Cosmos Hub as Universal Wallet

Cosmos Hub as Universal Wallet I came into the blockchain space primarily as a front end developer. I quickly learned enough Solidity to build a series of hackathon projects and prototypes on Ethereum, but my background made me acutely aware of how difficult it was for users to interact with Dapps. 754×3838 https://twitter.com/_iiwok/status/1017847582565863424/photo/1 Effective password management is already difficult within traditional applications, effective private key management for decentralized applications is basically impossible—the number of hacks, thefts and losses due to compromised private keys increases every day. Projects like Gnosis Safe and Argent have done a massive amount to reproduce capabilities on par with traditional applications, but their ability to function outside the context of mainnet Ethereum is extremely limiting. I’d like to describe a method for improving private key management that’s not just at parity with the experience of traditional account management, but actually makes it easier and safer. Furthermore this new method supports access to a whole Internet of Blockchains instead of just one network. The key to this scenario is a…

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Billy and I were talking about this offline and one appealing aspect of this model is if the Hub were to become a gateway to other chains, it might be an attractive passive strategy to store funds in liquidity pools on the hub in order to gain access to exchange fees.

Nice writeup. I agree that securing one account with the proper tools is easier than keeping all those mnemonics under the pillow and hoping everything will be alright.

I like the focus on on-chain authorization aggregation, which can be implemented nicely in wallets and in contrast to secret sharing solutions does not require all keys to be combined into the master private key on a single machine for signing.

If you want to save transactions and fees, you can move towards threshold signatures. But this requires additional off-chain infrastructure and I don’t know how usable threshold signatures for the common signing algorithms are these days.

Having the same account on multiple chains makes it transparent for the user that theiy act with one identity across chains. Today some chains use the Cosmos Hub Ledger app for other chains, such that uses act under the same public key which is obfuscated by different address prefixes. This is a privacy nightmare. I’ve seen same problem in some software solutions as well.

okwme:

Sub-Keys would allow me to generate one key pair that can only spend $100 per day

How think the value of a transaction can be measured in a general way? Even if you set a limit in some token instead of fiat like e.g. ATOM, how would the system know the value of other tokens relative to that? As soon as you go beyond token transfers it is getting even harder: what’s the value of a delegation, governance vote or some CosmWasm contract execution?

Yes. I hope to understand the detail process how ics27 can create heteroblockchain transactions without revealing private key. Users will have their own address in other blockchain which will become the origin of transaction. This can be smart contract address in case of ethereum network. Users ask ics27 to create a transaction from the origin address to destination address(can be also smart contract with function calling). At some point, ics27 needs the private key of the origin address to create the signature for the transaction, but I am not sure how we can securely store the private key. Maybe something like torus(threshold encryption with homomorphic encryption ability) can safely store the private key in a blockchain, but in this case, we also need to trust the validator set of torus. I personally will never use torus because I cannot trust their validator set and the bug existence of the backend software. Also, even torus encrypts private key with user’s password, so it has no ability to sign any transaction. The process needs to download encrypted private key from the blockchain to local machine, decrypt it with password, then create signature from the local…

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I imagine the naive way is to make limits based on denominations. Should there be an AMM on the hub it would provide at least a minimum price oracle (although probably not really trustworthy). Using IBC queries to other DEXs or Microtick would be another way to provide conversion info, but with volatility that would also get complicated.

Could we possible make a tldr / eli5 for long technical threads like this for the avg user?