Counterfactual Wallets and Loopring NFT Support

Transcript

hey my name is daniel uh i'm the founder and ceo of blueprint today i'm not going to talk about technical details but i want to describe two features that we are very excited about uh in our wallet as well as on our layer two so the first one is the counter factor wallet so first of all for those you who don't know much about smart wallet a smart wallet is actually a smart contract based so each wallet is a smart contract it features some very nice properties so one of them is that uh the private keys are decoupled from the address or the identity of your wallet

so that you know once if the private key got leaked you can uh you know swap the private key with a new one and then the wallet will become secure again the other nice property is that the state of the wallet is decoupled from the logic because every smart wallet is behind a proxy we can upgrade the logic behind proxy and keep the state so this will achieve upgrade availability and one of the a nice and well-known feature of smart wallet is the social recovery compared to eoa wallet where people have to

try uh use best practice to keep a secret to make sure that their wallets are secure with social recovery you you can just pick up the red social network and use them as your guardians to secure your wallet um we have been you know marketing for our smart wallet solution for a while but a big challenge is that deploying the wallet cost a lot of money so right now on ethereum midnight each wallet will cost about 650k gas which translates to you know about a hundred dollars sometimes uh this is a huge barrier for our

massive adoption so the idea now for us is that we want to allow people to try smart wallet before they pay for the wallet creation so how can we do that we delay the wallet creation to a later time so we call this uh undeployed wallet a control fractal wallet so once people feel like they like the wallet and they want to pay for the for the creation for the deployment they can do it manually or they can you know be pre-defined some rules for example if the total asset in their wallet exceeds a threshold then we can help them to deploy the wallet and then

charge a fee so under the hood a smart wallet address is created with um you know its internal states uh their uh initial owners their initial guardian network uh their modules etc so when we uh do some you know uh like for example if for for signature verification we can delegate uh to another contract and then we can just use uh the states the data provided and you know recalculate the address to make sure they match so what we can do and we what we can't do with a counter

counter factor wallet so first of all it's a normal ethereum address so you can receive uh tokens easier on layer one without any problem uh the counterfactual contractor wallet will be activated on looping layer two so it's fully functional on blueprint layer 2. and other layer tools can also respect the rules in calculating the counter factor wallet addresses and then support those wallet as well uh interaction with uh leader one d5 is also possible uh with technologies such as our east part where you deposit funds directly to layer two and when you

interact with for example compounds the funds will be trans transfer directly from your layer to to compound without going through your layer one contract first but there are some things that you cannot do with a counterfact wallet for example if you transferred a crypto asset into layer one address then it's there it sucks it stacks there you cannot do anything before you deploy your wallet and some other nice features for the smart wallet cannot be used for example the daily quota you know those things belongs to layer one you cannot use those features before the wallet is created

so besides you know the this uh counterfactual wallet feature we also want to make sure you know the smart wallet can be deployed on other layer ones or layer tools so right now we are working uh with arbitrarily and most the work has been done the next step will be probably working with either balance chain or optimism to make sure you know the volume can be deployed there so in other words our smart wallet will go multi-chain multi-layer tools uh then there will be another problem uh if you have your wallet on ethereum midnight and other people's uh your friend's

smart wallet are on other network then how can you be uh you know social guardians of each other so we have a new cool feature called network agnostic social recovery which enables you to add any looping wallets regardless where their wallets have been deployed to uh so we feel like this is a very nice feature uh a must to have feature for multi uh layer 2 deployment now nfts uh blueprint now supports an ft3 that's the version 3.9 supports nft so on layer 2 you can mint nfts directly

without any interactions on layer one you can do order based trading on layer two you can also transfer layer tools right now we support erc 721 and 1155 uh the the uh the cost per transaction on layer one is uh really small compared to uh layer one solutions for example if we compare the erc20 nft trading right now with with blueprint solution will be at least 400 times less expensive than openc trade so we are going to launch

the real support for nft trading and minting on ethereum midnight maybe next week some people ask me a question whether looking will launch our own marketplace the answer is no we don't have a plan to launch our own nft marketplace but we are working with a premium partner to make sure they can launch their marketplace successfully and very soon probably in in q4 and with a lot of other stuff yeah so that's it i don't have other stuff to show thank you for the invitation and thank

you for listening