Introduction
The VSC team has been busy cooking up some amazing things the past few weeks. We’ve made great progress toward building out some of the core components of the network as we move forward with our vision. We’re bringing a full-fledged smart contract platform to Hive that will radically change what users can do and build on the blockchain.
Imagine a future where you can use Hive directly with your metamask wallet.. Oh wait! You don’t have to! In the past few weeks, the team have been heavily testing VSC's native EVM wallet compatibility. This means that any EVM user can own Hive/HBD with by simply pressing a button.
Why does EVM wallet compatibility matter?
While you might be asking yourself “why does this matter if the entire point is to give them a Hive account”, well yes and no. Not all users will want or need to create a Hive account. Especially for first time users, creating a Hive account is a jarring experience even with some of the best tools. The majority of blockchain users would prefer to use already familiar tools such as metamask. Reducing the friction of onboarding new users is critical in the success of Hive and VSC.
For non-Hive users coming to VSC, the process is extremely simple. Simply login using your Metamask wallet like any other EVM chain or L2. Compared to needing download Hive Keychain, create a wallet, backup keys and finally setup your wallet, this process is very straight forward and familiar for those within the EVM ecosystem. This happens without the need to create a Hive account at any part of the process. Additionally, sending Hive/HBD to an EVM wallet is trivial.
VSC is creating a better onboarding experience for new users by adding a whole new class of ownership for existing Hive/HBD. In the future, we plan to add the ability for EVM wallet users to create content on Hive as well. Say goodbye to the need for multiple different wallet applications for your every-day needs!
What about transaction fees?
One of the biggest concerns that users may have with using their EVM wallet is that they may incur transaction fees (gas fees). Of course, no one wants to deal with having to buy a separate token just to pay a transaction fee. This greatly increases the amount of friction when trying to get started with a new platform. Enter VSC.
With our technology, all transactions are gas-free. This means that even though you are using an EVM wallet to send a transaction, you won’t need ETH (or other tokens) to pay for fees. You will just send, sign the transaction, and then those assets are sent to the receiving wallet. This works both ways, as well, so users can easily move funds back and forth from their Hive wallet and EVM wallet.
While transactions on VSC are gas-free, transactions do require Resource Credits. Resource Credits don’t cost anything, and only require you to have some amount of HBD in your wallet prior to performing a transaction. We recommend checking out our previous post below that explains everything you need to know about Resource Credits on VSC. In the current stage of the VSC network, RCs are not required, but we will enable that requirement in the future.
Sounds cool on paper… but even cooler on the blockchain!
We are excited to showcase all of this publicly, but even before that our team has been testing VSC transactions using EVM wallets. These are the first-ever transactions between an EVM wallet and a Hive account! We successfully sent HIVE to an EVM wallet, and then sent that HIVE back to a Hive wallet. History has been made.
In this transaction, @vaultec was able to send 10 HIVE straight to an EVM wallet. Currently, this is done with a custom Memo including the EVM wallet address, but our UI is going to handle this part for the user.
After successfully sending HIVE to an EVM wallet, we went ahead and tested the withdrawal function. Here you can see the withdrawal of 1.5 HIVE from VSC that was held in the EVM wallet. How cool is that?!
Example VSC Transaction being signed using Metamask. Transfering Hive from an EVM wallet to another Hive account.
These are just small steps toward an incredible future for Hive that we are excited to be building. Join us along the way with these updates as we build the future of Hive. Be sure to check out more of our articles below.
More articles:
- HBD Staking on VSC
- Choosing HBD for VSC
- Next phase of VSC Hive Smart Contracts and V4V Joint DHF Proposal
This is awesome!
I can totally imagine a time where using metamask someone is able swap between hive/hbd and other evm coins like eth itself
This is an impressive development.
#shortsegments
I saw your #shortsegments and came here. This is a great development on Hive.
#1000fans
This is really awesome sauce. I created my wallet address yesterday. First time doing something with github. !BBH !hiqvote
This is amazing! Can the public use it now? or is it yet to be released?
It's usable for developers. We are working on frontend integration which we will demo. While it is usable, we wouldn't advise using it until it's properly tested to be "safe" for everyday users. Please only test using small amounts of Hive/HBD.
Such an awesome contribution to the Hive ecosystem. Thank you sir.
