Recently, 15 members from the EOS Block Producers group approved a new contract update which allowed for a reduction in the cost to create an Account on EOS. This is keeping in mind Daniel Larimer’s move towards lowering account memory usage and creation costs.
The contract upgrade, among other things, reduced the cost of account creation by 25%. This was implemented by making a change to the process of calculation of available RAM.
RAM is a resource on the Eos Blockchain that is indicative of the resources of the block producers being used. It is known as the blockchain’s “real token”, as it is directly tied to spending on the blockchain. For any process to be conducted on the EOS network, one must spend RAM.
The update reduces the recommended minimum amount of RAM for a new account, from 4 KiB to 3 KiB. It also allows accounts to free up 1400 bytes of new RAM for usage, by staking, unstaking, or buying RAM.
EOS New York, who announced the move, stated that this move is keeping in mind future adoption. They began by saying that the creation costs of accounts is an “extremely important aspect” of the health of EOS. Moreover, in the future, this reduction in cost will “dramatically reduce the barriers to development”, they stated.
These new accounts will be able to hold upto 8 unique dApp tokens on the blockchain. This is due to Larimer’s statement when he said:
“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.”
It is important to note that the increasing performance of Block Producers on the EOS blockchain will eventually make RAM less scarce, as it is tied to the hardware capabilities of the producers. Larimer predicted that this will occur due to Murphy’s Law, effectively ensuring that RAM will be scarce for the next few years.
The post EOS cuts cost to create accounts, 1400 bytes of RAM up for grabs in race to adoption appeared first on AMBCrypto.