Railgun | Best of All Worlds: EOA Simplicity, Multicall Power, RAILGUN Privacy - Kieran & Zy0n

The next chat who I'm going to welcome on stage I wanted to share a few words is the first ETH dam. I was so so happy to see Rail Gun Royal Gun was one of our first uh supporters for our first edition in uh in 2023. And I'm so happy to welcome to the stage um Kieran and Zion to talk about um what EOA is. Wait, I have it here. I'm gonna have to sit down for this one because this one is kind of like top-notch.

Best of all worlds, airway simplicity, multiol power, rail gun privacy. Round of applause for real for Kieran and Zion. Do you have a laptop? Do you want to present? All right.

All right. Who has uh used a rail gun here? Ah, right. Who has used tornado cache? Okay.

Okay, take a snap. [laughter] [gasps] So, as mentioned earlier, we have slido.com. Uh, and if you have any questions, 20 at 2626 is the code. And I'll do my best to have our guests answer them, who knows about this or is this completely new to me?

Yeah. Okay. Can someone give me a coffee? Yeah. Can you hear my coffee?

Yeah. Everything going well otherwise? Everything good? You going to ready for Autotank? Yeah.

Ready to to pitch and then you're going to have live judging here, huh? It's no joke, huh? Autotank is hard. Okay. No bribing the judges not allowed.

And I and and I will say and I'll put this disclaimer because we had an auto tank a few years ago where a project screwed up so bad that they didn't want the footage to be released. Um but I'm telling you from here force that everything that is recorded here we will publish. So keep that in mind guys. The stage is yours.

Sweet. Okay. So um I'm Kai and this is my good buddy Zy. um rhymes. That's great.

Uh well, that's the title of our talk, but um I would like to start off by uh going through a maybe a little bit of a history of like a little slice of um Ethereum. Yes. Great. So, um let's talk about like how accounts um sort of have evolved in Ethereum. um accounts started off as um fairly simple.

You know, this is sort of the thing that everyone's uh familiar with, the EOA, right? You have your uh private key, you sign some action, right? And it's just one signature, one call, it does the thing, right? Um so this is as simple as it gets um on Ethereum and probably simpler than a lot of other chains, right? Because uh things that came before it were like UTXO based and had a lot more complexity.

So very simple and then um the first sort of like evolution of this was um smart accounts. So if you look way back uh the mist uh wallet right um which believe is the very first Ethereum wallet um had the wallet contract in there um and sort of had this like basic multisig functionality. Um you had like the parody multisig which I think was like the next big evolution and probably the one that people are now most familiar with is uh the nosis safe um which you know evolved a lot on um uh pioneered a lot on like this sort of expressive policy setting that you can do um so you can you know maybe like lock certain um like oh if it's above a certain amount like it requires more signers or whatever right um and so this sort of change the uh thing from one signature uh one call to one signature many calls right you sign once you can do a lot of things um and then obviously we got to talk about rail gun so rail gun came along and uh made that private right and so um you know using like encrypted notes and zk and all um it changed it from one signature many calls to one signature one zk signature um many calls. So um yeah, in Real Gun, right, there's this thing called the adapt multicolor, right, which is uh sort of the way that it achieves this one signature many calls. Um and yeah, the the way that it works here is you kind of have this like unshield step.

This is execute. You can encode a call to any protocol with any sort of call data that you want and then you reshield at the end. Right? So um you get this nice nice private smart account property. But um since then, right, so Real Gun's uh you know been around since 2021.

Um D5 became more stateful, right? Right. So, DeFi has always been stateful, but it's been uh relatively easy to do uh all the accounting that you need in this stuff just by representing stuff as uh as tokens. But, um you know, since there's been all these like liquid staking derivatives and you know, RFQEXes have gotten more popular than the sort of like atomic um like constant factor uh stuff like unis swap. And so um yeah it becomes really difficult to um represent all of that in an atomic multicore right and so you've got these three challenges you have these stateful approvals right which um sort of bind themselves to a particular address beyond the length of a transaction right so you can think uh like 712 um so like these uh uh signed messages um so intentbased RFQS if you um you've got these like multitransaction sequences which maybe require you to do something at one time, come back later and do something again, right?

And then there's these like persistent positions which um you know say like lending protocols where they bind it to a particular address. And so what's that meant uh what that means is uh basically the adapt multicol doesn't keep up, right? Uh and so this sure we get these nice like privacy um properties in a smart account but um you know it's it's uh sort of a lot of burden on wallet developers to get these things right. So they have to deal with things like maybe someone that did a call right before them, right, in this like sort of shared multi call might not have cleaned up well after themselves. And so you got to deal with maybe some dirty state or um you know there's there's there's a lot of things you have to be mindful of depending on the sort of interrogation that you're building as a wallet dev, right?

