1 min read

No fees = more trust

If you're using blockchain, you have to be careful what apps you entrust with access to your wallet. If you're only granting access to see your account address, there's not a whole lot at risk, but choosing to run a smart contract requires paying gas fees. You don't want to risk losing your money, so you don't want to be the first to run a new contract. You have to wait until other people try it out first.

You can always create a new wallet and transfer a small amount to cover the fees without risking much else, but this costs more money to do the transfer.

On Koinos, you can create new accounts and delegate mana to them for free. This means you can experiment with untested smart contracts without putting anything at risk. The only thing you lose is opportunity cost while you wait for your mana to recharge.

Something like this would be a manual process by default, but a smart contract wallet could manage the creation of new, short-lived accounts and delegations just for the purpose of experimentation. This reduces the friction and allows you to try out risky new apps with minimal downside.

You can certainly do all of this on Ethereum and other chains, but every step of the process would cost more in gas fees. Fees reduce accessibility across the board because you constantly have to weigh your options: Do I want to be safe and protect my assets? Or do I want to save money and take on that risk?

More tomorrow,


P.S. This concept was discussed in today's AMA on Twitter. Kuixi (of KoinosForum.com) and I recently started hosting these weekly, so if you have any questions for next week, let me know!