EOS block producers slashes account creation costs by 25%
The EOS blockchain project is trying to attract new users to its platform. EOS New York announced on Thursday that 15 block producers including EOS New York have approved a new protocol update. The update called EOS 1.2.1 will reduce the account opening costs for new users by 25%.
In July Daniel Larimer had written in a Medium post that the account creation costs were estimated at $10 per account owing to an increase in the RAM costs. He described a detailed plan containing three steps for reducing the costs of new account openings.
“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,” according to the post.
The update initiated a hard-coded change that altered the way an account calculated the total amount of RAM each account possessed. The update added 1400 bytes to all new accounts which considerably reduced the data consumption for the creation of a new account. “This reduces the recommended minimum amount of KiB one should purchase for a new account from 4 to 3. Furthermore, all existing accounts need only to stake, unstake, or buy RAM to free up 1400 bytes of RAM,” read the blog.
The post further says that cutting account creation costs is a necessary pathway to wider adoption of EOS blockchain. The blog indicates that the ‘health of the platform’ depends on the account creation costs. The existing users on the blockchain platform spend time on understanding the blockchain and are also early adopters of dApps of EOS. However, they say that future users will not be eager to spend time understanding blockchain. “The users of the future will want to use the new dApp they found as quickly as possible,” according to the post.
To this measure, EOS block producers have cut costs for account creation by 25%. They believe that this will help in the wider adoption of blockchain and will reduce the ‘barriers to development when considering account creation at scale’.
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