And um you know we'd much rather it be rail gun and not foot gun. So Um, basically where that leaves us is well, you can pick an eaway. It's simple, but it's about it, right? Uh, you can pick a smart account and in some cases it might be simple, some cases it might not be. Um, but it is very powerful, right?

And you can go through the multi uh adapt which is very powerful, private, but not necessarily simple, right? It's hard to hard to build a wall around these things. So back to the title of the talk, right? I mentioned 7702. Um basically this is a new sort of uh uh upgrade to the um EVM or the um Ethereum that basically just allows us to do something that's like well it's pretty simple, right?

You just borrow the code into a fresh address. Okay. Um, and so what that does is instead of having this little multi call execute in the middle, um, we just have it on this fresh address, N is, uh, how it's denoted over there. Um, but it's just a fresh address that, um, the address owner, um, controls via private key, right? Um, and so what this does is it adds the simplicity back into this equation that back here.

Essentially the difference is you no longer have like this the shared address. Um, great. There we go. So the the difference is because we no longer have the shared address, right? these challenges that we had where it was stateful approvals, right?

Well, okay. Well, I own the address uh and so it just lives on my address. That's great. Uh multitransaction sequences. Well, the address doesn't get reused, so I can come back to it and do my next steps um later without having to worry about something um messing up in in the meantime, right?

And persistent positions. Well, I can keep the address like active as long as I want to, right? Um, and so it quite simply um or deceptively simply solves all of these problems. But you know, I can just talk and uh go on about how simple it is. But uh maybe a live demo would be easier.

So I will hand it off to my buddy Zy.

Hello everyone.

Hello.

One moment please. It'll get larger.

All right. So, uh here is Terminal Wallet's new uh layout. Um I'm going to log into the account. I've loaded up a fresh wallet and we're going to do some uh transacting with 7702 and uh see how it goes. Uh, I'm going to try and fail a transaction so maybe we could see how the recovery process goes and just overall how simple it is to do all your DeFi just one after another with these things.

So, let's try it. It's already logged in. Uh, starts up's pretty fast. Um, first thing we're going to do is, uh, mint some FXUSD even though I have some Bitcoin here. We're going to do it in the long uh, ETH pool.

Um, I'm going to select Bitcoin here. I don't know if you noticed, but I'm doing all this clickwise. So, it's really cool. Uh, the new UI. Uh, let's do 16 bucks.

And we're gonna take a 50% loan on that broadcaster. Okay. So, I don't know if you've ever used this wallet before, but the old UI was pretty simple. Um, this latest upgrade has been absolutely phenomenal to use. Um, we're going to try and send it right now.

Okay, so we got a confirm screen. We can see everything that's happening. Uh, since I'm using Bitcoin here to do a ETH long uh mint, um, it's doing a swap in front of it. Uh, so let's confirm. and we'll see what happens here.

So, everything's going on. Artifact. All right. So, the contrast might not be the best at the bottom over there.

Yeah, sorry. Uh but you can see the position uh came about. That was really fast actually. Um so everything went uh let's try let's see if we can refresh the screen here. There we go.

Okay, cool. Sorry about that. Um I'll have to report that. Uh so we got our position. Um we have some FXUSD that's shielding.

uh that's in a uh PPI waiting pool right now. Um this bitcoin that we just spent should be spendable within a few moments. Let's see if we can kick it off and then we'll try doing another transaction. But that uh that was really fast, right?

Y

super fast. All right. So just minted some FXUSD and we can check the accounts. So, we're now at index one. We were at the first one that's used.

Um, see if there's any balances in there. Nothing. Everything's good. All right. So, let's try this again.

Looks like it's doing the PPI for this. Yeah. Yeah. Um so this particular interaction is is done in one transaction. Um what would be really great is if we could figure out like some way to make it fail so you can see the recovery scenario.

Uh but it it was being friendly and succeeded.

Yeah. Uh when this uh

um I can Okay. If we're gonna

Yeah.

So, so like everything from like getting the fonts out of rail gun into a new EOA doing interaction and then back up. That's all one transaction.

Yes.

Yeah. Um graph like maybe so we got C for copy this already. All right. So, here we go. We got the uh authorization delegate to that address.

You can see there's only ever been Oh, I don't know what happened there. Maybe it hasn't scanned it yet. Yeah. Right. Anyway, so we can see the transaction actually did happen there.

