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Top EOS wallets of 2020 with free accounts

Adam Stieb Hacker Noon's profile picture

What’s the most irritating thing about EOS wallets? If you’re like me, this is it
“Welcome on Board” payments that you won’t find out about until you are forced to pay them. Nothing is as disappointing as creating an EOS wallet and then paying it off just to make your first financial transaction. EOS newbies are not fully aware of how this system works, which can result in the loss of a certain amount of money that could instead be spent on crypto.

So, if you’re a newbie to EOS looking for lifehacks, this article will help you see the pros and cons of the most user-friendly wallets that work on the EOS blockchain. The aim is to get you to the point where you are sufficiently informed to be able to easily choose your platform and create a free account. First, let’s take a look at what users are actually paying for when they register an account, and how to avoid unnecessary payments.

NET, CPU and RAM

To keep you informed about the EOS economy, it is important to start with the NET, CPU, and RAM.

● NET means network bandwidth. In EOS systems, this is a space-denominated resource that corresponds to the amount of data you have
Sending through the system.
● In data processing, CPU stands for Core Processor Unit. In this case, it is the time-based resource that measures how long it takes to process a work order.

● RAM temporarily stores your current operations until you turn off your computer. In Crypto, RAM is a layer of storage that contains all of the data related to your operations.

There’s a nice metaphor that makes NET, CPU, and RAM plain and simple. Think of an EOS account as a smartphone. RAM is the memory of the smartphone. CPU is something like the smartphone’s battery charge. And NET can be compared to a traffic packet. Now that you have a basic idea of ​​the three basic parameters, let’s figure out how they work.

Stake out and stake out

EOS offers free transactions in contrast to open key systems Bitcoin and
Ether. However, it is impossible to create an account unless you have another account with a certain amount of EOS. In other words, in order to interact with the network, you have to ask a user who already has an account to create an account for you, which will consume some resources. And that’s exactly what you have to pay for. The chicken and egg dilemma has to do with how resources are allocated in EOS.

CPU / NET resources can be renewed. They are fully restored every 72 hours. NET is the simplest resource that is almost never used. CPU is a popular resource. Like NET, the CPU can be stacked, i.e. rented from block producer servers.

In order to use the network, you need to take certain actions. These actions are code that is written in smart contracts. In order to meet them, a producer or user has to spend a certain part of his processor time and space.

Imagine the total computing power of the network is 1000 CPU units. If a user wants to use 10 CPUs, they should have 1% of all tokens in the deployment contract. In other words, they compete with other users for available CPU resources. The higher they bid compared to others, the more resources they get.

Things are different with RAM. It has to be bought at the market price
determined by the relationship between supply and demand. RAM is allocated for the data that accounts store on the blockchain. For example, creating an account requires RAM to keep a record of it. In contrast to the CPU and network traffic, the main memory is not renewed automatically. To erase it, you need to erase the data from memory. Then RAM can be sold at the market price.

EOS wallets

It is difficult for a layperson to imagine performing the complex operations listed above without additional payments. However, it turns out that multiple EOS wallets allow users to create EOS accounts for free without having to pay up to $ 20 for NET, CPU and RAM like most users. (Are you a visual learner? Scroll down for a self-explanatory rating table that shows things clearly.)

This member of the Freewallet family was launched in November
2018 shortly after Freewallet was listed as the third most popular online wallet for Android. According to statistics from a company press release, Freewallet EOS users saved over $ 500,000 in just half a year by not having to pay for the NET, CPU and RAM, which is a sizable amount of money. The most notable features of
the wallet are:

– Sending EOS with a built-in converter,

– 50+ trading pairs,

– The ability to top up your wallet with BTC, ETH and others
Cryptocurrencies.

With the help of these features plus free NET, CPU and RAM, Freewallet EOS has become part of people’s EOS wallet.

Over the years Freewallet’s reputation has had its ups and downs. Even so, the crypto community has always valued EOS Freewallet. If you don’t mind having a hosted wallet or keep losing your keys and forgetting your mnemonic phrases, Freewallet is a smart choice.

Greymass is an ambitious project that caused a sensation in 2018. It has been the desktop EOS wallet of the same name ever since
was consistently counted among the top EOS options due to the following characteristics:

– Ability to import private keys that do not need to be saved.

– Deeper governance interactions and smart contract integrations.

– Voting for block producers.

This combination of features is also found in similar competitor wallets such as Scatter. What is special about Greymass is Fuel – the new prototype service that allows users to do limited free external transactions with dApps to cover their costs. The prototype is currently in the development phase.

EOS beginners find it confusing that there is no official link to Greymass. It takes time and effort to find a safe resource. Even more worrying, downloading from github.com can be potentially dangerous as Github files are often hacked.

Overall, the wallet is suitable for experienced EOS users who prefer the desktop to the cell phone and don’t mind being sent to external exchanges like Binance.

Bancor is an idea of ​​the non-profit Bancor Foundation, which aims to develop and promote smart contracts based on the self-proclaimed protocol in order to provide liquidity for blockchain-based tokens.

Here are the notable pros:

– Bancor is offering swaps for more than 8,700 token pairs, including EOS tokens and ERC-20, and promises to add more blockchains.

– The company has created its own smart token, the Bancor Network Token (BTN), with an embedded converter that can be exchanged with any token straight from the wallet. However, it only has a limited number of free functions within the EOS system.

Regarding the cons, it’s important to mention that Bancor isn’t entirely decentralized. On July 9, 2018, it suffered a cyber attack totaling $ 23.5 million in damage and froze BNT to mitigate the damage. In fact, the company has not only lost customer funds, but has also frozen customer tokens, which has been heavily criticized by Litecoin inventor Charlie
Lee.

Wombat claims to be a free, fun, and easy-to-use wallet for EOS beginners and gamers. There is something (Editor’s Note: Updated at the request of the Wombat team) Product information available as it was only launched six months ago.

It is mostly rated positively for:

– Providing unlimited play for selected games and

– Automatically reset favorite apps to keep them accessible.

This newcomer wallet was submitted to stateofthedapps in May 2019 and is no longer available Beta phase. (Editor’s Note: Updated at the request of the Wombat team). Probably due to its young age, Wombat is currently only available to Android users, not iOS users. A common complaint is that a Google login is required to use the service.

Zeos is not a wallet, but a service that allows people who do not already have EOS accounts to create EOS accounts. ZEOS offers free CPU and NET
sponsored by @cryptolions, but technically it can’t be accessed for free. To register an account, a user needs to enter a name they want to buy and check its availability. Then they register by email and password and pay RAM in Bitcoin, Litecoin, Ethereum or Bitcoin Cash. The good thing about ZEOS is that you don’t have to pay too much for an account and EOS transactions are free. But there are many disadvantages. To the
Example:

– There is no uniform payment amount as the RAM price is constantly changing and the ZEOS payment processor charges a transaction fee.

– In some cases, users were unable to complete payments and encountered issues such as “Redirecting website not verifying” error.

– –
ZEOS is reported to be disclosing information.

In all fairness, many ZEOS mechanisms, like buying EOS off-system, counteract this and provide a smooth user experience.
Plus, developers can’t really claim that ZEOS is free because users still have to pay
for RAM. However, as long as there are good reviews and 12,541 registered users, it might be a viable option for those looking to get started with EOS.

Comparison table

This table shows 5 standout features of the 5 EOS wallets in the list. For convenience, the wallets are ranked based on the number of features they provide and the way users have reviewed them.

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