About EOS Account
EOS guide for beginners
Recently, we held an account creation event and had a chance to discuss with some EOS holders stayed only in exchange because they didn’t understand the concept of EOS account and wallet.
They mainly confused EOS accounts with addresses provided by exchanges. So I figured out that I should write an easy version of article to help them understand the EOS account.
This article is basically a summary of inquiries from many of holders who had created EOS account for the first time or have not yet created an account.
1. Addresses in an exchange are not EOS accounts on the mainnet.
You may have seen some address like above. This type of address is an exchange address provided by the exchange, not available on the EOS mainnet. Above address is only available in the exchange and the exchange uses this type of address to identify the receiving user. Since above address is not EOS mainnet address, exchange users are usually excluded from the Airdrop snapshots.
Q : I heard some exchanges support their users getting Airdrop. How is that possible?
A : Each exchange has their account in EOS mainnet. So they could get Airdrop and distribute to users’ exchange accounts. As you see, exchange address is for identifying the user in exchange, not EOS account.
Q : Then how can I make EOS account on the mainnet?
A : You can make an account using wallet creation service such like NOVA Wallet. If you want to know how can make EOS account in NOVA Wallet. please check this post → [FAQ] Create EOS account
2. EOS account name is same as the address on the mainnet.
In EOS ecosystem, the account name is the address.
The EOS mainnet address consists of 12 digits: a combination of lowercase alphabet letters a-z and numbers 1–5. It is more convenient than the address in exchange which is so difficult to remember. Therefore, when you send your token from the exchange to your wallet, you can enter the 12-digit-account name in the field for entering the address.
Q : Then, can I send tokens to my wallet in NOVA Wallet?
A : Concept of ‘transfer token’ is ‘write and sign’ a distributed ledger which includes your transaction information. You should understand that you are confirming ‘transfer token’ to your EOS account on the mainnet, not sending tokens to NOVA Wallet. It is better to understand that the wallet is not a concept of storage, but a tool that helps you to display information of your account and to execute some actions such as staking and voting.
3. Why should I make EOS account?
If you have an exchange account, not an EOS account, you can’t use services that run on EOS mainnet. But if you have EOS account, you can participate in the following activities.
- You can vote for up to 30 BPs
Ultimately, in order to improve the value of EOS, it is important to select good BPs. If you want to know about voting in detail, please check this post → What is Voting on EOS - You can participate in various events to get benefits such as Airdrop, Airgrab etc.
Recently, various services based on EOS have launched and advertised their Airdrop or Airgrab schedule. Airdrop or Airgrab is one of marketing strategies giving some free tokens which issued their own. Each Airdrop or Airgrab has different conditions for holders to receive tokens; some Airdrop distributes token proportional to the amount of EOS holders have; some airdrop distributes token to holders who voted for more than 25 BPs. But remember, no matter what event you participate, there is a common requirement; you should have an EOS account. - You can use various services built on EOS mainnet.
You can exchange EOS with resources that required to use various services running on the EOS blockchain. Among all blockchains, if you rank DApps with a number of active users, half of Top 10 are EOS DApps. You can assume that the utility of EOS is higher than other blockchains. If you want to know Stake or EOS resources in detail, please check these posts. → What is STAKE on EOS? / About EOS Resources
As the EOS mainnet system continues to evolve in a more concrete and feasible direction, compensation plans for holders are consistently being discussed. If you have an account as an EOS holder, you will be able to participate in reward events faster and easier.
If you have any questions, please feel free to contact us through telegram or comments below. Thank you for reading:)
