

Like several other smart contract blockchains, EOS is often times referred to as the “Ethereum Killer.” The name is derived from the position of EOS’ ability to do everything Ethereum does and do it much better. To understand how the technology works, we will be comparing them.

We have established that both Ethereum and EOS have the capability of hosting dApps that are supported via smart contracts. The main difference is the number of transactions that each system can process at any one point in time.

The name for this is “scalability,” and it is one the principal considerations when evaluating the capabilities of a blockchain.

At the moment, Ethereum’s capacity stands at around 15 transactions per second, and this number is extremely low to facilitate global adoption. EOS is aiming at increasing the number of transactions to over a million once it’s fully built.

How will EOS achieve this?

Going back to Ethereum, we notice that its inability to process a larger number of transactions is due to the way its data is managed, i.e. one block can only store a limited amount of information.

To illustrate this point, let’s consider an empty shipping container with the capacity to store only 1,000 boxes. The size of the shipping container cannot allow it to store more than 1,000 boxes. A thousand boxes are its maximum capacity.

With Ethereum, each block (container) can only carry 15 transactions, and it takes a long time before reaching its destination.

Proof-of-Work or PoW is the technology behind this data processing. Not only is it expensive but it’s also really slow and environmentally unfriendly.

The Ethereum team is hard at work in an attempt to solve this issue. Some of the attempts include sharding and off-chain solutions, but none of these solutions have been implemented yet.

Unlike Ethereum that relies on PoW, the EOS blockchain will make use of a new consensus model known as Delegated-Proof-of-Stake or DPoS. This model will sort out the current problems being experienced by Ethereum.

It may prove a difficult task is explaining DPoS to a person who has no prior knowledge of blockchain technology. However, we will attempt to explain DPoS in the simplest way we can.

Here’s how Delegated-Proof-of-Stake works:

  1. Imagine a situation where 200 individuals are required to aid in the verification of each and every blockchain transaction. These individuals are referred to as “witnesses.”
  2. Since blockchain is decentralized, investors are given the opportunity to vote for witnesses.
  3. The strength or the power of the vote is pegged on the number of EOS coins you have. The name for this is a “stake.” The more coins a person stakes, the more powerful their vote is.
  4. The sole task of the 200 witnesses is to ensure the safety of the network; something they get paid for.
  5. There are several backup witnesses available, and they wait their turn to help keep the blockchain safe and make money in the process.
  6. A witness who fails to do their work correctly or one who fails to secure the network as is required can end up being voted to be kicked out of the network. In this case, a backup witness will step up and take on the job.

Essentially, this creates a far more efficient system. It allows the processing of cheap, fast and eco-friendly transactions. The best thing about this is that a transaction takes only 3 seconds to process.

With Ethereum, the process is longer since it requires every individual computer (or node) connected to the network to be in agreement before any transaction is confirmed. No wonder it takes so long before a transaction can reach its destination.

Another advantage of the EOS blockchain is the ability to freeze transactions — an extremely vital feature.

Ever heard of the infamous DAO hack?

Well, in 2016, someone stole Ethereum coins worth $50 million which led to the blockchain being forked. If the Ethereum blockchain were using DPoS technology (like EOS is), then the hack/ the or theft would have been prevented.

Having looked at how this technology works, we will now move to the usage of the EOS crypto coins.

What Are the EOS Coins Used For?

EOS, just like most blockchains in the crypto space, has its own cryptocurrency. This currency serves different purposes as we will see below.

Again, for the purposes of comparison, we will use Ethereum in our illustrations.

When a person uses the Ethereum blockchain, they have to pay a transaction fee. This transaction fee is known as GAS and what happens is that the more people use the Ethereum network, the more expensive it becomes.

On a global scale, the network becomes unusable since it’s not practical to spend so much money on GAS fees just send small amounts of coins. Remember the illustration we gave earlier on Facebook likes. Well, if say a Facebook dApp was operating on the Ethereum blockchain, clicking the “Like” button would cost you money every single time!

Ethereum network was built in such a way that for you to use the network you will need to rent Ethereum’s Virtual Machine, and this requires a transaction fee.

The EOS model works differently because instead of a person “renting” computing power, an EOS coin holder has ownership of the network.

