Smart Wallets – Transforming User Experience and Security
The world of cryptocurrency has come a long way since its inception, with traditional wallets like MetaMask having long dominated the market. However, these early wallet solutions are not very intuitive and have placed significant security burdens on users’ shoulders.
As the world of decentralized finance continues to evolve, there is a growing need for more user-friendly and secure wallet solutions. This has led to the emergence of a new generation of crypto wallets called Smart Wallets, which are revolutionizing the crypto landscape by offering a more accessible, user-friendly experience without compromising on self-custody and decentralization.
This article will explore the advanced features of Smart Wallets and highlight how they differ from traditional wallets like MetaMask. Additionally, we will discuss Braavos’ relentless innovation, boldly taking this new design-space to uncharted territories of enhanced security and seamless experience.
Key Features of Smart Wallets
Smart Wallets enable users to bundle multiple calls into a single transaction, simplifying the process and making it more efficient and secure.
For example, users no longer have to give unlimited approval to dApps to access their account in order to perform transactions (like AMMs that need an approve transaction before a Swap). The approve call can be bundled into the same transaction as the actual operation the user wants to do (e.g. Swap); this feature allows for more straightforward and faster transactions, improving the overall user experience.
Smart Wallets that support account abstraction, as outlined in ERC-4337, pave the way for custom signature verification schemes. These schemes enable the integration of mobile-based HSM security (secp256r1 / NIST-P256) directly into the blockchain for verification.
Notably, Braavos has introduced true 2FA (two-factor authentication) for the first time in the crypto world through this innovative approach. By combining “something you have” (a physical token or device) and “something you are” (a biometric identifier), these Smart Wallets significantly enhance security for users in the cryptocurrency ecosystem.
With the Multi-Signer feature, users can add an additional signer from a different device, offering 3FA (three-factor authentication) – something you know, something you have, and something you are.
In the Braavos Smart Wallet, for instance, users can utilize the Braavos Chrome extension in conjunction with their Android or iOS mobile device. This ensures that transactions are executed only after they have been signed by both the extension (using the key derived from the seed phrase) and the mobile device (employing the Hardware Signer).
By adding this extra layer of security, users further safeguard their transactions and assets.
Daily Withdraw Limit
Smart Wallets offer users the ability to set a daily withdrawal limit, which restricts the amount that can be spent in a single day. If a user attempts to spend beyond their daily allowance, the transaction may either be blocked or require 2FA or 3FA verification, depending on the user’s preferred security level.
This feature not only adds an extra layer of account management and protection, but also promotes more conscious spending habits. Moreover, it prevents potential attackers from draining an entire account instantly if they manage to compromise just one of the user’s authentication mechanisms.
We’ve all experienced the inconvenience of wanting to perform a transaction but not having enough ETH to cover the gas fees, even if the transaction itself didn’t involve any ETH spending. In such cases, users are forced to go through the cumbersome process of depositing or on-ramping ETH into their account from an external source, just to complete the original transaction.
The Paymaster feature in Smart Wallets addresses this issue by enabling users to pay gas fees using any supported token, rather than being limited to the native gas token of the blockchain. This added flexibility and convenience allow users to avoid the hassle of depositing or on-ramping additional ETH solely for gas fees, streamlining the transaction process and making it more user-friendly.
Braavos: Leading the Change in Smart Wallet Innovation
Braavos is a prime example of a Smart Wallet that is pushing the boundaries of what is possible in the crypto space. As one of the leading solutions, Braavos operates on top of Starknet, an Ethereum layer 2 scaling solution that offers low fees and account abstraction built-in to the protocol.
Unlike MetaMask, or other traditional wallets which are not currently supported on Starknet, Braavos takes advantage of the benefits provided by this cutting-edge technology, further enhancing the user experience and pioneering the world of decentralized finance.
Smart Wallets are revolutionizing the cryptocurrency landscape by offering a more accessible, user-friendly, and secure alternative to traditional crypto wallets like MetaMask. With advanced features such as multicalls, hardware signer, multi-signer, daily withdrawal limits and paymaster, these next-generation wallets are making self-custodial cryptocurrency more convenient and secure than ever before.
Braavos, a leading smart wallet solution, is at the forefront of this transformation. By working on top of Starknet and continuously innovating in the space, Braavos is setting new standards for crypto wallets and shaping the future of decentralized finance. As the world of cryptocurrency continues to evolve, Smart Wallets like Braavos are poised to play a significant role in driving mass adoption and making the world of decentralized finance more accessible to everyone.
We foresee that smart wallets will quickly gain traction and attract users who were previously deterred by the complexity and security risks associated with traditional wallets and self-custody.
To get started, download the Braavos Smart Wallet on your preferred browser or mobile device today.