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How close are we to a 'silky' encrypted experience?

2023-04-10 16:30

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This article introduces 11 abstract Wallet accounts, including Argent, Avocado, Braavos, Patch Wallet, Unipass, Opclave, Soul Wallet, and Versa.

原文标题：《简析 11 款账户抽象钱包：我们距离「丝滑」的加密体验还有多远？》

原文来源：饼干，ChainCatcher

In the cryptocurrency world, users cannot set multiple private keys for the same wallet address, nor can they modify the private key. Therefore, if the private key is lost, not only will the wallet assets be lost, but the wallet will never be used again and will only be invalid.

According to nbsp; Conor Grogan, Coinbase's director of product strategy and business operations, calculates that about $1.15 billion in cryptocurrencies have been permanently lost due to human error. Grogan added that this statistic is far lower than the number of ETH locked up due to lost wallet access, because there are a lot of long-dormant assets on the chain and it is impossible to tell how many of them have lost their private keys.

Crypto wallets have long been the focus of Vitalik, the founder of Ethereum. Nethermind and opengsn researchers, with the help of Vitalik, came up with IP-4337, a proposal that proposes a solution that brings "account abstraction" to Ethereum without changing any consensus-layer protocols. Recently, Vitalik wrote in his article "How to Choose a Guardian for a Multi-Sign Wallet and a Social Recovery Wallet? Is dedicated to promoting the adoption of trusted third parties (Guardians, also known as Guardians) in crypto wallets.

Recently, compared with the old cryptowallets such as Metamask and Imtoken, some cryptowallets based on IP-4337 began to emerge, trying to reopen the blue sea of cryptowallet track. This article briefly introduces the concept of EIP-4337 (Account abstraction) and 11 account abstraction wallets, including Argent, Avocado, Braavos, Patch Wallet, Unipass, Opclave, Soul Wallet, and Versa.

What is the use of IP-4337?

Currently, Ethereum wallet addresses are divided into EOA Externally Owned Account and Contract Account. The concept of Account Abstraction is proposed in EIP-4337. Can be used to manage multiple contract accounts and external accounts to improve security and operability of Ethereum accounts. If you want to learn more about the mechanism, check out "Will the Account Abstract Wallet Scheme Usher in a New Era of Wallets?"

Ip-4337 provides the following benefits:

More efficient contract deployment and maintenance: Reduced contract deployment and maintenance effort because multiple contracts can share the same address and private key.

Better security: Since the account contract represents only one address and private key, the risk of private key disclosure is reduced.

Better extensibility: It is easier to implement complex contract logic because you can implement reusable contract code.

In short, the vision of IP-4337 is to be user friendly, mainly in terms of ease of use and social recovery, and to attract new users by improving the UI experience of the encrypted wallet, such as new users no longer need to copy mnemonics when registering. Users who lose their wallet private keys can also find them through social connections. Other extensions include multi-account/multi-chain management, bundling and bundle transactions, such as letting wallets automatically renew services.

The difficulty with the implementation of IP-4337 lies in the cost, compatibility, and privacy challenges of making wallets more complex, as well as the higher gas costs associated with complex interactive contracts.

Account abstract Wallet

Argent

The Argent Wallet is a cryptocurrency wallet designed with security and ease of use in mind. Key features include:

Social Recovery: Argent's social recovery feature enables users to recover their wallets by establishing a connection with a trusted contact. This makes it easier for users to recover their wallets without having to remember complex mnemonics or private keys.

No ETH gas charges: Argent uses MetaTransaction technology to enable users to send transactions without owning ETH. Specifically, Argent pays for the user's Gas through the mid-tier service of the "Gas Station Network (GSN)" and deducts the corresponding fee from the user's account.

Attack detection: The Argent wallet automatically detects and defuses phishing attacks, malware attacks, replay attacks and more with its own "Guardians" smart contract. For example, when a user receives an email or text message that appears to be from the Argent wallet, the Guardians contract detects whether the message is coming from an official Argent channel. If the message is detected as not coming from an official source, the Guardians contract automatically blocks the user from executing any transactions related to the message.

