Hey everyone! Breaking news! We want to present to you our latest update for one of the project’s key features — the Paytomat wallet. Why are we so giddy about this planned upgrade? The answer is simple: a new cryptocurrency, ranked in the top five(5) in the world, with a capitalization of $6.5 billion has just been added to the six others that are already available for worldwide payments. It’s called EOS, a project that its authors describe as “a first to market, enterprise-ready, third generation blockchain.” Thus Paytomat becomes one of the few projects in the world that supports the EOS mainnet with all the functions of resource management.
If you haven’t heard the name before, the simpler description of EOS will be, “a much more scalable and easier-to-use version of Ethereum, but with a similar range of functionality.” This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores or clusters.
Starting today EOS is integrated into Paytomat and is available for everyone. Most importantly, we are the first ones to open the possibility to conveniently and safely make purchases via EOS in the offline world. Still, that’s not all there is to it.
Register your EOS account with any cryptocurrency
Unlike Bitcoin or Ethereum blockchains, where your public key is an account that you send transactions from, EOS has a different concept of accounts. It reminds traditional web applications and the way the account system is organized there. Users create a named account (which is 12 characters long) and private key which is similar to a password that controls the account.
Following EOS’s logic, the account registration process requires users to pay a fee in EOS coins. Now, there’s a bummer: you can’t create an account unless you already have an account with some EOS in it. Luckily, our wallet solves this problem.
In Paytomat, users can choose any available funds to pay fees in order to create an EOS account. The system itself shows how many funds you will spend on the fees in different cryptos. All you need is to push the “Create” button. The amount of the selected asset will be deducted and the account will be created immediately.
We believe this decision will benefit potential investors and users in both Paytomat and EOS, for which the threshold of entry will be significantly reduced.
EOS Resources management
If you’re familiar with the EOS concept, you might already know that EOS does not charge users for transactions, unlike other cryptocurrencies. Instead, you have to save some amount of system resources to later use them for processing outgoing transactions. In other words, you can imagine EOS being a big server with a limited amount of RAM, CPU cycles and network bandwidth. These are the resources that you can reserve (for CPU and network) or buy (for RAM).
Each action takes a little CPU and network resources. To reserve them you need to “stake” your coins and granted access to resources based on the number of coins you staked. All staked EOS held in a 3-day staking contract and allows you to vote in the system.
RAM is a different story. You need to purchase it at the market price that is determined by supply and demand. On the EOS network, RAM is mostly used by developers to store the data used in the launching and production of decentralized applications (dApps). RAM, in this case, refers to general storage space in the EOS memory database, and can also be used to create new accounts. Unlike CPU and bandwidth RAM doesn’t get freed up automatically. The only way to free it up is to delete data from the account state. Once freed up, the RAM can be sold at the market price.
The updated Paytomat wallet has all the necessary tools to manage your EOS right from the app. That’s how it works:
Additional features
In addition to EOS related functions, we made several small but extremely useful updates to the wallet:
- Private keys and addresses reveal: you can now see the list of all the addresses and private keys for each of the cryptocurrencies managed by the wallet.
- Fiat equivalent when you enter the amount of crypto: see exactly how much crypto you’re sending in your favorite fiat currency.
- Bugs fixed.
Why is it so important?
Before its transition, EOS was considered to be a standard ERC-20 token. That meant it could be freely stored and transacted via any wallet that supported such tokens. However, after the transition began, each user had to conduct mapping and transfer tokens to the mainnet. Since June 1, 2018, all EOS Tokens were frozen and became non-transferable on the Ethereum blockchain. As a result, all the wallets have stopped supporting this crypto. Only a handful of solutions in the world allow users to interact with EOS. Moreover, almost all of them are made by community developers without any official product (except, primary command line wallet) from the official developers. Here they are:
EOS-Voter, an open source EOS Block Producer Voting Tool & Light Wallet. Designed to be connected to a remote EOS API endpoint in order to perform producer voting actions. It has only a few basic wallet commands.
EOS Canada: eosc Wallet. EOS Canada has built a wallet for all of the command line fans. Only experienced blockchain users are recommended to use it.
SimpleEOS. A wallet made solely for the EOS ecosystem and fully integrated with all features available in the EOS.IO software.
Infinito Wallet. The first multiply cryptos and tokens wallet that supports the EOS mainnet since July.
However, the crypto-community needs to have more solutions available to choose from, and that’s why we focused on EOS in this release.
Don’t hesitate to try out the updated wallet. Be our guest by following one of the links:
Android version: http://bit.ly/PaytomatWalletAndroid
iOS version: http://bit.ly/iOSPaytomatWallet
Don’t hesitate to leave your feedback in one of the Paytomat official channels.