Interacted with that address. Oh, okay. That was the contract. This is my address. Um, but let's open that up.

We see that one transaction three minutes ago, completely private from every other uh rail gun transaction. There is the execute and creation of the FXUSD. um that would have been on the public relay adapt prior and interlaced with everyone else's transactions that are going on. So, uh this is a lot more private and it allows more concrete privacy sets as well. All right, so let's back here.

Let's see. We have our Bitcoin back. All right, so it's spendable. Thank you, POI. All right.

So, let's try and make it fail. We're going to try doing a morpho vault. We don't have any USDT, but we're going to use Bitcoin again. That should be I don't know how much that is. 40 bucks.

We'll do another zero. That works. Let's try it. Uh, we're going to set gas slow. Let's see what happens.

Do one handed. fail. It's probably too good. Looks like it was sent. Okay, cool.

We actually had an error. That was bad. If you can cut that from the live stream.

No, it's not live stream. [laughter]

But it's recorded.

Blur that one out.

Tara, have you noted we have to blur something out? [laughter]

Sorry about that. Um, where are we going here?

Everything that happens at Common Sense does not stay at Common Sense. It's being live tweeted right now.

Perfect. Okay. So, we should see those phones are in this address still. All right. So, we can go back into uh here, go up to view to open this.

It should be this one. So, we're gonna check the balances. All right. So, we see some funds in there. Escape.

We're going to hit R to recover. It should automatically select that one. Yep. And then we're just going to build and send. And we should see those funds reappear over here.

momentarily. Hopefully hopefully the recovery didn't fail as well. All right, there we go.

Yeah. So, just to recap on that particular one. Um, we did the same same interaction as before that happened in one transaction, but uh I think it was like intentionally submitted with less gas than it would need to succeed. Um, force it to fail halfway through. See that?

Oh, okay. all the stuff's over there and uh it's because it's uh you know a fresh address for each interaction um it's pretty trivial to just go back and recover um or I mean complete the interaction or just go back right undo it if you uh if you want. So here's the recovery um happened quite quickly. We got our steakhouse and the rest of our tether that didn't uh mint or whatever. I don't know what happened.

Uh, overall, I guess it was just it failed at the shield. And as you can see, everything's in here waiting for PPOI. I think that's everything basically. Um, let's do more. Oh, we got to wait for POI.

Anyway, what do y'all think? Any questions? Pretty interesting. Yeah, I guess like before you make the transaction, you got to know what asset to shield. I've been think about that problem uh a lot.

But this is really nice because like if some contract says I'm just going to use a random number to send you a random asset in this case, you you have that EOA to recover.

Correct.

Yeah. Yeah. The um the main the main difference here is like guess you know previously you as a wallet developer or as an integration developer whatever you had to there was a lot of things that you had to think about you know you'd have to enumerate all of the different tokens that were used in a particular transaction so that you could recover them back at the end um you know make sure that like all your calls are gas estimated properly and um you know you handle like the failure modes at each each step. Um whereas this one it's um okay well I didn't handle that particular failure pretty well but I just recover it. Yeah.

Yeah it was quite surgical before

very cool.

Yeah. Anyone else has a question? Again if you have any question you can ask them at slido.com and the code is 2626. Would you like to share guys like why this is exciting for you versus what already exists in the industry?

Basically opens up everything to rail gun now. Um before it was uh just stateful uh atomic instantaneous interactions that had to happen and now uh it can be any type of interaction and that's the beauty of it.

Yeah. Um I I think it's just uh yeah it's like an evolution um of uh DeFi, right? So we used to have uh things where things were very easy to just track based on tokens. Um that's not the case anymore. Um and so um I guess DeFi sort of ran away from what the old like multiore model was.

Um and and this is uh I guess um you know reenables all of the stuff that uh you uh you can now do with like I guess modern DeFi, right? Yes. If you could explain this in like the simplest way, like how would you like explain this? Like do this a whole everything you've just shown right now, but like in in one tagline like what what is this?

Oops.

There we go. Private DeFi you can hold overnight. Ah, [laughter]

anything else you'd like to share?

Um, no. I think that's that's it.

Nope. Other than we got our Morpho uh swap

swap.

So, that all happened. We're in a Morpho liquidity position right now as well. So, boom, that all happened and it worked.

Nice. Well, thank you so much, guys, and thank you for building privacy for everyone and enabling even more cool stuff now with Real Gun. Thank you.

Thank you. Thank you. I think that's like the first time a live demo has gone well.

Yeah, [laughter] when I saw live, I was a bit scared, but yeah, congratulations, guys, for a failed demo in an intentionally failed demo.

Yeah, that was