Ethereum CEO Vitalik Buterin has highlighted, in an essay, what the perfect crypto wallet should look like. According to the Ethereum boss, the perfect wallet should be able to balance features like usability, security, and privacy, blending them seamlessly with the decentralized features of the network. Buterin wants to simplify the wallet while still making it capable of carrying out Layer-2 services, and decentralized apps among others.
His idea focuses on advanced cross-chain abilities, integrating it with a design that puts privacy at its forefront. He noted that the idea should also require solving the age-long trouble associated with security. He broke down the idea gradually, explaining his vision in a simplified manner.
Vitalik Buterin praises easy cross-layer transactions, despises one key control
According to Buterin, many wallets have often struggled with juggling between all of Ethereum’s L2 ecosystem. While the general market is now used to the pain, the Ethereum boss wants to end it. His idea of an ideal wallet will run like sending an email, regardless of the layers or chains involved. In his example, Buterin said users could adopt username tags instead of long boring addresses to send funds.
He highlighted that the tag does all the work, figuring out every other detail after the user hits the send button. Buterin explained that the tag would be able to access other chains, thereby making conversions to the particular chain before sending it to the recipient. Discussing transaction fees, the CEO said gas fees to offset the transaction can be pulled from any chain. He also envisioned a future where QR payments are used to effect the transfer of crypto assets.
Another aspect he discussed is using a key to control an entire wallet. He wants to change single-key wallets to include social recovery and multisig wallets. He wants a wallet to be controlled by two layers of security. While the smaller one deals with small transactions, what he terms ‘guardians’ will be consulted in case of bigger ones. These guardians could be people who can confirm the user’s identity in case of fraud.
In the case of newbies, he proposed a triple-layered recovery system. He said one should be with the wallet provider, another stored on the phone, and the other should be tied to the user’s email. As users continue in the crypto space, they could grow to need guardians.
Ethereum CEO discusses privacy and wallet interface
Another important feature Buterin wants to fix is the wallet’s privacy, a disadvantage known to all. While the major tool to make anonymous transactions remains Tornado Cash, Buterin is proposing an automatic private wallet. He noted that a real privacy wallet would make sure the funds are obscured in a pool, so anytime a transaction is made, it takes it out and sends it. In making transactions, the wallet will create stealth addresses that will auto-destruct after a transaction, removing traces of it.
He also discussed the use of AI and Brain Computer interfaces in making new wallet designs. This will equip the wallets with AI features and users will be able to use voice prompts instead of pressing buttons. For example, a voice prompt can ask the AI to send tokens to a recipient or swap a stablecoin to another. AI could even act as one of the guardians, spotting fraudulent transfers and alerting users of dangerous situations. Although the BCI is still in the works, Buterin feels the technology that will act based on users’ thoughts might be ready for use someday.
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