Let’s have an illustration to explain this further. If say, you hold 1% stake in EOS, then you own 1% of the network, and 1% of the needed computing power to process a transaction.

EOS coins operate similarly to other cryptocurrencies in the crypto space. A person can send, receive or hold funds between wallets. It’s an excellent payment model because it allows you to transfer funds all over the world and in just a couple of seconds.

Can EOS Be Abused?

A key and unique feature of cryptocurrencies is their ability to transact anonymously which works in the same way as paying using tangible money in the real world. No one has to show their identification papers any time they get on the bus or pay for milk and bread — you simply pick the goods, pay at the counter and go on your way.

This unique feature of cryptocurrencies also means it can be misused by people out there. They may take advantage of the anonymity to commit crimes such as buying and selling illegal weapons, drugs and stolen cards among others. There was a case when Bitcoin was used to pay for an assassination.

Unfortunately, even EOS is not past this anonymous feature.

Additionally, the database on most blockchains like Ethereum’s is public which means that anyone with an internet connection is able to view all the transactions taking place on a blockchain. By viewing all transactions, they can also see the account balances on all wallets.

EOS founder Daniel Larimer states that the address of a sender or receiver will not be hidden but concealing the total balance on a user’s wallet is a feature on EOS blockchain.

This feature, however, may appeal to the wrong crowd. Anyone wants to evade taxes can choose to hide their wealth there just as well as an anonymous shell company can. The flip side means that wealthy cryptocurrency holders will get the much-needed security.

It’s important to keep in mind that all technologies can be abused.

Overview of EOS Programs & Tools

EOSIO comprises several different programs. However, its three core components are:

  • Nodeos — This is the server-side node component of Blockchain.
  • Cleos — This is the command line interface which interacts with the Blockchain technology and is used to manage wallets.
  • Keosd — This is the part responsible for the managing of EOSIO wallets.

Let’s talk a little bit more about each one of them:

Nodeos

Nodeos is an essential component of the EOSIO daemon, which can be configured using plugins to run a node. It’s mainly responsible for administering your node and networking with the EOS Blockchain through the creation of blocks.

Cleos

This is the command line tool, which is interfaced with REST API as exposed by the nodeos. You must have an endpoint to node OS instance which consists of the port number and IP address to be able to use cleos. This is also required to configure cleos to be able to load “eosio::chain_api_plugin,” which contains documentation of all the commands.

Keosd

This is an EOSIO wallet daemon which loads plugins that are wallet-related including HTTP interface as well as RPC API.

EOS Tools

Let’s also discuss a bit more about some other tools of the EOSIO.

Launcher

This application streamlines the distribution of the various nodeos nodes in a LAN or in a much wider network. It can be configured through CLI to compose the per-node configuration files and securely distribute these files within the peer hosts and start the various instances of the nodeos.

Eosiocpp

The main use of Eosiocpp is in the development of smart contracts. It’s mainly used for generating ABI files and is also capable of developing helper functions that serialize and de-serialize the types that are defined within the ABI or the development of the contract.

But these things are not the only ones that make EOS what it really is. Let’s discuss more its consensus mechanism that powers at 0.5 sec block time.

Consensus Mechanism (DPoS)

The EOS.IO protocol makes use of the only decentralized algorithm consensus that has been proven to be capable of accomplishing the requirements of the applications within the Blockchain and DPOS or Delegated Proof of Stake. Under such algorithm, those holding tokens within the Blockchain and adopting the EOS protocol can choose to block producers using a continuous voting approval system. Anyone can choose to participate in the block production and be given the opportunity to generate blocks, as long as they are able to persuade the token holders to be able to vote for them.

The EOS allows for the blocks to be produced at every 0.5 seconds and one producer will be authorized to generate a block at a certain point in time. If the block isn’t produced within a specific time, the block for that particular time slot will be skipped. If one or more blocks are skipped, there will be a 0.5 and more second gap within the Blockchain.

Using the EOS protocol, the blocks will be generated in 126 rounds, since there are 6 blocks each multiplied to 21 producers. At the beginning of every round, producers of 21 unique blocks will be chosen using voting, where token holders have to cast a vote. The chosen producers will be scheduled by an order that’s agreed upon by producers.

