It can be like micro-channel wallet? 2020 digital wallet technology important evolutionary direction

Remember the first time you touch digital currency, felt when you first use the wallet?

I also vaguely remember the first time I saw Mnemonic page is rendered in front of feelings: "What on earth is this?" The hearts of big black question mark face. Later, finally found a piece of paper, put twelve inexplicable words copied down to complete the work to create a wallet, then, a new problem emerged ……

How can I save written down these 12 words?

Memorize it? Looks like he did not qualify to participate in the strongest brain ……

U put the tray? U disk can not find is the norm ……

Foreign Affairs decided to ask Google not, in the matter must not ask Baidu, the Internet through a search he discovered that the Internet gives the standard answer is I've actually done – copied on paper! A piece of paper, how can well-preserved, especially to well-preserved for 30 years? Safe to buy the paper go into it?

Until it touches the back to the more digital currency, digital currency have found each network has its own unique primary wallet, each requiring separate private key and the mnemonic, I believe many people like me, is the attitude of collapse !

So this article, we talk to, 2020 block chain field, two digital wallet may be more important evolutionary direction.

The concept and importance of the wallet 01

Prior to said direction, we come to know how important the wallet.

Over the past two years, various public issues need to develop their own wallet chain alone has been resolved to some extent, many wallets have been compatible with most major currencies, so you can just set the mnemonic master a variety of assets. Of course, if you play with those little currency, particularly non-small mine ERC20 currency, then each currency had to be sure to download the corresponding wallet.

However, even if the problem of cross-platform wallet improved, the problem mentioned in the preamble before still not around the past. How should you keep a mnemonic? Especially when your asset size is relatively large when?

Over the past decade, since the mnemonic or improper care and lost the private key encryption assets, does not know how many million lost forever think that the millions of BTC. So for most people, the presence of large currency trading platform, from the probability point of view, is more secure than the purse of a way to keep personal.

However, the importance of the wallet, in fact, then how can not be overstated, in addition to the preservation of assets, the greater significance is the purse, and application flow entrance of each individual and regional chains directly connected.

Can you imagine if the micro-letter envelopes need Mnemonic then there will be a few people use it? Although this is more secure, full control of the assets in their own hands, but the vast majority of ordinary users will not care about this one.

According to the CEO of DApp Labs, when an average user wants to use DApps, just knowing that they need to download the extension of Metamask will result in the loss of 99% of new users. Guess the first thing you see Mnemonic this thing and give new users encrypt money trip, the ratio will be how much?

From this point of convenience, EOS although the free transfer, but on the basis of this "complex operation" has required the mnemonic above, coupled with a pay-generation wallet name, and for CPU, memory, and other network resources pledged before The use of subsequent and more complicated operations will undoubtedly completely block the road to DApp To C. It can not think, this entrance APP, how large-scale promotion to the general population.

Fortunately, the block chain development for 10 years this juncture, wallet finally have two important evolutionary ways: First, easier to use, more down to earth (Main To C); secondly technically more professional, more secure (Main To B)

Benpian is the article, we highlight the first direction.

02 more user-friendly direction wallet – a smart wallet contract

If you use a word that summed up the wallet, and that is no mnemonic!

Of course, this is only the most important features, easier to use if it wants is to lose less on the basis of security on top, try to use the threshold of the purse down, using the experience to the post. Best of benchmarking experience is existing bank payment systems (including Paypal and micro-channel payment), after all, most of us for this system too familiar.

So imagine what convenient banking system, we want to "cut and paste" to the purse and wallet missing in the current mainstream in? First, there is no mnemonic, followed by the account you want to recover lost time, just call the bank to reopen a new card is as simple, you do not need to charge for the final transfer. While maintaining the most important feature block chain, that you really have your assets, rather than banks.

Say you can not have both fish and bear's paw, block chain wallet security and ease of use has always been at both ends of the scale, these really do?

A section of view.

1. No mnemonic + account recovery

Remember the realm when you changed your phone but forgot your WeChat password? If you like micro-letters block chain, like, forgot password (Mnemonic) would lose everything, you will not cry all day? Fortunately, WeChat has a powerful feature called acquaintances / friends to help retrieve the password!

