Zig3 V3 Soroban Passkeys ID Defi Smart Wallet
We plan to Lunch the new Zioncoins Zig3 v3 passkey ID Smart wallet within the next 3 months. It’s not set in stone, there are a number of considerations but for the most part we hope to have a fully functional beta version of zig3 v3
The What’s, Why’s & How’s?
So firstly what can you expect from this wallet:
- Passkey Wallet
- Zi Airdrop
- Referral Rewards
- Staking
- Atomic Swap
- Liquidity pools
- Bridging
- Open source for all to use.
- On / off fiat ramps with Banxa
What’s the Problem & What are we trying to Solve?
Initially, our market research has shown the significant need Of adoption for Passkey smart wallets. We’ve collected evidence From various resources Suggesting that passkeys is a great innovation for dapps & wallets alike.
On Boarding The Next 400 Million New Users
Why passkeys is important for On Boarding The Next 400 Million New Users. Remember, not your keys, not your Crypto. Gives a free and easy to use Way To introduce new users into Crypto Without the cognitive complexity of traditional Crypto on boarding saving new users time and money.
Probs & Cons of Passkeys secp256r1 curve
Passkeys in Soroban refer to a system where transactions can be authorized using cryptographic means other than traditional secret keys or seed phrases. This was highlighted after the upgrade to Protocol 21 on the Stellar network, which introduced the secp256r1 signature scheme for smart contract transactions. Passkeys could be thought of as an advanced form of key management or authentication for smart contracts, akin to but not explicitly named as “passkeys” in the traditional sense. Here’s a breakdown of potential pros and cons:
Pros:
1. **Enhanced Security**: By moving away from seed phrases or traditional key management, passkeys can offer improved security measures. They might leverage biometric data or other secure authentication methods, reducing risks associated with key theft or loss.
2. **User Experience**: If implemented correctly, passkeys could simplify the user interaction with smart contracts, potentially making authentication more seamless and less cumbersome than managing private keys.
3. **Flexibility**: Passkeys allows support various forms of authentication, potentially integrating with modern authentication protocols like FIDO2/WebAuthn, allowing for a broader range of devices and methods for signing transactions.
4. **Interoperability**: Since Soroban aims for interoperability, passkeys could align with standards that make interacting with different blockchain systems or off-chain services easier.
5. **Complexity in Implementation**: The Stellar core team handle the integration with a passkey kit for develop with a wide verity of videos and documentation. This is because the Implementing of passkeys might introduce additional layers of complexity for developers, especially in ensuring compatibility with existing infrastructure and maintaining security across different authentication methods.
6. **Support and Maintenance**: New systems for key management and authentication like passkeys will need robust support systems for troubleshooting, recovery in case of loss, and updates to security protocols as threats evolve, which the stellar core dev team can handle.
Cons:
1. **Adoption and Standardization**: The introduction of passkeys requires widespread adoption and standardization across wallets, exchanges, and dApps. This could be a slow process, potentially leading to fragmentation if not universally accepted.
3. **Dependency on Devices**: If passkeys rely heavily on specific hardware or software (like smartphones for biometric data), this could limit accessibility for users without these devices or in regions with less technological infrastructure.
4. **Potential for New Vulnerabilities**: With any new security mechanism, there’s always a risk that new vulnerabilities could be discovered, which could be exploited if not thoroughly tested and secured.
While the term “passkeys” isn’t extensively detailed in the provided context, the concept aligns with modern trends in authentication and key management in blockchain environments, aiming to enhance security and user interaction with smart contracts.
For detailed implementation specifics, one would need to look into the latest Stellar documentation or developer community discussions, as this area is still evolving.
In the context of Stellar’s Soroban smart contracts, the management and retrieval of private keys or secrets follow typical blockchain principles:
Private Key Retrieval:
1. **From Seed Phrase:**
– If you have access to your seed phrase (also known as the mnemonic phrase), you can regenerate your private key. Here’s how:
– Use a Stellar-compatible wallet or any cryptographic library supporting Stellar’s key derivation (like `stellar-sdk` for JavaScript or Python).
– Input the seed phrase into the wallet or use the library to derive the private key from the seed.
– Example code snippet with `stellar-sdk` in Python:
“`python
from stellar_sdk import Keypair
mnemonic = “your mnemonic phrase here”
keypair = Keypair.from_mnemonic(mnemonic)
private_key = keypair.secret
print(“Your private key:”, private_key)
“`
2. **From Encrypted Key Store:**
– Some wallets might store encrypted versions of private keys. If you have the encryption key or passphrase:
– Use the wallet software or similar tools to decrypt the file or data where the key is stored.
– This often involves cryptographic libraries where you’ll need to provide the password or passphrase to decrypt.
3. **Hardware Wallets:**
– For hardware wallets, recovery involves:
– Re-entering the seed phrase into a new or the same hardware wallet to recover or regenerate the keys.
– Sometimes, backup through an encrypted format might be provided by the wallet manufacturer which can be restored on a new device.
Security Considerations:
– **Never Share Your Private Key or Seed Phrase**: Once someone else has access to your private key or seed phrase, your funds are at risk. These should be kept secure.
– **Secure Storage**: Always store your seed phrase in a secure manner, like writing it down and keeping it in multiple safe physical locations or using hardware security modules.
– **Recovery Phrase as Backup**: The recovery seed phrase is designed to be a backup mechanism for your private keys. Losing this means losing access to your assets unless you have another backup.
Limitations:
– **Irreversible Loss**: If you lose your seed phrase and have no other backup, retrieval of the private key is impossible without external help (like a wallet service offering recovery, which is rare and not standard practice due to security implications).
Smart Contract Context:
Within smart contracts, private keys aren’t stored or managed by the contract itself due to security reasons. The contract interacts with addresses or public keys, not private keys. Therefore, retrieving a private key through a smart contract isn’t feasible or part of their design.
Conclusion:
Retrieval of a private key in Stellar or any blockchain system largely depends on maintaining secure access to your seed phrase or backup mechanisms. If you’ve lost both the private key and the seed phrase without any backups, unfortunately, there’s no direct way to retrieve your secret. Always prioritize secure storage and backup of your seed phrase.
In our pitch deck we cover:
- The Problems With Crypto wallets
- The Solution for Crypto Wallets
- New User Acquisition with Rewards Continuous progression
- Market Research with research Source.
Want to Know How check out Our Pitch Deck, Vote & Invest in Us