If one producer misses a block and hasn’t been able to produce any block in the last 24 hours, they’ll be taken out of the consideration until such time that they will advise the Blockchain of their intention to start producing the blocks again. This is to ensure that the network will be able to operate smoothly as it minimizes the number of blocks that are missed when not being able to schedule unreliable producers.

Under normal conditions, the DPOS Blockchain will not experience any forks, since, instead of competing, the Blockchain producers will cooperate with each other to produce blocks. If there’s a fork, the consensus will immediately change to the longest chain. This method is effective since the rate at which the blocks are added into the Blockchain fork is directly related to the percentage of the block producers that are sharing similar consensus. The Blockchain fork that has more producers in it will basically grow faster than other forks that have fewer producers since the fork that has more producers could miss fewer blocks.

Also, no block producer must produce blocks on two forks all at the same time. Any block producers that will be doing this have to be voted out. Cryptographic evidence of double production can also be used to remove abusers immediately.

Overview of Consensus Mechanism (DPoS)

To better understand the diagram above, let’s break it down a bit:

Wallets

Wallets refer to clients that store keys similar to the one shown above. These keys could be associated with the permission of an account of one or more. For example, each of the 3 keys above is linked to an account. Key 1 is linked to the owner permission level while key 2 and key 3 are both linked to the active permission level.

Preferably, a wallet should have an encrypted and decrypted state secured by a high-entropy password. The EOS repository usually comes with a command line interface client known as cleos that provides you with an interface which allows you to interact with the lite client known as the keosd.

Accounts

The account is basically a name readable by humans that’s stored within the Blockchain. Either an individual or group of individuals own it, depending on the permissions configuration. In the above scenario, an individual owns an account, which is the person that’s holding key 1. The account is needed to transfer or push a transaction within the Blockchain.

Each and every account within the EOS can be referenced by a unique name that’s human-readable, which usually consists of up to 12 characters in any given length, as provided by the creator of the account. To understand the significance of the permission structure, we need to understand the actions and the handlers.

Actions and Handlers

Each account is capable of sending structured actions to some other accounts and could define scripts that could handle Actions once they are received. The EOS.IO provides each account with its own database that can only be accessed through its own handlers. The action handling scripts are also capable of sending actions into another account. The combination of automated action handlers and Actions is how the EOS would define smart contracts.

Authorities and Permissions

As shown above, there are various actions that can be performed. Furthermore, multiple keys are linked to each account to be used for different actions. This can be really messy to handle.

Luckily, the permission structure is well capable of handling this mess.

How do the Authorities and Permissions Work?

Authorities will determine whether or not any of the given actions is authorized properly.

Each account comes with two native named permissions:

  • Owner authority signifies account ownership. There are few transactions that would require such authority. However, in most cases, this refers to any action that triggers any kind of change to the owner authority.
  • Active authority is used when transferring funds and when voting for producers as well as when making some other high-level changes in the account.

Aside from the native permissions, an account may also possess custom-named permissions available to extend the management of the account further. Custom permissions are highly flexible and are capable of addressing various possible cases once implemented. Most of these will mainly depend on how they are employed and the type of conventions adopted.

It’s also possible to assign permission for any given authority to one or various public keys or a valid account name.

Setting up Accounts on EOS

Default Accounts

This basically refers to the way in which the account is configured after it’s created. It consists of a single key for both the active and owner permissions, where both keys have a weight of 1 with both having a threshold of 1.

@bob account

Using the @bob account example, the table above shows that @bob’s owner key comes with a permission weight of 1, while the required threshold to push the transaction under such authority is 1.

To move a transaction under an owner authority, the only @bob will need to sign the transaction using his owner key for the transaction to be validated. Such key will have to be stored in a wallet and processed using cleos.

Multi-Sig Account and Custom Permissions

The examples below are authorities for fictional account referred to as @multisig. In this example, two users are authorized to both the owner as well as the active permission of the fictional account, @multisigaccount, where three users are authorized to a customized published permission that has varying weight.

In the example, it requires a weight threshold of 2 to be able to make modifications to the owner permission level, and this simply means that all parties will have a weight of 1 while all users are required to sign the transaction before it can be fully authorized.

To send a transaction that requires active authority, the threshold will be set to 1. This further implies that only one signature is needed to authorize an action from the account’s active authority.

