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By Dylan Yu
Purpose of crypto wallet
Wallet is one of the most important services for users among many other technologies that enable the next-generation Programmable Economy that EdenChain is aiming for. The development team at EdenChain is working on developing a wallet, tentatively named “Eden Wallet”. Upon the completion of Eden Wallet, we are expecting a dramatic improvement on the approaching path to EdenChain ecosystem through Eden coin or various cryptocurrencies.
Cryptocurrency wallets do not store the value of the currency unlike wallets in traditional financial systems. Users participating in cryptocurrency are given cryptographically generated unique addresses. The value of the cryptocurrency stored in a wallet with the given address is recorded in a distributed ledger decentralized by the blockchain platform. Crypto wallet means a place to store the private key that would be used to cryptographically sign a transaction to withdraw cryptocurrency value from a user’s address into others.
Like any other computer systems and applications, cryptocurrency has many security vulnerabilities that blockchain communities are working hard to solve. A wallet, that is a private key of cryptocurrency, is the only and every right to access the value recorded in the distributed ledger. Therefore, anyone can possess cryptocurrency simply by owning a private key. The wallet should prevent the private key from being exposed or used differently from the user’s intention and must allow the private key access only to sign the transaction that the user wants.
Realistically the computer system may be exposed to various vulnerabilities due to the operating environment of the OS or other applications. Therefore, when designing a wallet, prevention of the leakage of the private key should be considered.
In some cases, the private key can be stored in a hardware security module (HSM), which uses a specially designed secure semiconductor technology to prevent an attack where forcibly reading a physically stored private key. These hardware wallets can also be attacked depending on the architecture of the firmware or API. Therefore, it is important that the private key itself does not come out of the HSM on its whole lifecycle from generation to extinction. Also, it should be designed to sign a transaction inside the HSM.
What do we aim for Eden Wallet?
There is no doubt that Eden Wallet would become the core module of the Garden of Eden service, the expected ecosystem of EdenChain. For the best outcome, users must be able to convert various cryptocurrencies to Eden coin through Eden Wallet and to easily provide the coins as a payment method of the DApps provided by Garden of Eden. Additionally, it should be made possible to check the balance of owned multi-currencies including Eden coin in real time and to intuitively grasp transaction history.
For security reasons, the private key should only be used strictly for transaction signing only, and should not be exposed on a storage device such as a disk or memory. Losing a private key is like losing every cryptocurrency. Therefore, once their identifications are confirmed, users should be able to recover their private keys through simple and secure procedures.
For user’s convenience, Eden Wallet will support as many different platforms as possible, including mobile platforms such as Android and iOS. Currently, Eden coin is published and distributed through Ethereum’s ERC-20. However, if the main net of EdenChain starts to operate in the future, it will be replaced with Eden Coin, which is issued by the platform, so that it is linked to both Ethereum network and EdenChain main net.
Architecting Eden Wallet
To embrace all of the described requirements, implementing Eden Wallet will follow architecture like the diagram above. Eden Wallet will be a key front-end interface for users for following services:
① Coin transaction of DApps – DApps running on EdenChain platforms may require users to deposit Eden Coins from his/her wallet. A set of SDK to access these coin service will be provided to DApps developers.
② Interfacing to EdenChain platform – Eden Wallet sends signed transactions to EdenChain platform whenever a user needs to send Eden Coin to others. Eden Wallet will provide an intuitive user experience for this service.
③ Interfacing to DEX – Eden Wallet will talk directly to Decentralized Exchanges for users to deposit Eden Coin from various cryptocurrencies without a need to leave Eden Wallet UX
④ Interfacing to the Ethereum network – Eden Coin is currently being circulated in ERC-20 generated tokens and running on the Ethereum network. Until Eden Coin of ERC-20 is completely transferred by main net based coins Eden Wallet will support direct interfacing with Ethereum. Even after Eden Coins will be transferred by the main net, use of ETH or other Ethereum based tokens will continuously be supported by Eden Wallet via DEX.
Based on the above requirements and design, EdenChain developers are working to unveil Eden wallets in the fourth quarter of this year.[/vc_column_text][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][/vc_column][/vc_row]