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Author: Cygaar Source:@0xcyGAAR Translation: Shan Oba, Bitchain Vision Realm
Curious how does Coinbase’s new smart wallet work?Me too.The following is an overview of how to create and use encrypted wallets through the Touch ID without the need to expand programs.
Critical technology
Here is a video demonstration of the actual operation of a smart wallet: https://x.com/0xcygaar/status/1794013681358954594
Several things happened here.First of all, a wallet was created through the Touch ID, and then a transaction was signed through the Touch ID. Finally, the transaction was paid in full by Base.
All these are implemented through account abstraction (AA), that is, ERC4337.
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Key
Before discussing AA, it is important to understand what the key is.The key is a form of authentication based on public key/private key encryption rather than traditional passwords.When using the key, the private key is privately stored on the user device, and the public key can be shared with the application.Touch ID / FACE ID can be used to prevent unauthorized use of keys.
Wallet creation
The first step of the above process is to create a wallet.This wallet is a “smart wallet” -the smart contract deployed on Base, not a typical EOA.Smart wallets may be the biggest unlocking point of AA.
This specific intelligent wallet contains code that allows multiple owners (including key owners).In the AA process, if the smart wallet does not exist, a smart wallet will be created.
Touch ID signature
Once the wallet exists, the coin transaction can be signed and executed.To this end, the website will prompt users to sign a user operation (which can be regarded as AA transactions).Users first need to verify that they control the key (through Touch ID, FACE ID, etc.) before signing user operations.After that, the user operation and signature are verified and executed by the smart wallet code.
Free transaction
You will notice that the user payment price in the demonstration is 0.This is because AA adds a payment service that can be used to sponsor transactions.In this case, Base sets a payment service to pay for the casting of smart wallet casting.Other applications can use payment service sponsorship as a way to easily guide users without user wallets.
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in conclusion
All the magic here is implemented through account abstraction.Although AA has already existed for a while, Coinbase’s smart wallet is one of the first cases to use keys to perform account ownership.In the future, you can also control the wallet through the traditional web2 login method such as Google SSO.