There’s also third custom-named permission known as publishing.

For the benefit of this example, the publish permission is used in publishing posts for the blog of @multisig using a theoretical dApp blog. There’s a threshold of 2 for the publish permission, and @stacy and @bob both have a weight of 2, while a public key has a weight of 1. This basically implies that both @stacy and @bob will be able to publish without the need for an added signature. However, the public key would require an additional signature for a particular action, under a public permission, before it can be authorized.

The permission table above shows that @stacy and @bob, being the owners of the account, will have elevated privileges similar to an editor or moderator. Although this primitive example comes with limitations most especially regarding scalability and is not entirely a good design, it sufficiently demonstrates the flexible nature of the EOSIO permission system.

Furthermore, in the table above, the permissions are set with the use of both a key and an account name. On your first glance, this might appear trivial, but it does suggest additional dimensions of flexibility.

Here are some observations:

  • @stacy and @bob can be identified explicitly as owners of the account.
  • A public key won’t be able to trigger any action under a published authority without the additional signature of @stacy and @bob.
  • @stacy and @bob can move an action through a published authority without the need for more signatures.

Getting Started with EOS Mainnet and Implementing EOS Functions

The launch of the EOS network is one of the highly anticipated events in the cryptocurrency developer community. Although it’s not guaranteed to be free from any issues, we’re excited to start building applications within the EOS. We will try to stay away from any controversies that surround its launch, as well as EOS overall model. Instead, we’ll try to give a short introduction allowing anyone to get his or her hands dirty as much as possible.

On the following sections, we will describe:

  • Connecting to Mainnet with minimum effort
  • How the resource allocation works
  • Useful links
  • Wallets and accounts

We may need to install local software that allows for the interaction with API. The most important tool needed for this is the cleos which are a command line interface that makes it possible for users to sign transactions and make calls for API. As of the moment, the easiest method to locally install cleos is through Docker.

Here is how to go about this:

# Download EOS docker image

docker pull eosio/eos-dev

# Run keosd tool in docker

docker run — rm — name eosio -d -v ~/eosio-wallet:/root/eosio-wallet eosio/eos-dev /bin/bash -c ‘keosd’

# Create an alias for convenience

alias cleos=’docker exec -i eosio /opt/eosio/bin/cleos — wallet-URL http://localhost:8888 -u https://api.eosnewyork.io:443'

As soon as you run the commands above, you should be able to interact with Mainnet. To ensure that it’s working, let’s do a test:

Cleos will obtain info, and after that, it should be able to produce output similar to what’s shown below. If it does, then you’re on the right track!

Wallets

Like any Blockchain, once you send transactions within the EOS network, you will authorize them by signing a private key. The keys are kept in a local wallet. At first, you will not have any wallets so let’s make one.

Make sure you remember the displayed password because you will need it to unlock the wallet when you need access to the private keys.

“cleos wallet create.”

This command creates a wallet that will have a default name. Let us find out if it comes with any keys:

“cleos wallet private_keys.”

Be Careful: The default wallet comes with initial private/public key pair EOS6MRyAjQq8ud7hVNYcfnVPJqcVpscN5So8BhtHuGYqET5GDW5CV / 5KQwrPbwdL6PhXujxW37FSSQZ1JiwsST4cqQzDeyXtP79zkvFD3.

Never use this one, it is hardcoded in the source code and is not secure.

Instead, let’s generate a new key pair.

# generate new key pair

cleos create key

# import the private key into the wallet

cleos wallet import ${private key you just generated}

The wallet is going to be auto-locked when there’s no activity in 15 minutes. To unlock it, run this command:

cleos wallet unlock

By now, you are all set with your wallet. So it’s time to get into accounts.

Accounts

Unlike Ethereum or Bitcoin where your public key serves as an account that you’ll send transactions from, there will be a separate concept of account within the EOS. It works just like the traditional web applications. You will create a named account, where, in EOS, it consists of 12 characters. Your private key will be similar to the password that’s used to control the account.

Unfortunately, there’s a bummer — it’s not possible for you to create an account except if you already have an account that has EOS in it. This means that you can’t really interact with the network except if you ask another person that has an account to generate one for you. Worse, this doesn’t come for free. As a result, some people have created services that will allow for the creation of EOS accounts in exchange for a minimal payment.