Does it mean we will soon be able to swap Hive to EVM-based tokens like DAI or USDC and vice versa using Metamask?
We are working on that in the long term future.
That's so cool! Now, let me find the vote button for your DHF proposal.
You're doing an awesome job, thanks 🙏
https://peakd.com/proposals/303
Look no further
Voted! 😁
This has to be the coolest thing to come to hive in a long long time
!INDEED
hopefully it will happen soon :)
Thank you!
This is a really cool project from my little understanding.
Incredible!!! I must say this is a bold step that will announce Hive ecosystem. I was also thinking of how gas fees will be inconveniencing but you guys have pulled out a wonderful solution. Kudos
@vsc.network! @chaosmagic23 likes your content! so I just sent 1 BBH to your account on behalf of @chaosmagic23. (10/20)
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Let's get the word out about this, outside of HIVE.
Maybe on X?
ReTweet me or make your own Tweets? It's up to you. :)
i have commented about it a few times on x its been on my mind lately with how some of the things could be used to create some cool stuff on hive.
Magicians doing their magic 💪🏼
!BBH !DUO
You just got DUO from @caspermoeller89.
They have 1/1 DUO calls left.
Learn all about DUO here.
@vsc.network! @caspermoeller89 likes your content! so I just sent 1 BBH to your account on behalf of @caspermoeller89. (2/20)
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who is going to bare the evm server cost if there is no gas fees?
VSC network will have it's own incentivization structure for network operation.
I'm very curious about the method used to move Hive tokens to an EVM wallet without the need for any expenditure other than the Resource Credits required to do so. This could be the gateway to many other DEFI projects and exchanges between other cryptocurrencies in EVM.
VSC acts as the layer between Hive and EVM compatible wallets, and thus we can set the expectations for RCs/fees. Other cryptocurrencies in the EVM ecosystem is being looked at.
This could be huge for hive if it can integrate with evm chains etc would give us a shot at being something bigger.
Would inject a lot of good sentiment which gets people to promote it and coinciding with a hopeful bull run it could send hive kareening. I mean were a low cap ecosystem and if we get significant inflows we I wouldn't be surprised if we pumped to a few dollars again depending on how much this has a impact.
Wow, things are really moving fast now. I'm thinking that the no gas fee will be a game changer for EVM users. I'm assuming the no gas will only be for Hive and HBD. If so, I can see Hive and HBD as being very popular if people want to send assets to other wallets. If the conversion fee to Hive/HBD is less than the gas fee they will incur for transfer, then it is logical to just do the Hive/HBD and do the transfer through VSC.
I wouldn't say it's a game changer for EVM users, but for potential Hive users, definitely.
agree it will be a game changer for hive and makes me actually bullish on the ecosystem as having that capability has long been a huge detractor from hive.
They are great updates, but, if I wanted to do a transaction with my Metamask on what network would it be done on, or what network would I add?
This may have already been said in another post, but I'm at a loss.
It would be done on VSC/Hive. There is no need to add an extra network within metamask, it works out of the box
Great, I understand, quite simple, thank you very much for clarifying.
Awesome work! Can't wait to see what will happen next :)
This is an amazing update! We are excited to test it out when it becomes available for public testing. Kudos to your team and thank you for the things you do for Hive 😉
Very interest. Good to hear that Ethereum users will soon understand the power of Hive.
Wow!
This is a important innovation on Hive.
Thank you for all your doing.
Do you have a Hive Development Proposal I can vote for and encourage our community to support?
#innovation
.
#development
.
#shortsegments
Yes!
https://peakd.com/me/proposals/303
Wow great innovation.❤️
insane on the blockchain
insane on the chaiiiiin
This is great and will totally be using this would be something i would even pay for to have the ability to use if it offers a premium version with say more features.
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STOPImpressive. When does it go live?
It's already live!
Oh, couldn´t find a link, and on the website it was also not obvious.
https://wrap.vsc.eco <--- Please note it may break at any time
Thanks, I will give it a try, btw, isn´t there someth missing?
Why not a link to your Hive-account??
Actually this link here does link to our hive account.
interesting, but why this logo?
What site is this on?
https://vsc.eco/details#contracts
Wow this is fantastic feature
Hello vsc.network!
It's nice to let you know that your article won 🥇 place.
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