How does Brahma improve the self-hosted on-chain interaction experience?

2024-01-27 10:30

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The Evolution of the UX Layer of Crypto: Going Beyond Wallets

Author: Francesco

Translation: Luccy, BlockBeats

Editor's Note:

The current implementation of crypto wallets only provides a single perspective on what can be done in crypto and DeFi, much like a limited browser extension. Considering the interaction between users and dApps, crypto researcher Francesco introduces Brahma, an institution-centric wallet, as a functional and advantageous on-chain interaction layer.

Francesco points out that Brahma can provide more secure, flexible, and easy-to-use tools, promising 100% self-custody, allowing users to easily import existing Safes and understand the intentions of users and dApps in a human-readable way through the Console interface. BlockBeats translates the original article as follows:

The user interaction layer in the cryptocurrency field is like a browser in the internet: it helps users navigate in the encrypted world and facilitates their interaction with decentralized applications.

However, there is an increasingly prominent issue.

Despite the continuous development of encryption protocols and decentralized applications (dApps), the tools that enable users to interact with them have not grown in sync.

With the approval of ETFs and the development of cryptocurrencies into a cross-chain DeFi landscape, these tools are even facing new challenges, as more institutions participate in DeFi and new cross-chain revenue opportunities emerge.

The current implementation of the encryption wallet only provides a single perspective on what can be done in encryption and DeFi, much like Mosaic, which was the first GUI-based browser to provide users with a simple way to access the Internet.

From an external perspective, most wallets look the same: a browser extension with limited functionality.

However, as the user base of encryption continues to evolve, most wallets have not adapted to complex transaction sets, user intentions, dApp intentions, or security needs, and often do not support the most critical feature of encryption: programmability.

As encryption gradually becomes larger, the user base surpasses the scale of traditional wallets, and users need more advanced tools.

Among these tools, Brahma stands out as a level that provides on-chain interaction for investors who are active on the chain rather than just conducting transactions.

The beauty of Console lies in its non-competitive nature with other wallets.

We believe that in the field of encryption, there is a solution for every type of user.

· Retail users will always use EOA wallets (such as Rabby, MetaMask) to connect with dApps, conduct fast transactions, and store assets on cold wallets;

EOA is the first point of contact for any user entering the encryption field, and it can be said that a "one-size-fits-all" approach is adopted, with most EOA operating in the same way, with only slightly different sets of functions.

However, EOA is not the safest way to interact with dApps. They are not programmable and cannot determine the user's or dApp's intentions.

· The organization will always use multi-party computation (MPC) wallets for simple transactions.

MPC is similar to EOA, but does not require users to store their seed or private key. They are usually aimed at institutions and high net worth individuals, focusing on custody and security rather than execution.

Due to this reason, they are expensive and not suitable for everyone, and they lack any programmable aspects.

Based on these characteristics, it may be expensive to actively operate MPC and requires a certain level of trust in the company managing the wallet.

· Smart Wallet (Safe, AvocadoWallet)

Smart wallets are programmable smart contracts that do not have private keys owned by EOA wallets.

The intelligent wallet also has multi-signature functionality, adding additional layers of security, including a built-in transaction simulator that allows users to view the operations being executed in readable language.

However, these wallets are tricky to use and not all cryptocurrency users understand their functionality. As a result, their user experience is poor.

The good news is that all of these wallets can be enhanced through the Console, which is an added value for users, providing additional security, automation, and execution tools, improving efficiency and productivity in on-chain operations.

For this reason, Console is built on top of Safe, which is one of the most mature custody solutions in the industry. Its contract has been guaranteed for over 8 billion US dollars.

What is the positioning of Console in it?

Console is the next evolutionary step after wallets in the encryption industry: an on-chain interactive layer that allows users to seamlessly navigate and operate between dApps and protocols.

Console inherits the positive aspects of EOA, smart wallets, and MPC, aiming to become the home for all investors seeking more than just a wallet on the chain.