Proving Vector Space Axioms

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Consider $V = \{x \in \mathbb{R}: x > 0\}$. Define addition by $x\oplus y := xy+1$ and scalar multiplication by $r\otimes x := r^2x$. Prove if V is a vector space using the vector space axioms and provide a counterexample if not.

I know that $V$ is closed under vector addition and scalar multiplication. I also know that it is commutative and associative.

How do I prove axioms 4 and 5. Determining if a zero element exists and if there is an inverse satisfying these properties. If they do not exist, please help with a counterexample.

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Let's say $y$ is the zero element. Then for all $x$, $xy+1=x$. But we can solve for $y$, which gives $y=\frac{x-1}x$ – not a constant. Therefore $V$ has no zero element, and thus no inverse element.

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Hint: If $z$ were the zero element, then it would have to be the case that $x\oplus z = x$ for all $x$; that is, $xz+1 = x$ for all $x$. Is this possible?