Argent has now completed three rounds of funding, with a cumulative total of $56 million, from investors including Fabric Ventures, Metaplanet, Paradigm, StarkWare, Jump Crypto, Animoca Brands and others. The Argent wallet currently has a small user base, mainly due to the stability of the ZK network and the lack of support for storage and trading of multiple cryptocurrencies.

Avocado (Instadapp)

Instadapp is an Ethereum-based DeFi protocol designed to make DeFi simpler and easier to manage. Avocado, a wallet based on the account abstraction, was introduced with the following features:

Multi-chain support: Avocado supports multiple blockchains, allowing users to manage multiple cryptocurrencies in the same wallet, and all gas payments are made using USDC.

Security: Avocado Wallet incorporates multi-signature technology and smart contracts to secure users' digital assets, as well as enabling connectivity to hardware wallets.

DeFi Service: In Avocado wallet, users can directly access a variety of decentralized applications, such as lending, trading, stablecoin, and more. In addition, users can use all current Instadapp policies for free.

Community governance: Avocado Wallet adopts the DAO (decentralized autonomous organization) governance model, allowing users to participate in the decision-making and development of the wallet through voting.

So far, Instadapp has completed 2 rounds of funding, with a cumulative funding amount of $12.4 million. Participants include Coinbase Ventures, Pantera Capital, Standard Crypto, Robot Ventures, Balaji Srinivasan and others. Avocado, Instadapp's integrated wallet, has generated more than $2 billion in total TVLS across its products, and Avocado enjoys the benefits of network effects such as no payment for flash loans, a complimentary 1 USDC Gas fee subsidy, Use Instadapp's automated investment strategy and more for free.

Braavos

Braavos is an open source account abstraction layer that provides a simple way to manage multiple accounts and provides a unified interface for applications. Its features include:

Multi-account support: Braavos supports the management of multiple accounts, including bank accounts, Alipay, PayPal, etc.

Unified API: Braavos provides a unified API that allows applications to use the same code to handle different account types.

Security: Braavos uses the OAuth2 protocol to handle authorization and authentication, ensuring data security. Easy to scale: Braavos is designed so that it can easily scale to support new account types and services.

Automation: Braavos automates account balances and transaction history, allowing applications to focus on core business logic.

At present, Braavos has completed $10 million in financing, led by Pantera Capital, StarkWare, Crypto.com Capital, Matrixport Ventures and other investment. Braavos' hardware security module is implemented through account abstraction with the ability to verify arbitrary signatures.

UniPass

UniPass Wallet is a smart contract wallet solution that supports on-chain Email social recovery. It is designed to provide a familiar experience for Web2 users with the following features:

Compatibility with ERC-4337: Users can activate the ERC-4337 compatibility mode by adding 4337 module transactions to the MainModule. Once activated, the transactions that can be initiated by the user are submitted to the Bundler, where they pass the standard ERC-4337 authentication method. Users can also sign UniPass tx to submit to Relayer for on-chain processing.

Email recovery: Users can set up multiple Internet mailboxes as guardians of their accounts, and only need to submit the email to the on-chain smart contract to help users realize the account to retrieve the wallet private key. When a user has more than two guardian email addresses (including the main email address), the user can use these two email addresses to submit an account recovery email and immediately restore the account. When a user has only one guardian email, it is common to wait for a 48-hour lockup period before the account can be restored.

No Gas experience: UniPass provides a default relay node that accepts Gas payments in the form of both native tokens and mainstream stablecoins.

UniPass completed a seed round in April 2022 with participation from HashKey Capital. In contrast to other wallets, UniPass supports all EVM blockchains, and mainstream non-EVM chains are on the road map. In addition, UniPass focuses on the developer experience and offers several SDKS for integration into DApps.