Resource Allocation

Unlike other Blockchain technologies, like Bitcoin and Ethereum, there are no transaction fees with EOS. Instead, staking regulates spam prevention and distribution of resources.

There are three different types of resources consumed by accounts, namely:

  • Bandwidth and Log Storage — Staking
  • Computation and Computational Backlog (CPU) — Staking
  • State Storage (RAM) — Market purchase

The first two of them are allocated in proportion to the number of tokens held within a 3-day staking contract. For instance, let’s assume that the network’s total CPU capacity is 1,000 units. If within the 3-day window, you want to use 10 CPU units, you will need 1% of all the CPU-stalked tokens written under your name. In other words, you will be competing with some other accounts for the available capacity within the CPU, and the more you stake, the more you will get.

Eventually, the consumed CPU, as well as the bandwidth, will be freed up. Thus, you can use similar staked tones over and over again. For instance, if you don’t have any activity for three days, your resources will be freed up fully, and you’ll be able to use them again without having to stake additional tokens.

However, RAM is a totally different story. You must purchase it at a market price depending on the supply and demand. RAM will be consumed by data that your accounts store within the Blockchain state. For instance, creating a new account will consume RAM since there’s now a record that describes this account. Unlike the bandwidth and CPU, RAM doesn’t automatically get freed up. To free it up, you must delete the data from the account. As soon as it’s freed, RAM can be sold at a market price.

It’s worth it to note that for the bandwidth and the CPU, you can either stake your EOS or another person can stake it under your name. Delegation is not really considered a gift since it’s possible for them to un-delegate the staked EOS at a later time. The same thing is applicable for RAM, but in this case, somebody will need actually to transfer the RAM into your account as a gift and they cannot force you into returning it.

How to Create Your Own EOS Token

Contrary to Ethereum, the EOS comes with a token smart contract directly out of the box. While the Ethereum has the ERC20, what EOS has is the eosio. token smart contract. This allows you to be able to come up with your own token by providing you with a maximum supply of tokens. The EOS tokens within the EOS Blockchain are often issued using a similar contract.

cleos — URL https://api.main.alohaeos.com:443 get currency stats eosio.token EOS

{

“EOS”: {

“supply”: “1003605574.9616 EOS”,

“max_supply”: “10000000000.0000 EOS”,

“issuer”: “eosio”

}

}

The URL parameter refers to the witch node in which you connect.

Install Cleos

Cleos refers to a command line tool that interfaces with REST API and is exposed by nodeos. Cleos is needed to run the commands needed to interact with EOS. You can use Docker when installing cleos and Cleos will soon appear in your terminal.

cleos

ERROR: RequiredError: Subcommand required

Command Line Interface to EOSIO Client

Usage: cleos [OPTIONS] SUBCOMMAND

Options:

-h, — help Print this help message and exit

-u, — URL TEXT=http://localhost:8888/

the http/https URL where nodeos is running

— wallet-url TEXT=http://localhost:8900/

the http/https URL where keosd is running

-r, — header pass specific HTTP header; repeat this option to pass multiple headers

-n, — no-verify don’t verify peer certificate when using HTTPS

-v, — verbose output verbose actions on error

— print-request print HTTP request to STDERR

— print-response print HTTP response to STDERR

Subcommands:

version Retrieve version information

create Create various items, on and off the blockchain

get Retrieve various items and information from the blockchain

set Set or update blockchain state

transfer Transfer EOS from account to account

net Interact with local p2p network connections

wallet Interact with local wallet

sign Sign a transaction

push Push arbitrary transactions to the blockchain

multisig Multisig contract commands

system Send eosio.system contract action to the blockchain.

Create Wallet

Wallets refer to clients that store keys that may or may not be linked to the permissions of one account or more. Generally, the wallet is in an encrypted and decrypted state protected by a password of high entropy. The EOS.IO comes with a command line interface client known as cleos, which interacts with a lite client known as keosd. Together, they will demonstrate such a pattern.

Let’s try to create one known as “treasure.”

cleos wallet create — name treasure

Creating wallet: treasure

Make sure you save the password, which you need to use to unlock the wallet in the future. Without the password, it won’t be possible to retrieve imported keys.

