Smart Contract Wallet Development To Create A Web3-powered Digital Wallet

Smart Contract Wallet Development 

A smart contract wallet development is the process of creating a wallet  that integrates smart contracts functionality. Hivelance offers end to end services, including coding, testing  for developing smart contract wallets.Our smart contract services assist businesses in streamlining workflow, automating procedures, and reducing operating costs. We have worked with a variety of smart contract programming languages for a long time. 

Smart contract wallet overview 

Smart contract wallet is an application enabling users to control their digital assets however they see fit. They are made possible by developers using account abstraction. They take all of the fundamental characteristics of the EOA(Externally Owned Account) and add them into a smart contract that has a ton of additional features. 

Perks of creating Smart contract wallet 

Smart contract wallets usually offer comparable coverage while retaining decentralization. This signifies the subsequent phase towards absolute security and consistent user experience.

• Batch transactions efficiency
• Helps reduce gas expenses
• Allows for many simultaneous transactions
• Enhanced security standards 
• Blacklisted and whitelist addresses
• Rate-limited withdrawals and the corresponding events
• Alerts in advance and an emergency lock 
• You can restore your wallet without a seed phrase or password

Remarkable features of Smart contract wallet development 

1. Two-factor verification

Two-factor authentication, which needs two distinct pieces of information to verify a user's identity, is a well-known web2 feature that adds an extra degree of security and thwarts unwanted access. Smart contract wallets are capable of providing this service.

2. Rehabilitative Social Work

Smart contract wallets are programmable, and if the wallet owner loses the original private key, the public key of the smart contract wallet is modified during social recovery. This is accomplished by means of a multisig transaction involving designated, dependable friends or family members (referred to as guardians). As a result, the owner is no longer required to save seed phrases.

3.Adaptable Gas Regulations

Smart contract wallets that accept the Paymaster specification of ERC-4337 can use these APIs to create flexible gas policies. Developers can sponsor transactions for users (gasless transactions) and let users pay for gas with any ERC-20 token (USDC, for example) by managing gas rules.

4. Personalized Signature Schemes

It would be simple to construct smart contract wallets to utilize a different signing technique than Ethereum's default ECDSA. You may use multisig, social recovery, or even a quantum resistant solution like Crystals-Kyber in place of this default signature scheme. 

5. Multiple calls

A smart contract wallet's multicall feature allows it to carry out multiple actions in a single atomic transaction. Multicall capabilities enhance the current wallet paradigm, which propagates and confirms each transaction independently, resulting in a bad user experience and lengthier processing times.

6. Spending Restrictions for Specific Signers

Smart contract wallets can be set up to recognize multiple valid signers, which could be helpful in defining different spending limits for each signer. A user may designate their laptop and Ledger hardware wallet as signers, allowing smaller transactions through the laptop and requiring larger ones to go through the hardware wallet.

7. Allowed and denied address

Users can choose whether to allow or deny one or more wallet addresses access to their account when using smart contract wallets. While allowlisting an account enables the user to offer access, denying listing an account would prevent or restrict access. These two features improve security while giving users more control over their accounts. 

How does a smart contract work ?

A smart contract wallet ensures the ease and security of digital transactions by utilizing a range of technology and encryption methods. All transactions and contracts in a smart contract wallet depend on accounts, which are the foundation of the Ethereum system. The most well-known use of externally owned accounts is as a wallet, or just as a private key/address pair. These accounts can perform a variety of tasks. Actually, the most majority of widely used non-custodial wallets make use of externally held accounts.

Furthermore, the Ethereum contract wallets may interface with a wide range of systems, including DApps, smart contract accounts, APIs, third-party & contract libraries, and Ethereum user accounts.

Popular smart contract wallet in the crypto market 

• Safe
• Candide
• Argent 
• Openfor 
• 3ID
• Soul Wallet

Why choose Hivelance for Smart contract wallet development ?

Hivelance is a world class Smart Contract Development Company, if you're looking for an automated and straightforward DeFi experience, get smart contract wallet creation from a reputable blockchain development company like Hivelance. Smart contract wallets will surely be essential in helping to transform the financial environment, build trust, and open the door to a new era of decentralized innovation as we continue toward a future powered by blockchain technology. It's therefore an exciting moment to embrace this new technology and investigate the countless opportunities presented for the financial industry going forward.