Getting started with blockchain | Why does EOS recharge to the trading platform and need to fill in the notes but not present?

Compared with Bitcoin and Ethereum , the transfer rate is slow and the handling fee is high. EOS transfer is very friendly: the interface is simple, the transfer speed is extremely fast, and the handling fee is free.

Some small partners may also find a different point: recharge BTC, ETH to the trading platform generally do not need to fill in Memo (remarks / labels), recharge EOS must fill in Memo, but not required.

Why is this? Today, let's take a look.

01 Why do I need to fill in Memo to recharge EOS to the trading platform?

Let me talk about why it is not necessary to fill in Memo when recharging BTC and ETH to the trading platform. In the tweet "How the trading platform manages so many wallet addresses" before the vernacular blockchain, we introduced a layered deterministic wallet, the HD wallet. The HD wallet has a series of master private keys. The master private key can derive a large number of sub-private/public keys. The trading platform can assign each user a different sub-address for recharging.

Unlike Bitcoin and Ethereum, you can create an account for free. EOS account creation requires a fee. The account name can also be set according to your preferences (12-digit account name consisting of lowercase az and number 12345). Therefore, many people compare the EOS account name to the Internet domain name, and each domain name needs to be paid. The price of a good and meaningful domain name is high. EOS account names are on a first-come-first-served basis, and some of the squatted EOS account names are also auctioned at high prices.

At present, the cost of creating an EOS account is about 3-5 yuan (the cost of the EOS resource reached 30 yuan or more last year). Therefore, it is impossible for the trading platform to create a unique EOS recharge account for each user. In fact, we recharge EOS to the trading platform, which is recharged to the same EOS account on the trading platform. For example, the fire currency is "huobideposit".

So, the question is, how does the trading platform know who is recharging a certain EOS?

This requires the use of Memo (remarks / tags). The trading platform assigns a unique Memo (usually a string of numbers) to different users. When users recharge EOS to the trading platform, they need to fill in the Memo assigned to them, so that the trading platform can know that the EOS is your recharge.

From the trading platform EOS to your own wallet, Memo is optional, you can generally do not fill out, because it is your own wallet, you can distinguish where the EOS comes from.

02 Do not forget to fill in or fill in the wrong Memo?

Recharge EOS to the trading platform. If the account name is correct, but forget to fill in Memo, the trading platform will receive EOS but cannot determine who recharges. This situation can be solved by finding the manual service of the trading platform.

If the account name is correct, but the wrong Memo is filled in, for example, the Memo that the trading platform gives you is 2111078, you have filled in the Memo 2111077 of Zhang San. After the trading platform receives the EOS, it will record the EOS to Zhang San’s account. In this case, you need to contact the trading platform to freeze the EOS in the first time. If it is frozen, Zhang San will spend or replenish your recharged EOS, and the trouble of handling it will be even greater.

Of course, the most serious is to fill in the wrong account name when transferring money. Fill in the wrong account name, the trading platform can not help.

03 Summary

For the first time, the blockchain technically guarantees that the personal assets are sacred and inviolable. At the same time, it is the responsibility of each Token holder to be responsible for the security of their encrypted assets. Whether it's saving the private key or filling out Memo, it's sloppy. In the blockchain world, no matter how careful you are.

BTC, ETH create an account for free, and EOS needs to create an account. Which of the two modes of creating an account do you prefer? why? Welcome to leave a message in the message area.


Author | Fangfang produced | vernacular blockchain (ID: hellobtc)

『Declaration : This series of content is only for the introduction of blockchain science, and does not constitute any investment advice or advice. If there are any errors or omissions, please leave a message.