Smart contract wallets carry unique abilities due to the power of smart contract functionality. It provides several recovery and security features for users. Some of its notable unique features are:
- Two-factor authentication (an additional layer of security added to the authentication process).
- Fraud alerts and emergency lockdown.
- Social recovery through family or friends.
- Rate-limited withdrawals similar to an ATM.
One such smart contract wallet recently launched by Dapper Labs, the creator of CryptoKitties, is the Dapper smart contract wallet. Let us now understand in detail about this smart contract wallet created for everyday people and smart contract experts.
What is Dapper?
Dapper can be defined as a ‘smart wallet’ that supports ERC-721 token and a variety of ERC-20 tokens including EMONT (Etheremon), BNB (Binance), VEN (VeChain), and OMG (OmiseGo), to name a few. Dapper Labs uses the power of play for delivering blockchain-based experiences made for the real-world. Dapper Labs gained popularity due to the CryptoKitties they introduced. CryptoKitties is credited with being one of the world’s very first blockchain games. It allows you to collect, breed, and trade virtual cats even for real cash!
Dapper makes it easier to interact with non-fungible tokens and play blockchain-powered virtual games. It uses smart contract technology in the browser for making full custody over crypto assets more secure and user-friendly for consumers. Currently, one can use Dapper to play games such as CryptoKitties, Decentraland, My Crypto Heroes, MegaCryptoPolis, Etheremon, etc.
The Dapper smart contract offers security features such as fraud protection and account recoverability. Soon, it will also make conveniences like multi-device support and smart fee management possible. The ‘co-signer’ feature of Dapper offers several limited powers such as recovering an account if a device is lost, resetting a user’s password, paying Gas fees on behalf of users, and flagging suspicious requests for further action.
Dapper offers a global payment processor called Simplex that allows users to buy Ether (Ethereum token) directly using their credit cards. Dapper, the smart contract wallet for Ethereum, provides an authorization mapping, enabling user-sovereign control and fine-grained control over the funds and assets of the wallet.
Features of Dapper Wallet
The two features implemented by this wallet are:
- Recovery operation- This is a backup transaction that sets a new device key as the sole administrator and removes all the existing authorizations.
- Multi-signature support with a co-signing check- Co-signing addresses can be other contracts. This is used for enforcing additional verification.
Dapper’s main smart contract is CoreWallet, and it can be used in the following two forms.
- Standalone Full Wallet- This can be used by deploying the FullWallet contract.
- Cloned Wallet- This can be used by leveraging a WalletFactory contract.
The CoreWallet supports 1 of 1 or 2 of 2 multi-signatures. Signer refers to an individual entity that interacts with the wallet and signs invocations. It is important to authorize a signer to invoke actions on the wallet. In some cases, a signer may also have a co-signer. The co-signer places an additional requirement of requiring signatures from both the signer and co-signer for invoking the functions on the wallet. By setting the co-signer to zero, the signer can be removed from authorized users.
The CoreWallet smart contracts support these methods while interacting with the wallet.
- When there are no co-signers, a signer directly invokes a method.
- Through method invocation, a signer supplies the co-signer’s signature.
- A signer’s signature is supplied by the co-signer with the method invocation.
- Anyone explicitly supplies the signatures of both the signer and the co-signer with the method invocation.
The CoreWallet supports chaining calls. It allows authorized users to perform multiple operations like sending tokens, sending Ether, or administering the wallet within a single Ethereum transaction. Chaining calls help minimize the gas costs associated with every operation.
The Dapper smart contract wallet supports interactions with standards and protocols such as:
- ERC223 (ERC 223 Token Standard)- This is a token standard used to prevent accidental sending of tokens to contracts by using the tokenFallback function.
- ERC721 (Non-fungible Token Standard)- This function allows this wallet to interact with non-fungible tokens through the ERC721Received interface.
- ERC1271 (Standard Signature Validation Method)- This is a standard method for contracts to validate signatures.
- ERC165 (Standard Interface Detection)- This creates a standard method for publishing and detecting the interfaces implemented by a smart contract.
Everyone believes in blockchain technology. It is already transforming the world for the better. But for blockchain to attain the stage of mass adoption, it must be beneficial for everyone and not just for tech-savvy early adopters. Dapper was created for this purpose. It offers the best of both the worlds in terms of both security and usability. Smart contract experts and blockchain enthusiasts can enjoy the benefits of decentralization by using Dapper. It reduces bureaucracy, middlemen, and overhead fees and offers control over one’s data and assets.
I hope this article helped you gain a fair idea about the features and functioning of a dapper wallet. The best thing about Dapper is the fact that it is based on a smart contract. The best part of a smart contract is that it can function without the need to access your cryptocurrency. Though it can prevent money from leaving your account, it can never move or spend that money without your knowledge. Dapper is regarded as a smart contract wallet because of the decentralized way in which it is designed for humans: secure, usable, and without compromise.
If you want to learn about smart contracts, you can enroll in smart contract certifications offered online. To know more about blockchain, check out Blockchain Council.