The types of transactions that appear on your EOS account.

Rohan AbrahamJun 26th 2018

There are several types of transactions that appear on an EOS account. Some of the transactions on your account appear because you initiated them (or someone with access to your keys). Other transactions appear on your account because of actions carried out by someone else, example airdrops to you or just transfers made into your account. Here are a few common transactions you are likely to see on your account.

New Account transaction

This happens when a new account is created. This action is initiated with the account keys that you hold so this is most likely created with your knowledge. Every account created on the EOS network requires some RAM to store the account name, the public and private keys along with other important information connected to the account. So it is common to have every new account transaction to be immediately accompanied by a "Buy RAM" action. If you initiated this action, you don't have anything to worry about, remember that you can never delete an account so all those tokens are locked forever, so don't go on creating too many accounts.

Buy RAM transaction

RAM is a quick read/write access to a storage device. It's required to store data on the blockchain and must be purchased. For most accounts, you see this transaction when you create a new account on the EOS blockchain. However, you can also purchase RAM by itself and there could be a lot of speculation on the RAM market within EOS. Utilizing the Bancor algorithm, the price of RAM is set by the EOSIO system and automatically adjusts up and down based on supply and demand. So the amount of EOS you get back when you sell RAM does not have to equal the amount of EOS used to purchase RAM in the first instance. A small fee is applied to each sale and purchase of RAM.

Buy RAM Bytes transaction

Similar to Buy RAM transaction above. RAM is a quick read/write access to a storage device. It's required to store data on the blockchain and must be purchased. For most accounts, you see this transaction when you create a new account on the EOS blockchain. However, you can also purchase RAM by itself and there could be a lot of speculation on the RAM market within EOS. Utilizing the Bancor algorithm, the price of RAM is set by the EOSIO system and automatically adjusts up and down based on supply and demand. So the amount of EOS you get back when you sell RAM does not have to equal the amount of EOS used to purchase RAM in the first instance. A small fee is applied to each sale and purchase of RAM.

Delegate Bandwidth transaction

When we talk about Bandwidth on EOS, there are two types: Network Bandwidth & CPU Bandwidth. Network Bandwidth is the average rate of data transfer through the EOS network. CPU bandwidth is based on how the transaction runs, if it is a complicated transaction, the more CPU bandwidth is consumed. A delegate bandwidth action can specify the amount of CPU or Network bandwidth to be allocated. The moment you delegate, the effect is immediate and it will take 3 days for you to undelegate. Please note your voting power is based on the amount of delegated CPU and Bandwidth. This action requires the use of your keys so your keys were certainly used to achieve this. The only exception is when the accounts were setup originally, all the accounts had most of its balance equally staked between CPU and bandwidth.

Undelegate Bandwidth transaction

This is the inverse action of delegate bandwidth. See more details about Network Bandwidth and CPU Bandwidth in the Delegate Bandwidth section of this post. The undelegate bandwidth transaction essentially tells the EOS network to unstake your Network and CPU bandwidth. Once this transaction is issued, it will take 3 days (3*24*3600 seconds) for this to take effect. In an ideal world, if you want to hold EOS for a long time (HODL), you should delegate bandwidth and then undelegate 3 days before you want to sell your tokens or make a transaction. This gives you time to act should you notice something odd on your account. This action requires the use of your keys so your keys were certainly used to achieve this. If you did not authorise this transaction, your tokens are in danger, you have 3 days before your tokens are transferred out. You will have to act quickly by contacting a Block Producer (like you) who will direct you to your best next action step.

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Vote Producer transaction

This action essentially occurs when a vote is cast for Block Producers (BP). This transaction is applied immediately. Note, your "voting power" depends on the amount on staked tokens you have, see delegate bandwidth section for more information. It is important that you vote periodically. Once you cast a vote, there is a concept of vote decay. In a year, your vote will become half of the value of what it was when originally cast. Voting is important, Block Producers like us request and require your vote to continue what they do. You can vote for upto 30 BPs which essentially means your voting power is equally distributed among the Block Producers.

Claim Rewards transaction

This transaction is mostly seen in Block Producer accounts. Block producers claim block producer rewards periodically. This is how Block producers like us paid to run the EOS network and protect it. You should not see this transaction appear on your account unless you are a Block Producer. Please note block producers have to trigger this action manually using the keys they have assigned to their account. This transaction can appear atmost once every 24 hours.

Update Authentication transaction

An update authentication essentially means you have modified your keys. You have added a new key or updated a key. There are two main types of keys. Owner key and Active key. Owner key is the master key of an account. The active is most commonly used for everyday transactions. Ideally, you should have separate owner keys and active keys. The owner key should only be used incase your active key has been compromised to reset your account.

Transfer action

You see this action when EOS tokens are being moved on the network. This action could either mean that tokens have left your account or new tokens have arrived in your account. Incoming transfers do not require the use of your keys. Outgoing transactions mean your keys are being used. If you see this transaction, the funds have left your account and there are only limited action steps available. Every transfer action has a memo attached to it which will give you an idea of With incoming transactions, if you don't want immediate access to your tokens, we recommend running the delegate bandwidth transaction to keep your tokens locked away.

Transfer airdrop action

You see this action mostly when airdrops have arrived into your account. Airdrops can be defined as the process whereby a crypto project distributes cryptocurrency tokens to the wallets of some or all users free of charge. Airdrops are usually carried out by blockchain-based startups to bootstrap their cryptocurrency projects. You don't usually have to carry out any further steps, these airdrops just arrive in your account. In all cases, this action did not require the direct use of your Private key. It's just a free token that you can either hold or sell off at a later date.

Other transactions

There are several other transactions that occur on the EOS blockchain every hour and every second. Most of them don't appear on every account. If you do run into a transaction that falls into this category and want more explanation, please google search first and then if you still can't figure it out, join us on Telegram https://telegram.me/eosauthoritybot