This is originally published by the Wombat team
As of release 1.0.6 we are excited to announce that Wombat offers pro-accounts now. A pro-account enables every user to unlock their private key and disable the multi-signature permission. This feature gives every user full control and freedom of their account if needed.
Why do pro-accounts matter?
Wombat is optimized for great user experience of everyday users enabling everyone to use EOS dApps without prior blockchain knowledge and without spending money initially. Most of the first-time users do not know what a key pair is, how it works and why it is important to keep the private key secure. As a consequence, Wombat does not expose the user to these topics initially and pays for the resources in advance to give everyone the chance to experience what the Web 3.0 and Wombat is all about.
Over time, users get more educated and can access their private key if needed. With this approach we want to decrease the entry barriers of the Web 3.0 in general and EOS in particular. The opposite approach of charging first and than onboard the user makes it more difficult to convince first-time users to spend their money before they know what they get and what it is worth.
How does Wombat handle key pairs?
Every new user gets a complete pair of keys and an account on the EOS mainnet. The private key is securely stored on the user’s device. In the free version Wombat follows a multisig approach to avoid fraud. To get full control of the EOS account users can upgrade to a pro-account for a small fee (e.g. 1.99€ in Europe) to remove the requirement of multiple signatures as well as to export their private keys. The one-time fee is the lowest (to our knowledge) in the market.
Why does the pro-account require a one-time fee?
Creating an account requires RAM on the EOS blockchain. For every new user Wombat buys RAM at its own cost. If the pro-account was free users could abuse that to create EOS accounts and sell the unused RAM at the expense of Wombat or just move the new account somewhere else. To avoid that and to cover the cost Wombat has to charge a small one-time fee. By the way, also pro-accounts will have staked resources for free which scale up and down based on the usage.
What is the difference between pro-accounts and subscriptions?
While the pro-account gives users access to the private key for a one-time-payment, the subscription provides an even better user experience compared to the free usage with no advertisement in the app and additional staked resources (CPU & NET). The subscription model might come in handy for users who use multiple dApps with Wombat on a daily basis.
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Timestamp made possible by the Telos Worker Proposal System.