EOS - Account Costs & IOS Hardware Wallet Update
Account Creation Costs
RAM cost on the EOS network is still a major talking point as many feel it is still far to expense per Kilobyte. The Price has a direct impact on those who want to join the EOS network for the first time or create another account. The system contract currently requires a minimum of 4K to be allocated to an account.
As I am writing this, RAM pricing has reduced massively from the all-time high of 0.9 per Kb to 0.35 per Kb, which means a new account will cost 1.4 EOS or in USD; it will cost you $9.49.
The current account creation cost is still too expensive for some people, as they believe it will impede adoption. As much as they may be true, we need to remember that the one-off cost of account creation is dwarfed by the cost savings we get via free transactions. Anyway, let's not bring that up again, no point in flogging a dead horse.
Once again, Block One have listened to the community and are taking action. Dan Larimer posted a medium article defining his 3 step process to reduce the cost and improve the onboarding experience.
- Increase RAM Supply
- Lower Account Creation Costs
- Free Accounts with Block.one’s iOS Wallet
I will not regurgitate the entire post, but I will take about the third option listed above. Dan states that the following regarding that item.
Block.one is building a free iOS hardware wallet using Apple’s Secure Enclave. At this time, I believe Block.one will be able to offer a free EOS account to unique users of our iOS wallet. This is subject to change depending upon market conditions. This free account can be used with any decentralized application that is compatible with Block.one’s wallet API.
Once again Dan has teased the IOS hardware wallet with free account creation for newcomers, that is excellent news. Moreover, if we once again look through the EOSIO Github repo under Version 1.1 completed items, we see that an item labeled 'Secure Enclave wallet support';.
The release date for Version 1.1 is July 17th which is less than a week away now. We will, of course, have to wait for the block producers to upgrade and for the wallet app to pass through Apple's approval system, but all signs point to our first Hardware wallet coming very soon.
You can read the full article here
It's good to have a market for ram but still don't get, why of all this has become tradeable at once, whereas all other possibilities to generate revenues from resources do not exist. It's nice b1 offer free account creation, maybe I should try out theirs one, meet.one's isn't so bad either as it turned out;)
I do want to try out the meet one wallet, but no until they get it into the official App Store.
I have set up the wallet on a spare mobile, and they gave me a free account, can't complain...
The less hurdles there are to encouraging people joining the ecosystem the better. People do things on impulse because they see short term benefits - it is rare they look at the long term benefits either in crypto or elsewhere.
One thing that should be considered as it would make EOS both standout and be useful would be to make an app for phones and tablets with depreciated OS's - Blackberry, iPhone 3s/4 etc.
Turn off the internet and you could use them as fully functioning cold storage and/or use in developing nations and you gain access to to a huge bankless userbase who could take advantage of a depreciated market.