Why can't you do this with blockchain?

Well, it sounds not so cryptography, it is not in line with "Code is Law", or "master secret key that is mastered everything," These past few years, it has been pursuing the principle of the Bible in general. However, the group using the blockchain is ultimately formed by a group of human individuals who have social relationships and form a network. That being the case, why not introduce a similar "supervisor" mechanism?

Just as the friend who helped you retrieve your WeChat password will not really know your WeChat password or log in to your WeChat, the “supervisor” in the smart contract wallet also does not have access to your funds, and your funds are paid Hosted by a smart contract.

As a simple example, your phone manages your private keys, and smart contracts manage your funds. If the wallet is stolen or lost for various reasons, you can transfer the funds to the new address through the supervisor set in the contract in advance. As for the supervisor, it can be a friend you trust, or a trusted authority. Tripartite institutions, or wallet service providers, etc.

You see, this is a good balance between the characteristics of the blockchain and the traditional centralized banking experience. Moreover, due to the introduction of smart contracts, various conditions can be set in the gameplay, thereby making many extensions. For example, when the account is recovered, you can give your supervisor permission to lock the account, unlock the account, approve or restrict large transfers.

To make things more complicated, you can specify how the money on your account is spent. By setting up a multi-signature, any two keys are required to be transferred together. Your three keys, one on your phone, one on your computer, and one on paper, have greatly improved security and recoverability.

Another example is that you want to completely simulate the recovery of a social account like WeChat. At this time, you can choose the most trusted friends. When your master key is lost, the keys of these friends can be restored together. , Or change your master key. At that time, many functions of bank accounts and payment systems can be simulated through complex contracts, while still ensuring that they can control private keys and personal assets in a convenient way.

It should be noted that this method of implementation makes the status of the contract a top priority. From the user's perspective, they should be used to putting funds on the contract. From the security perspective, the security of the contract needs to be strictly audited. Blockchain projects due to smart contract vulnerabilities lead to incidents of stolen coins or unlimited issuance. It has happened repeatedly in the past few years.

2, no transfer fee

Except for individual public chain projects such as EOS, most current public chains need to pay a processing fee or GAS fee when transferring transactions or running DApps.

Although EOS is free, based on the design concept of resources and ease of use, it is more complicated to use the GAS model of Ethereum than usual. In terms of performance, in the face of extreme cases, even embarrassing the entire network environment (a while ago EIDOS wool events) most people can not use appears.

If a similar model can be used Ethernet Square, they do not need to hold ETH, will be able to interact with an Ethernet Square, is not DApp threshold will be much lower? This is yet another innovation wallet current direction – Yuan Trading (meta-transaction).

From a technical point of view, it is not particularly complicated. Take Ethereum as an example. Meta transactions rely on repeaters (Replayer) to broadcast user transactions to the blockchain. The repeater will pay for the transaction. To put it simply, it is to pass the gas fee from the consumer to the service provider.

While speaking Gas costs are usually minimal, but the user experience, often plays an important role. For 10 yuan, a 1% handling fee for swiping a card will make many people choose to use cash instead of credit cards. For the same item, the price of 90 + 10 yuan shipping, and 100 yuan free shipping, consumers also tend to choose 100 yuan shipping instead of 90 + 10, the extra ten yuan shipping and the goods are ten yuan more expensive. The perception of users is completely different.

In this case, users can try various DApps without obstacles, which is equivalent to free software or game trials provided in the real world, which is undoubtedly of great significance for the promotion and popularization of application-type DApps. However, how to grasp the degree of service provider subsidies, and how to identify genuine trial users and "wool party", is a question that requires careful consideration.

03 summary

It is believed that after more and more smart contract wallets appear and promote, the popularity and ease of use of the To C end of the blockchain wallet will have a qualitative leap. The Mnemonic this kind of thing, it is possible to like "secret question" when the Internet era, like password recovery, gradually fade from view.

In the next part, we will introduce another important technical direction of the wallet, the threshold signature wallet. I believe that in the commercial field of the blockchain To B, the threshold signature wallet will definitely be used. Specific details, and listen to the decomposition next time.