EOS
$3.86 5.14%
EOS · 18w

Free accounts and free transactions, a match made in Crypto heaven; The TELOS token value Part 3

Anyone that has been in the Cryptocurrency space is used to opening free accounts. Take for example, Cryptocurrencies like Ethereum and Bitcoin. There are websites like Myetherwallet.com where you can set up an ethereum wallet for free and there are websites like Bitcoin.com or Bitcoin.org where you can set up Bitcoin wallets for free. Once these wallets are set up, you will have to pay fees for transactions. These fees can range from a couple of cents when the networks are not congested to a couple of dollars when the network becomes congested. At a point in December 2017, people were paying more than $50 to send a few dollars worth of Bitcoin.

Last year, there was a contentious fork that split the Bitcoin network because of the possiblity of high transaction fees during congested peroids. Although this is not the topic of this discussion, this really got people excited about the network that Telos will be forking the software code from; EOS. The promise of EOS was the feeless transactions. Personally, I was tired of the transaction fee debates and was looking for other projects that promised to address this issue. That was how I discovered EOS. Fast forward to today, the transactions are free but there are two caveats. The first one is that you will have to pay for RAM (Random Access Memory) to open up the new accounts. At first I thought this was a joke, but the way the wallets were set up is that setting up new accounts require RAM and someone has to pay for it. The second caveat is that you might run out of RAM when doing transactions after setting up a new account so the possibility remains that you might have to purchase more RAM if you are doing a lot of transactions.

For those new to the space, RAM is used to store data in an in-memory database on EOS. DApps will use this to store state information so it is quickly available to their app. Now RAM is trad-able and the logic being that people that don’t need it can trade it for DApps develop...

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