All Aboard the EOS Train — It’s Free
LiquidApps Introduces vAccounts: Free Virtual Accounts As a Service
One of the major selling points of the EOS blockchain is its feeless transaction model that eliminates the need to pay gas fees on each transaction. Instead, developers building applications on EOS and users interacting with the chain utilize three key network resources — CPU, NET and RAM. CPU and NET are regenerable resources that can be acquired by staking EOS tokens, while RAM is bought from and sold to smart contracts. Any action on the blockchain, including creating a new account, requires a certain balance of RAM. Requiring new users to buy RAM in order to create their accounts introduces unnecessary friction into the EOS system, making it more difficult for the network to scale.
The DAPP Network can remove this roadblock for developers and users alike, enabling dApp developers to onboard new users by offering them vAccounts — free virtual accounts.
vAccounts For All
So how does this work? — dApp developers can select a DAPP Service Provider’s (DSP) Service Package based on the scope and scale of their application, as well as the unique needs of their user base. Initially, these developers could streamline the onboarding process for their new users by offering them vAccounts unique to their dApp. Users will generate a private/public key pair enabling them to transact with that specific dApp.
DSPs will act as a proxy for transactions made by the user, using the DSP’s mainnet account and keys. The supporting contract can then verify that the user transaction was signed by the owner of that vAccount by validating the signature against the user’s public key, allowing the transaction to be executed in the context of the specific user’s vAccount permissions and data scope.
vAccounts can hold any number of 3rd party tokens at any given time, by keeping the balance rows of those tokens in the vRAM System. This enables vAccount users to interact with many other contracts in a seamless way.
Additionally, dApps could offer users who have a sufficient balance of the dApp-specific tokens the option of converting them to EOS and creating a native account on the EOS mainnet. With time, vAccounts for a specific dApp could potentially interact directly with any 3rd party dApp which supports vAccounts.
New types of labor models have emerged over the past decade, that form the foundation of an expansive ecosystem of task-based work. Millennials, in particular, are attracted to the idea of working remotely on a task-by-task basis, choosing projects based on their immediate availability. dApps can leverage this trend by partnering with task distribution and freelance platforms like Fiverr, who can promote the tasks that dApps need to be completed. These could range from data entry and tagging photos for image recognition algorithms to content writing, video scoring or any other creative endeavor. In exchange, the users who complete the tasks can receive rewards in the dApp’s native token until they aggregate a sufficient amount to convert their vAccount into a native EOS account on the mainnet.
Tipping to the Majority
Just as the tipping point for now entrenched technologies came when the average user could integrate them into his daily life without understanding the underlying architecture, blockchains will only reach the masses once the process of registering the applications built on them becomes simple and seamless. By potentially eliminating the friction costs associated with account creation, the DAPP Network could lay the foundations for a new generation of user-centric dApps to flourish. This could create a fertile landscape for applications such as social media, ride-sharing and role-playing games to emerge, and provide value to a mainstream audience without them even knowing that they are interacting with the blockchain.