FT Chain — Accounts

FT Chain
FT Chain
Nov 18, 2019 · 3 min read

Primary Accounts

At present, there are two methods of token storage on the blockchain, which are the address storage and account storage structure.

Bitcoin and Ethereum utilize the address storage method. The advantages of this are that the address does not have to exist on the chain in advance. Users can transfer to a new address generated off-chain.

EOS and FT Chain adopt an account structure system. An Account Name is a more readable string created by users. It includes a token, smart contract and bound public key. When you are using the account, you need to get the private key in the wallet to sign the transaction. Only with the legal signature transactions can be sent to the chain.

The account structure is easier to understand and remember for both traditional internet users and blockchain users. It has stronger expandability, which is more conducive to the popularization of the Token Economy.

Sub Accounts

First, let’s have a look at the creation method and basic features of the Sub Accounts, and the relationship between primary accounts and sub-accounts:

1. Sub Accounts can only be created by the primary account, for example, if the primary account is “google”, the sub-account can be “google.chrome”, and can also have a second level sub-account “google.chrome.bookmark”. At present, FT Chain can only use up to second level Sub Accounts.

2. The Sub Accounts have full transaction access, this is the same as Primary accounts.

3. Primary accounts can sign the transaction on behalf of Sub Accounts, and leave a certificate on the chain. For example, the Primary account “google” can sign the transaction for “google.chrome” and “google.chrome.bookmark”.

With the Sub Accounts, the application on the blockchain can have an interactive experience the same as the Internet for blockchain users.

Installing a third-party wallet will no longer be a prerequisite for the DApp users. The account registered by the user is the Sub Accounts created by DApp project, and the Sub Accounts exist on the chain. For the traditional Internet users, the authentication process can adopt traditional Internet methods, so there will be no need to save the private key locally, and there is no problem of private key loss.

Of course, the user can also operate the Sub Accounts directly with the private key. If the private key of the Sub Accounts is lost, the user can reset the Sub Accounts access through the primary account held by the project party (the public key is provided by the user, and the private key is still owned by the user).

Have you read the FT Chain Whitepaper yet? Check it out here!

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Future financial system infrastructure centered on the token economy

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