“PW5J2DTM7kpPaihUH35pLTJrvhjgZ11SY4FqxYbo6geWvEH4SNvMC”

Remember to save the password somewhere else that you find safe. Once the password is lost, there won’t be any way to recover the keys kept inside the wallet.

Next, we need to generate two pairs of the keys for the owner as well as the active permissions. After this, we must import them into our wallet.

cleos create key #owner

Private key: 5HsrZsLeUoDvBCFT2JSvgg3KrfwE7BXAJkUBSwnTwX27Cgabumj

Public key: EOS8VMwRNWWHwov4vyzJiq9uTEyzcny8QKXv7CJxGQAwjSTncyv51

cleos create key #active

Private key: 5JtrJNbJPfzm8XPMddANGYT9yzaqo8gwTEpmSrgQNhtoPXL9Ynd

Public key: EOS8CCRKHAbhBim6LimdvhhzhEYiKNnLRhuMD1Zqx5Cut52moBRmH

cleos wallet import 5HsrZsLeUoDvBCFT2JSvgg3KrfwE7BXAJkUBSwnTwX27Cgabumj — name treasure #owner

the imported private key for EOS8VMwRNWWHwov4vyzJiq9uTEyzcny8QKXv7CJxGQAwjSTncyv51

cleos wallet import 5JtrJNbJPfzm8XPMddANGYT9yzaqo8gwTEpmSrgQNhtoPXL9Ynd — name treasure #owner

imported private key for: EOS8CCRKHAbhBim6LimdvhhzhEYiKNnLRhuMD1Zqx5Cut52moBRmH

Create Account

To perform anything within the EOS Blockchain, you must have an account. The account is readable and is kept within the Blockchain. As mentioned, an individual or a group owns the account. The account is needed to transfer or move a transaction within the Blockchain.

An account is basically some public or private keys that are tied to a unique name. These keys are stored in the wallet while the accounts are kept in the EOS Blockchain.

It’s pretty easy to create an account locally. You just have to run the command “cleos create account” since you own a default eosio account, which isn’t the case with Mainnet. To be able to create an account with Mainnet, you need the help of someone who already has that account. Furthermore, you can only create accounts that are exactly 12 symbols that are usually 1 to 5 digits.

In my opinion, this is incredibly restrictive. To acquire an account that has shorter names, you may need to bid in the auction and consider that you’ll be able to resell the EOS account. With that in mind, let’s use Testnet for the tutorial in a bid to save time and money.

The EOS Jungle Testnet is as close to the Mainnet as possible. Simply go to the jungle.cryptolions.io and then click on the link “Create Account.” It will then prompt you to enter the account name and the two keys. Use the public keys you have previously generated.

Now we need to purchase some RAM for our account to be able to publish our contract. In the EOS Blockchain, there will be a RAM marketplace where whales can be seen playing with bulls, which is another great speculative opportunity for those who have money.

You can drop some EOS tokens to your account with the use of the EOS Jungle Testnet Faucet. After this, run the cleos system command, “buyram” to purchase RAM using the EOS tokens.

Create Contract

First, we need to upload our contract within the Blockchain. This is done through the cleos command, “set contract,” with the following positional parameters:

* abi-file — the ABI of the contract.

* account — account to publish a contract for.

* contract-dir — contract directory.

* wast-file — the file containing the contract WAST or WASM.

As you see, we need to specify the abi and wast files. If you’ve built EOS from the source code, you should be able to find them at./build/contracts/eosio.token/ folder.

For convenience, I have chosen to upload them both — wast/abi. Let’s set “contractcommand” with our files and account. Since our wast/abi files have a similar name as that of the directory name, we can leave these parameters.

cleos — URL https://jungle.eosio.cr:443 set contract ylvdeveloper ./contracts/eosio.token

Reading WAST/WASM from ./contracts/eosio.token/eosio.token.wasm…

Using already assembled WASM…

Publishing contract…

executed transaction: 3fa704e4c1c72050e61882460bf0acd3b200df087d86a157d3d60ec1c439ba65 8104 bytes 3178 us

# eosio <= eosio::setcode {“account”:”ylvdeveloper”,”vmtype”:0,”vmversion”:0,”code”:”0061736d01000000017e1560037f7e7f0060057f7…

# eosio <= eosio::setabi {“account”:”ylvdeveloper”,”abi”:”0e656f73696f3a3a6162692f312e30010c6163636f756e745f6e616d65046e616d6…

warning: transaction executed locally, but may not be confirmed by the network yet

Let’s find out if the code was uploaded using the command “ylvdeveloper”.

cleos — url https://jungle.eosio.cr:443 get code ylvdeveloper

code hash: 641f336aa1d08526201599c3c0ddb7a646e5ac8f9fd2493f56414d0422a0f957

Indeed, it was there.

