One of the major hurdles encountered by EOS dApps has always been the ease in which accounts are obtained. Although on so many fronts the logic is just simply faulty beyond that of pure FUD, a major sticking point for quite some time coming from generally those within the Ethereum space with regards to EOS as a blockchain is that ‘users have to pay for accounts’. Although this argument is sure to partially fall on deaf ears, let us at least try to unpack and define what the actuality of this all means.
Unlike with Bitcoin, Ethereum, or many other blockchains, it is true that in order to have an EOS account there is a minimal cost associated. This cost however is not as those that FUD would have you believe an account creation cost, but rather an operational resource cost providing CPU and NET resources. Built into the way that EOS operates, these costs are essential for transacting with an EOS account as unlike Ethereum for example, once these resources are in place transactions are feeless.
So looking fairly at the cost perspective of blockchaining, what we have are two very differing ways of operations. Generally speaking with EOS there is an initial cost associated to stake basic resources and open an account in comparison to Ethereum whereby anyone can create an account upfront for ‘free’. However, the differences do not stop there. Due to the nature of the proof of work blockchains, after account creation all transactions must be verified by a miner and incur a transaction or gas fee cost. This in EOS is non-existent as having access to resources is all that is needed to transact with the network.
Although some would have you believe that EOS is virtually unusable should you not have enough resources staked due to congestion, and that the price to stake sufficient resources is far too costly for every day users, the fact is that there are resource options such as REX and Chintai Leasing markets whereby individuals and dApps can pay a small fee to ensure more than enough resources for operations. As true as this may be and as efficient as this system seems to work, it isn’t always that easy for first time new users to the EOS blockchain to easily navigate registering for an account and tracking down information on how to go about utilizing these resource markets.
As you may or may not be aware, the Vigor Protocol is a decentralized and fully automated borrow, lend, and Insure application on the EOS blockchain which allows users to unlock the value of their crypto. Being on EOS is significant here as DeFi on proof of work blockchains at present are incurring exceptionally high fees which essentially make it only valuable to those transacting in such large amounts that 50 to 100 dollar single transaction fees are worthwhile. Although in fact many will argue that the payment of high fees is justified for the incredible gains that one can make in this ever increasing DeFi space, this of course rules out a large majority of the global population and in a sense makes DeFi almost worse than that in the traditional finance sector than crypto. For those who believe in equal opportunity and true decentralization this is just not an acceptable metric to begin the transformation towards equality that blockchain and cryptocurrency has the potential to bring.
Despite being already useable with some well respected wallets in the EOSIO space the recent support and listing of the Vigor App on the Wombat wallet interface holds some magnificent on-boarding advantages when it comes to welcoming in potential users from beyond the EOS space. Primarily these include one of the single easiest wallets to install and set-up, so much so so that its no more difficult than registering for an email account, and a resource model that is covered by Wombat for a basic set number of daily transactions meaning users don’t have to go through the process of buying and staking or understanding rental markets to have a usable wallet. Being primarily designed as a gaming wallet, they even offer a Wombat Prime option directly within the wallet for those that may exceed the number of transactions which the average user may utilize in a day subsidizing those that may need it for a very modest fee.
Downloading and Setting Up Wombat Wallet
Step 1: Download the Wombat App for iOS, Android, or the Chrome extension from the home page at https://getwombat.io/.
Step 3: Choose a backup location in the case of loss of access to your device so you can once again gain access to your wallet.
Step 4: Create a PIN number or scan a fingerprint or facial recognition into the app to protect against unwanted people accessing the app.
Step 5: Choose an EOS account name of 12 characters (letters, numbers 1-5 or the ‘.’ period). Wombat will create an account for you with some EOS staked as resources which can be used for a set number of free transactions per day. For those that may need more please read up about Wombat Prime.
Please note that under the initial account creation process the private key will not be under your direct control. However, those that wish to download and keep this themselves may do so by either purchasing access to it with a one time payment or registering for Wombat Prime for a six month period.
Accessing Vigor Through Wombat
Upon registering and securing a Wombat account in the above manner, simply navigate within the App to Games > Dapps > Vigor and choose the Wombat option from the pop up menu on the Vigor App homepage at https://app.vigor.ai/
To view VIGOR and VIG coins and balances simply head on into the wallet under the appropriate sections.
And should have any further questions regarding either the Wombat Wallet or the Vigor DAC, Protocol, or App please do feel free to reach out to the teams through the official channels below.