Soul Wallet

The Soul Wallet is a plug-in wallet that enables users to: 1. Create wallets without the need for mnemonics 2. Keep the wallet by changing the signature key. 3. Reduce gas fee by 30% through signature aggregation. 4. Support USDC payment transactions. 5. Sponsored by a third party with no gas fee. 6. Bundle multiple transactions together.

Soul Wallet closed a $3.1 million seed round on March 16. Struck Crypto, NGC Ventures, Alchemy, Signum Capital and other investment partners. Its founder.Zeng Jiajun A former product manager at ByteDance and Meituan, Soul Wallet is scheduled to launch in the third or fourth quarter.

Versa

Versa is a one-stop UX-simplified smart contract wallet that allows users to easily access encrypted wallets without keys and social logins, do Gas management and on-chain account recovery, set up automatic spending, automate investment strategies, and more. Versa announced a seed round of funding on March 23, with STEPN developer Find Satoshi Lab, Folius Ventures and angel investors among others. Versa is currently in closed beta.

Peaze

Peaze is a wallet that allows users to access Web3 applications via email and credit card. Peaze uses smart contracts to control private key access and signature. When a user confirms a transaction, a standard transaction signature is generated, which then triggers the entry process, charges the user's legal payment method, and sends the appropriate amount of cryptocurrency to their wallet. Any necessary swap/bridge programs are also executed in this step.

Opclave

Opclave allows users to create and use unmanaged wallets with touch/facial ids without the need for a seed phrase. Opclave uses ERC-4337 to improve the OP Stack SC account, using the AppleEnclave abstract signature, the core idea is to turn Apple devices, iphones, and MacBooks into hardware wallets. Opclave is the Ethereum expansionHackathon, Hack the Stack winner.

Patch Wallet

Patch Wallet is a crypto wallet that supports GitHub/Twitter/Email logins without the need for torrent phrases, supports multiple major cryptocurrencies, and allows users to manage multiple cryptocurrencies in the same wallet. Users can also easily manage and switch multiple accounts without having to re-import private keys. In addition, Patch Wallet supports hardware wallets, allowing users to store private keys in hardware devices for increased security.

ZeroDev

ZeroDev is an SDK built on top of ERC-4337 for building Web3 applications powered by account abstractions. With ZeroDev, you can create easy-to-use applications that allow users to restore accounts through friends without mnemonics, allow third-party payment users to skip GAS altogether, and consolidate transaction steps to improve the user experience, save time and cost, and increase security.

Sequence

Sequence Wallet is an unmanaged wallet designed for seamless integration across all EVM public chains, supporting social/email logins, legal payment providers like Moonpay, Ramp, Gas payments in various currencies, and more.

summary

Wallets based on ERC-4337 focus on abstracting the underlying functionality. Social recovery, no native Gas fees, and bundle transactions are some of the features that can greatly improve the UI experience. In addition, integrated ERC-4377 Modular development platform may become mainstream. Such as Patch, Sequence And unlisted Gelote, etc.

It may take a more "Make Sense" case for the account abstract Wallet to be adopted on a large scale. The current "no Gas fee" campaign of several projects is somewhat misleading. The logic behind it is simply to allow users to pay for Gas in non-ETH currencies such as USDC. On the other hand, the wallet's multi-chain dilemma hasn't gotten much better. Purported "multi-chain" wallets are only for EVM-compatible chains, while ecological wallets such as zk, Move, and Solana are still suffering from island effect.

Smart contract wallets are becoming a trend, and other competitors are emerging in the subdivision circuit.MPC walletThe private key is stored in multiple devices, and the functions of unselfish key and social recovery are realized through multi-party calculation. For example, on March 7th it announced the completion of the A16z-led MPC wallet Capsule, which expands the use of on-chain transactions by introducing programmable MPCS. Meanwhile, Telegram, which has a huge user base, plans to launch an encrypted wallet, which already supports direct transactions of BTC, TON and USDT on the app chat interface. These competitors are also competing for users and are constantly introducing new features and services.