WPS - Proposal - EOS New Account Creation

turbotrainedbambooturbotrainedbamboo Posts: 30 Jr. Member - 1/5 EOS Tokens

This is short and simple. WPS should hire a developer to produce a single contract address.

  • New user desires to have EOS account, has EOS on exchange
  • New user get's a new EOS Pub/Priv KeyPair from one of the offline generators
  • New user TX's to Contract Address their EOS from other source
  • TX will contain the PUB key in the MEMO.
  • Contract will run a query at execution time to create a new account - Query pulls RAM price / EOS + .2 EOS for staking.
  • Contract creates new account using the EOS sent to it.
  • Contract Transfers the remainder (EOS TX IN from exchange MINUS fee's (suggest 0.5% and burn) MINUS the account minima's: RAM + .2EOS for staking)
  • User get's Scatter or other method, set's new OWNER keys.
  • User now has secure NEW account funded by SELF.

Suggestions for modification that I have had from others whom I brought this idea to:
@joshkauffman (EOS Canada) for pointing out that the contract need not use WPS funds as any intermediary step, the funds TX in will cover costs.
@joshkauffman for suggesting that we have to let the user know there IS a minimum, and that we cannot TX the funds back, so not meeting the minima will result in a donation (or burn).

  • If the user were to TX us two addresses (EOS Pub Key + desired account name) we can make it with the desired account name.
    However if that name is taken ... well then what do we do, this is dumb contract.
    If the name is not we can give it to them. Filtering is easy EOS pub keys start with ... EOS. And accounts are 12 CH's.

  • If the user were to TX us three strings:

    1. EOS PUB KEY to be used for new account.
    2. EOS 12 ch name
    3. EOS PUB KEY to be used to return funds if insufficient.
      Contract could separate these and use them to return funds so no "Burn Donation" has to occur.
      • Major downside - confusion.
      • Formatting could help, but now were' going down the road of having a WPS hosted SERVICE or WEBSITE that provides advanced functionality.

Suggest: 10 EOS minimum to create account. I don't see this being surpassed in the future, but we give the caveat all the same. Let's tickle a BP to put something up on their toolkit already existing to provide the needed minimum values.

Why: Currently sites are doing this and WAY overcharging. One site is asking for nearly $30 dollars to create an account, current cost = about 16 bucks. nice profit margin.
Why: Many people see doing business with a 3rd party entity as a barrier to entry ON TOP of the barrier of the cost of RAM etc...

Barrier's to Entry: Getting new customers COSTS MONEY in any business, typically businesses try to reduce this cost below a comfortable level to produce good margin's. Businesses also pay this cost in to get leads and generate customers. EOS is alone is asking the customer to pay in a business model that has barriers to entry. We will not see an influx of new accounts.

Comments

  • turbotrainedbambooturbotrainedbamboo Posts: 30 Jr. Member - 1/5 EOS Tokens

    Suggestion online from @VinNinja (Telegram Valor Fund Channel) was to have EOS / WPS pay for new accounts for free from inflation. Problems here are that people will simply Sybil a ton of new accounts and corner the RAM market with it (or just crowd out speculation with a super fast surge in price followed by a total lock up of RAM).

    I'm SUPER eager to hear ideas around EOS paying new acct costs, but not leaving itself open for abuse, I'm out of ideas on that front.

  • turbotrainedbambooturbotrainedbamboo Posts: 30 Jr. Member - 1/5 EOS Tokens

    There are apparently dapps that are "Fee free" which are doing this. I still think a WPS certified/sponsored one might engender a bit more trust from the aspiring user base.

  • RomanCryptoLionsRomanCryptoLions Posts: 43 Jr. Member - 1/5 EOS Tokens
    edited July 9

    Hey Turbo, It's a slightly different model, but a friend of ours built https://zeos.co, and we decided to sponsor it to make it essentially a break-even operation.

    On zeos.co, you buy your RAM using BTC or ETH.

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