How did the smart wallet initiated by V God create Alipay in the blockchain field?
Guru said that what will be stored in the smart wallet in the future will be all kinds of personal data. This data is your real private data. No one can get it without the user's consent, and even the smart wallet designer doesn't have this permission. This is a completely different state from the current Web 2.0. It can also truly cater to the growing trend of users about privacy protection, and can truly achieve autonomous control over personal data without leaving the user's own territory and refusing to be misused.
When Guru was still an investment manager, I felt too much pressure to manage money for others. He believes that smart contracts are a very important development direction in the future, and using code to manage money is a cool thing. The concept of a smart wallet was proposed by V God in 2019. It uses code to manage money in an encrypted wallet. However, the MYKEY team founded by Gulu and Fat Brother in the summer of 2018 was already deploying and using code to express assets in the form of programming. At the same time, users actually have sovereignty over this account to manage their own assets.
In reality, Alipay can be said to be a downsizing attack on banks. Alipay gives users many usage scenarios. In addition to being able to connect to Taobao, it is used as a payment tool in the real economy, and also provides games and insurance on its platform. Convenience and linked services such as health checks and lifestyle payments are aimed at making life worry-free by using an app. Recently, however, many Binance users have reported that Alipay will freeze their accounts on suspicion of receiving payments of “unknown origin.” These events prove that users do not have the highest authority to manage their Alipay accounts.
(Picture source:Weibo）
Also, when major powers are playing games, some countries will be restricted from using traditional bank remittance methods, causing a serious blow to the country's trade. Currently, there are many fiat-anchored stablecoins on the market. In particular, there are many types of US dollar stablecoins, some are compliant and some are not, and their collateral is also diverse. As cryptocurrencies with instant geographical advantages, if you can trust these cryptocurrencies, including stablecoins and bitcoins, they can indeed be used in place of fiat in world trade. Furthermore, the Internet allows the world to have zero distance contact and communication. Many companies have already carried out cross-domain cooperation, which is still the most common in the blockchain field. Using cryptocurrency can also avoid paying expensive remittance and exchange fees when paying for work. Compliant stablecoins are more widely used and can be used to pay taxes, bills, food and beverage expenses, etc.
Based on the above situation, Guru believes that a cryptocurrency wallet that a user can manage on their own is the general trend.
However, small players in the coin industry have experienced it firsthand. A long string of randomly generated private keys is intimidating. Technology giants have warned over and over again that the private key of an encrypted wallet represents your wealth. If the private key is lost, it means that your wealth will immediately evaporate, because currently this string of private keys cannot be solved even with the most advanced quantum computers. They recommended that we copy our private key on paper and type it in to log in to our account when needed. Unfortunately, some friends said he made mistakes every time. For us, the easiest is to use electronic copying; however, tech giants also warned that this method of saving passwords is extremely insecure. Right now, the little baits are probably missing the bank's goodness again.
Just when Xiaobai wanted to take back the foot he had already taken in the crypto wallet field, smart wallets appeared... Guru tells blockchain newbies (blockchain knowledge is so hardcore; even programmers are probably newcomers in this field) that smart wallets allow everyone to use cryptocurrency without any threshold.
(Picture source:Chain news）
Guru has summarized the 3 permissions that smart wallets can use with confidence for small players in the coin industry:
First, a smart wallet can export a recovery code. The recovery code has permission to manage the account. It can freeze this account or replace the wallet key, but it itself cannot use the money in the wallet; the recovery code is the highest authority for this account. Little white people still don't feel satisfied with this. When I first started using it, I was busy, and I didn't even know what the hell the recovery code was. In traditional Alipay wallets, we only need to know the password.
It doesn't matter, Guru explains the second part of the smart wallet's permission — operating private keys. The private operation key will always be in the user's own phone, and it will never be online (so hackers can't steal our private keys). Users need to change phones. If they scan the code on both phones, they can transfer the past by operating the private key. Operating the private key is the user's right to use their own funds. In the MYKEY smart wallet, we can set up a password that we are very familiar with and easy to remember to protect and access the private key. In actual operation, the smart wallet is as simple as Alipay, which everyone is familiar with, and the little ones can finally forget that long and annoying string of private keys.
In the real world, if everyone is busy, or has “mild senile dementia,” and has forgotten their password, Alipay or banks can check our identity documents and help users reset their passwords. Smart wallet designers have taken these common scenarios into account. This is the third part of the authority Guru wants to express — emergency contacts.
The primary role of an emergency contact is that when the user's phone is lost and the recovery code is lost, he can seek help from the emergency contact, and the emergency contact can help them reset the recovery code using a smart contract. However, when the user has a recovery code, the emergency contact cannot misuse the user's assets. Of course, if you confirm that you are not a novice; you are already a professional blockchain practitioner and can fully control a smart wallet, then you can choose not to activate this recoverable function.
(Picture source:Bitcoins）
Guru believes that the above three powers are divided between the three powers, and there will be a certain delay to protect user assets. This is the key to whether cryptocurrencies can get out of the ring, although stablecoins are compared to other cryptocurrencies. It is relatively easy to be accepted by outsiders, but the above problems are the threshold that the entire blockchain industry must solve for mass users.
Recently, we've seen a lot of advertising about games and financial management on the advertising section of the Binance community. Some of these games are on the EOS public chain, and some are on the PlatON public chain. There are also financial management programs of major institutions such as Haskey and coin transfer account opening advertisements for large and small exchanges. There are many projects in the crypto market, but our needs are all different.
There's never been a thing called an autonomous ID before. Our IDs are all agency-based and issued to citizens by the state. Each smart wallet account also has an independent ID. Guru thinks this is a particularly cool thing and an extension of the blockchain spirit. It actually provides everyone with a private domain. This shell is an ID. This ID can hold stablecoins, cryptographic assets, and eliminate the trouble of opening different accounts on different platforms and networks. Like traditional Alipay, users can log in to the apps they are interested in with one click using protocols already deployed on different platforms.
Smart wallets can be used for applications closely related to our lives, such as games, financial products, etc. Our account ID will help us form a network, called the Trust Network. In the future, the Trust Network will also connect users to social relationships within it, which is Facebook 2.0.
(Picture source:Bitcoins）
As the number one community for creating Chinese content, Coinhu has helped the MYKEY smart wallet to successfully cold launch. Now MYKEY has the largest number of users in the world and is the only smart wallet that supports multiple chains. Expenses in smart wallets are uniformly deducted from network fees, so Xiaobai no longer need to understand technical issues such as the relationship between gas and network congestion, and the different usage costs of different public chains, thereby lowering Xiaobai's usage threshold, simplifying the operation process, and making it easy for Xiaobai to get started and continue to use, laying the foundation for smart wallets to get out of the market.
Looking forward to it, in the future, what is stored in the smart wallet will be all kinds of personal data. This data is your real private data. No one can get it without the user's consent. Even the smart wallet designer, such as MYKEY, does not have this permission. This is a completely different state from the current Web 2.0. It can also truly cater to the growing trend of users about privacy protection, and can truly achieve autonomous control over personal data without leaving the user's own territory and refusing to be misused.
MYKEY, as a new smart wallet, carries the ideals of Gulu and his partners, and is creating Alipay in the blockchain field. This will be the goal Guru will continue to strive for for the next 20 years.
By Claire Wu, a writer from Twitter
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