Eigen Self-Custodial Wallet Introduction

Summary

Eigen NCW is a self-custodial wallet with many functions and features to protect users’ assets and provide users with a good experience. Welcome aborad https://secret.ieigen.com/ and https://ieigen.github.io/#/docs/usage/Overview for a try.

Features

Eigen NCW is a self-custodial wallet that allows you:

  1. Use multi-signature to manage your asset

Our wallet supports multi-signature, that is, wallet transactions require the authorization of multiple private key holders. For example, a 3–3 wallet is a multi-signature wallet that is shared by three people and requires three signatures to sign a transaction. A 2–3 wallet is a multi-signature wallet that is shared by three people and requires two signatures to sign a transaction.

As shown above, Justin, Vittie, and Craig set up a multi-signature crypto wallet where each holds one key. To make a payment, Justin would create a transaction and sign it with his key; he would then send this transaction to Vittie, who would sign it with her key. From here, Vittie can either send it back to Justin to finalize the transaction or send it to Craig for him to sign, too (though this last step is not necessary, considering only two of the three keys are needed to unlock the wallet).

That’s how it works, and our wallet requires at least half of the signers to agree to initiate certain actions, like triggering social recovery or executing a large transaction.

Compared with single-signature wallets, if a hacker wants to attack the wallet address and steal the cryptocurrency assets in the wallet, they have to crack multiple private keys, which is exponentially more difficult. The multi-signature mechanism ensures the wallet’s security in the face of external attacks.

2. Recover owner by social recovery

“Wallet security issues have been a thorn in the side of the blockchain ecosystem almost since the beginning,” said the Ethereum co-founder, but there might be a better solution available now. There’s “an emerging better alternative: a newer type of smart contract wallet called a social recovery wallet,” argued Buterin in his January 11 blog post. He mentioned three criteria in wallet design:

  • no single point of failure,
  • maximum ease of transacting

NCW satisfies the above characteristics well as a social recovery wallet. When the wallet owner forgets the private key, he can start social recovery by initiating multi-signature to recover his wallet. It’s better for users’ crypto assets.

3. Lockable

Meanwhile, users can lock their wallets if they find something vulnerable, and unlock them whenever they want.

4. Payment Limitation

The smart contract wallet supports fine-grained payment management, including large payment limits and daily payment limits, which means if the amount succeeds the limits, multiple signatures mechanism is triggered to execute the transaction, which needs more than half guardians to approve. And these limit parameters can be set by the users.

Characteristics

  • Upgradeable and Modular

Our wallet adopts a modular design, a simple base wallet holds the funds and identity of a user. A set of authorized modules can invoke the wallet. Each module handles a specific piece of the Wallet logic and the modules can be added/removed/upgraded. The modular structure means wallet owners can freely upgrade their wallets. You can upgrade functionality by adding and removing modules to enhance the functionality of your wallet.

  • Security

Use multi-signature and social recovery mechanisms to manage your asset and improve the security of your asset

  • Scalability

The modular design ensures the scalability of our wallet, you can upgrade the functionality by adding and removing modules to enhance the functionality of the wallet.

  • Simplicity

Many of the features of our wallet are user-friendly, simple enough, and easy to understand for a large, incremental user base outside of the crypto world. Low mental overhead: as much as possible, our wallet doesn’t require users to learn strange new habits or exert mental effort to always remember to follow certain patterns of behavior.

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Eigen Network

Eigen Network

Where make transaction secure and private for Web3.0(https://eigen.cash)