Create Token

Finally, we can now create and issue tokens. We’re going to use “createand” command for our smart contract with the use of the cleos push action command with the following parameters:

* contract — the account providing the contract to execute.

* action — the action to execute on the contract.

* data — the arguments to the contract.

Let’s now create YLV token and then issue tokens as well.

cleos — url https://jungle.eosio.cr:443 push action ylvdeveloper create ‘{“issuer”:”ylvdeveloper”,”maximum_supply”:”1000000.00 YLV”}’ -p ylvdeveloper

executed transaction: 8df25bdb13a8d96236ecaac42d175ea09bd582f2359d027b6723f282d89bbb9d 120 bytes 1015 us

# ylvdeveloper <= ylvdeveloper::create {“issuer”:”ylvdeveloper”,”maximum_supply”:”1000000.00 YLV”}

We just have created YLV token with maximum capacity of 1'000'000.00 tokens. Now let’s issue 1000 tokens to ylvdeveloper account.

cleos — url https://jungle.eosio.cr:443 push action ylvdeveloper issue ‘{“to”:”ylvdeveloper”,”quantity”:”1000.00 YLV”, “memo”:”airdrop”}’ -p ylvdeveloper

executed transaction: fb25bf6dc85cd0f62fbeb8d9ffb375dd09241dca6174b7919425ddde6ca0dcd2 128 bytes 1391 us

# ylvdeveloper <= ylvdeveloper::issue {“to”:”ylvdeveloper”,”quantity”:”1000.00 YLV”,”memo”:”airdrop”}

Next, check the balance:

cleos — URL https://jungle.eosio.cr:443 get table ylvdeveloper ylvdeveloper accounts

{

“rows”: [{

“balance”: “1000.00 YLV”

}

],

“more”: false

}

Great. We have our token contract and we can issue tokens now. What else do we need? The ability to transfer tokens from one account to another. We’ll use the same push action command from cleos with transfer method of the token smart contract. You need another account to transfer tokens to. It can be created using the same steps as we did for ylvdeveloper. We’ll send 100 tokens from ylvdeveloper to ylvio account.

cleos — url https://jungle.eosio.cr:443 push action ylvdeveloper transfer ‘{“from”:”ylvdeveloper”, “to”:”ylvio”, “quantity”:”100.00 YLV”, “memo”:”gift”}’ -p ylvdeveloper

executed transaction: 32abee7e426d9e5653f67a7b492c17ca62aeeef97ff1a86037f58f2dd1459452 136 bytes 1639 us

# ylvdeveloper <= ylvdeveloper::transfer {“from”:”ylvdeveloper”,”to”:”ylvio”,”quantity”:”100.00 YLV”,”memo”:”gift”}

# ylvio <= ylvdeveloper::transfer {“from”:”ylvdeveloper”,”to”:”ylvio”,”quantity”:”100.00 YLV”,”memo”:”gift”}

Check balances:

cleos — url https://jungle.eosio.cr:443 get table ylvdeveloper ylvdeveloper accounts

{

“rows”: [{

“balance”: “900.00 YLV”

}

],

“more”: false

}

Bytezilla:build iYalovoy$ cleos — url https://jungle.eosio.cr:443 get table ylvdeveloper ylvio accounts

{

“rows”: [{

“balance”: “100.00 YLV”

}

],

“more”: false

}

Works as expected.

Summary

We have gone from installing the cleos to learning about the eosio. token smart contract and creating our own tokens and then transferring the tokens to another accounts.

We have done all this using the EOS Jungle Testnet that’s somewhat similar to Mainnet.

These same steps could work for Mainnet too but you have to use another API endpoint and pay for the RAM and accounts.

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