New way to create EOS accounts without any upfront cost

in #eos3 years ago

Problem with creating new EOS accounts with fiat:

We are observing that people unwilling or otherwise unable to pay fiat account creation fee through PayPal even after we lowered fee to $3.5:

*) And honestly we hate to pay hefty PayPal fee for each transaction.

After two months only handful EOS accounts created vs thousands of new accounts for BOS, Telos and Meet.One, which we effectively subsidize due to lower token value on those chains and our higher standing as a BP.

Creating new EOS account for a credit (0.5 EOS):

Screen Shot 2019-08-07 at 4.42.34 AM.png

We started a new experiment creating a new EOS account with no upfront payment for a delayed fee of 0.5 EOS paid after new account is funded.

We figured that the most common use case for new users to create their own EOS account is to be able to interact with dApps on EOS chains. Those people most likely already have EOS in Crypto Exchange account and will be transferring those funds to newly created account.

In order for us to provide this service for a fee we need to maintain a control of newly created account until creation fee is paid, or otherwise we risk creator account quickly running out of funds halting this service for everyone.

We thus present user with the terms of service explaining the process:

"If EOS fee is selected - new EOS account will be created with the ownership of the account held by the creator account.
User will be given active permission of the account allowing for transfers and most other actions.
After account is funded with a balance above 0.5 EOS - the fee will be automatically deducted and the owner key changed to the user submitted owner key - thus returning full ownership of the account.
If account remains unpaid and unused for over a month - we reserve the right to reclaim new account.
By submitting new account request - you agree to the above terms."

EOS fee based new accounts is now a default way to create EOS new account and we will observe if this way gains any traction with the users.
Our end goal is to provide easy way to create new EOS accounts at price point acceptable by users when free is not an option.

Additional key recovery service from EOS Tribe for newly created accounts.

We have also observed that most people are very bad managing their lost private keys and loose them all the time.

Moreover most people expect an easy way to recover their private keys and are genuinely surprised when they learn that they are unable to do it.
Taking a high brow approach and sending all new users to educate themselves about managing Crypto keys and Cryptocurrency is not going to help us to get general public adoption.

Hence we chose to keep a creator account private key in shared permission for all new EOS accounts like in this example:
Screen Shot 2019-08-07 at 4.59.12 AM.png

The new owner if he is technically capable to understand how to manage his EOS account has full permission to replace owner permission of his account with his single private owner key.

However keeping shared permission of account ownership will unable us to provide a key recovery service for those who can prove ownership of the account in lost keys scenario.

Additionally checkout Kibisis wallet to easily manage your EOS accounts on iPhone:

Check it out at as well as on your App Store.

Connect with us! We're building a better future on EOSIO.

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