Guardian Wallet dApp - Account Abstraction - Social Recovery
Your Smart Vault is not a normal Ethereum address (like MetaMask for instance), it is a smart contract. As such, it is much more flexible, and it has rules and logic baked in, which makes it more user-friendly and secure.
Guardian Details : Ethereum address that you select as part of your wallet's security. A guardian can be an address on a hardware wallet you own, a software wallet you own, or an address that a friend or family member controls, or even an institution that exists to provide this service for you.
You can have as many addresses and guardians as you want, and together, using the rules listed below, they become a safety net for your assets – no more seed phrases that can be misplaced or stolen. If you ever lose your wallet, your guardian can help you recover it. You set up your guardian within the app https://ba.net/guardian-wallet/app.html .
This dApp allows you to store your ETH in a smart contract. With the benefit that a guardian can move your funds for you if you lose your keys! This is semi-trustless, as even if you select a malicious guardian. He has to wait for a grace period (30 days) before he can move the funds. You can see the guardian request on the blockchain and get your funds back if this happens
The Ethereum address that you name as a guardian can be an address on a hardware wallet you own, a software wallet you own, an address that a friend or family member controls, or even an institution that exists to provide this service for you.
Can also serve as a dead´s man switch.
This is a social recovery wallet. As endorsed by Vitalik because it manifests the “crypto values” — interacting with the blockchain is not an individual endeavor but a communal one. In his blog post, he likens social recovery to the neurological wiring of humans, as brains are more suited to forging relationships than recalling words.
Advanced FeaturesThe guardian wallet is deployed to your preferred network, Ethereum Mainnet or any L2. Think of the smart contract as a Treasury Wallet with extra features.
Why not use a multisig owner
Multisig is expensive, both in terms of on-chain computation it requires, and of the number of operations necessary to sign a transactions.
Multisig is the gnosis vault solution. We have taken a simple approach, one guardian, plus offline signing for cold storage.
What if the guardian loses their keys?
It's ok because the owner can nominate another guardian by calling setGuardian(). This is what makes the guardian system robust: An owner can nominate a new guardian after the old one lost their keys, and a guardian can nominate a new owner after the old one lost their keys. However if both the guardian and the owner lose their keys, then ownership cannot be recovered.
In the case where the owner lost their keys, what keeps the guardian from giving himself, or a malicious third party ownership of the contract?
Nothing. You should only give guardianship of your contract to a trusted person. By chosing to use a guardian, you are deciding that you'd rather be able to recover ownership (with a small chance that someone else gets the ownership in the case where you guardian is malicious) than not being able to recover ownership at all.
You only have to trust that your guardian will give ownership to an address you have control of when you lost your keys (and when the challenge period is over).
What happens if an attacker steals my private keys?
If an attacker steals your private keys, you can potentially recover ownership with your guardian, if the attacker forgets to reset the guardian...
The world of blockchain and cryptocurrencies has long promised to revolutionize industries, but for many, the complexities of interacting with this technology have posed a significant barrier to entry. The process of setting up wallets, safeguarding private keys, paying gas fees, and navigating dApps (decentralized applications) has been like learning a new language.
Yet, groundbreaking innovation is on the horizon — Account Abstraction. This new concept, symbolized by the ERC-4337 standard, holds the key to a more user-friendly, efficient, and intuitive blockchain experience. Understanding Account Abstraction and ERC-4337
Account abstraction might sound like a complex term, but it’s quite a game-changer. Imagine if you could have a wallet that’s smarter, more secure, and doesn’t require you to juggle private keys. ERC-4337 brings this vision to life by introducing the idea of “smart accounts,” which transform the way we handle our blockchain interactions. These smart accounts, made possible through account abstraction, are like digital guardians that can think for themselves and make your blockchain journey smoother than ever before.
Let’s lay the groundwork first. Wallets are like digital pockets on the blockchain, where you store your digital money (ether or ETH) and initiate transactions. These accounts come in two flavors: externally-owned accounts (EOAs) and contract accounts.
Externally-Owned Accounts (EOAs)EOAs are like your personal wallets. They rely on a special key pair—a public key (like your username) and a private key (like your password)—to carry out transactions. Whoever has the private key can access and spend the funds in that account.
Contract AccountsNow, contract accounts are more like advanced wallets with superpowers. They can execute actions based on triggers (like you pressing a button), but they need your personal wallet (EOA) to initiate any transaction.
The Birth of Smart Accounts
Account abstraction sweeps in to make things even more exciting. Imagine if your wallet could make its own decisions without constantly relying on you. This is what smart accounts are all about. With ERC-4337, smart accounts are like mini-computers on the blockchain that can think, act, and execute transactions on their own.
So basically, Account abstraction is like giving your wallets brain to make some decisions. This means it can do more than just hold your money — it can also carry out transactions and actions without you having to do everything manually. It’s like having a helper that knows what you want and does it for you, making using blockchain and cryptocurrencies much easier and more convenient for everyone
How it works
Smart accounts use something called UserOperations. Think of UserOperations as sets of instructions, like a recipe for your smart account to follow. These instructions include the type of transaction, the tokens involved, the gas fee (the tiny amount you pay to use the blockchain), and even a signature to validate the transaction, it’s like your digital seal of approval.
When you want your smart account to perform an action — say, swapping one token for another — you send it a UserOperation. This operation goes into a waiting area (like a queue) where it waits for its turn to be processed. Just like in a supermarket checkout, UserOperations wait for their turn to be processed.
But here’s the genius part, Instead of handling each operation separately, smart accounts can bundle multiple operations together. It’s like doing all your shopping at once rather than making multiple trips. This “bundling” not only saves time but also reduces the gas fees you need to pay.
Benefits of Account Abstraction
Wallet Recovery Made Simple: No more sleepless nights worrying about losing your private key. With smart accounts, you can assign guardians (people or devices) who can help you recover your account if something goes wrong.
One-Click Batch Transactions: Swapping tokens or interacting with dApps used to be a multi-step process. Smart accounts make it as easy as a single click, just like adding items to your online shopping cart.
Share and Secure: Want to share access to your wallet without giving away everything? Smart accounts let you customize access levels. You can have team wallets with multiple users, each with specific permissions.
Automated Ease: Remember manually signing transactions? Smart accounts automate the process based on rules you set. It’s like having a personal assistant handling your blockchain chores.
The Path Ahead: A Brighter Web3 Experience
Account abstraction isn’t just about solving problems; it’s about creating a friendlier blockchain ecosystem. Developers can build wallets that anyone can use, no technical jargon is required. While it doesn’t directly solve scalability issues, account abstraction sets the stage for a more inclusive, user-centric web3 era.
Account abstraction, heralded by ERC-4337, marks a pivotal moment in the blockchain’s evolution. It’s not just about making things easier; it’s about transforming the way we interact with the blockchain. Just as smartphones made communication effortless, smart accounts are poised to make blockchain interactions as simple as a conversation. As this concept takes root, the once-daunting world of blockchain is on its way to becoming accessible, intuitive, and user-friendly.
Account Abstraction: Why Its KEY for Crypto Mass Adoption BA.net/guardian
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