Cryptocurrencies are getting as competitive as ever. EOS has noticed their popularity has been sliding and thus has slashed costs of opening a new account to help boost new user account opening.
The news was announced by EOS New York which is one of the 21 block producers of EOS Blockchain. It is seen in the Medium blog that 15 block producers have agreed to the cost falling from 4 KibiBytes (KiB) to 3 KiB which equals to about $1.85. KiB’s are defined as the unit in the EOS network to measure data.
Included with the cost reduction for new and old users is an upgrade of 1400 bytes of RAM for free. However, older users have a process to follow to get the upgrade. They will have to purchase, delegate or undelegate RAM in the network to get the free RAM.
The announcement stated-
“EOS account creation cost is an extremely important aspect of the health of the platform. Many users of EOS decentralized applications are early adopters, people who are eager and willing to spend the time to understand the EOS blockchain. But in the future, users will not be as eager. The users of the future will want to use the new dApp they found as quickly as possible. In fact, they may not know they’re about to interact with a blockchain at all. For that to happen, dApp developers will need to pay for the network resources required to onboard users (or pass this cost on to users). Reducing this cost by 25% dramatically reduces the barriers to development when considering account creation at scale.”
In reply to a tweet about the news, EOS New York clarified it was an update by Block One which was approved by 15 out of 21 Block producers.
This was a code update to the system written by BlockOne and approved by 15/21 block producers.
— EOS New York (@eosnewyork) September 7, 2018