Future of Wallet and Custody - Peter Olawuyi

all right so future of wet and custody ux security Trends Innovation and best practices can I use this like this all right so this is myself technical products manager at bit power wallet infrastructure provider I don't know if many of you guys know us yeah so wallet and its forms let's quickly look into what wallet is all about we'll look at um the forms of wallet and definitely we can now going into wallet custody what it is definitely about all right so what is a wallet a wallet is that cryptocurrency device right or program that stores your cryptocurrency keys and allows you to access your coins so assessing your coins in this sense uh I'm sure you are familiar with digital asset right so just sit like maybe in your traditional wallet where you have to put real money into your wallet like something like what I have right but in this case is you can either have it in a device format right or in a programmatic format so in a device format that is what we'll talk about okay the forms of wallet where you can find it in either as a device or as a program yeah so wallet forms we have the forms that you can see in terms of wallet I mean these are the major three you would always see in terms of wallet the forms you can actually find them they can either be alts they can be code and they can actually be semi code wallet so for art wallet they are connected to the internet enabling quick access to digital assets meaning if I want to like if I have if I have my account on trust wallet for something now I would definitely need an internet to you know gain access to that particular wallet right it's not just something that maybe from a device or piece like this I would just have access to that particular wallet so yeah you always need to connect to the internet to access your art wallet you can do instant transactions with it it is easy I mean you just have easy access via your web using your laptop or using your phone to gain access to this right then also supports like multiple cryptocurrencies unlike code wallet I get I got to actually find out that um code wallet don't even support so many uh cryptocurrencies right it was just part of the find this from here so for code wallet is obviously the opposite of all wallet right offline storage but yes longterm storage I don't know if you guys know Ledger Ledger there's this guy crypto Cowboy that always been coming for many of this event right so he's one of their very strong brand ambassador there so they actually offer code wallet what code wallet looks like is even like something like this to be precise you will see code wallet in something like this whereby you can have you'll be seeing your assets you'll be seeing your assets you know on the screen something like this right but I mean it is not usable you can actually like authenticate transactions directly from it until you have to do like some other stuff right so yeah it is protected from online threads I mean it's safe then typically Hardware devices like Ledger like I mentioned then paper wallet so it would interest you to know what paper wallet is all about see if you you pick a piece of paper right and you actually just take maybe like your public key and your private key and you imprint you know all of those details into a paper that is what that is what paper wallet is all about or you get like a QR codes you know you know many people have been showing you QR code screens right so the moment you even put like a c code on a paper right that is just a direct example of what a paper wallet right that is why you can always classify it under code wallet because you don't need an internet to access it so for semic code wallet obviously it is the hybrid between cold and hot right so it just balances the accessibility of all wallet meaning you can sign transactions when you take that your particular code wallet down to the you know art wallet where you can use it meaning I'll share some examples of art wallet like I think I mentioned um trust wallet earlier you also have like metal mask you have like exodor and so many of them like that so yeah I think a very good example of semic code wallet is multi support so like I said somebody mentioned multis support and a lot of speakers have been talking around this particular field so multis is just saying there is a particular wallet that I don't want just one person to have access to right so what I can do is I know you should know you should know the difference between public key and private key right so what I can do is the private key of that particular wallet you can divide it into sharts sharts right like into different other types of private key and I can take one part of the private key I can give two three four five persons another part of it right just because uh um you don't want just one person to have access to it so it's like your normal traditional way whereby husband and wife they want to they want to actually create an account but they don't want just one person to be able to go and remove money from the account so that is exactly how semic code wallet actually works so let's move into custody and its type so wallet custody yeah so I actually use this image because this will give you a better picture of what card is all about it is it is like a vault a vault where you store something right but the way you store it now is like safekeeping of your digital assets where custodians manage the private key of wallet so you have different types you have like the custodia non custodi and shared so I will just quickly explain difference between the three of them very quick yeah so for custodia it is third party controlled meaning your private is actually what third party control you can create a wallet with them but you don't have access to the private key right they help you to you know I mean you can say to to keep it so because you might just you know lose access to it and if you don't you know use it the right way you can just get all your money removed from that particular wallet so you have like blockchain.com you have binance you have coinbase and the rest of them like that so for non custodia you are the one that control your private key right meaning you get your private key once once you you pass to the old pass phrase uh I mean stuff of creating the wallet you see your private key you see your public key right and they'll be expecting that you will be the one to actually take care of that particular key so you can find this in Hardware wallet like metal mask you have like in Lango you have like in Exodus you have like even in Ledger right they expect you to actually keep I mean good custody of your private key so shared you have control distributed among parties so it's just like in multi like I explained earlier so NPC and yeah B power as well we do shared custody meaning you can either choose to keep your private key or you can get to help us we can get get to help you to custody it right don't share custody with anybody all right so so what is all right what is new so let's look into Trend very fast account abstraction what is new yeah account abstraction talk about simplified fee payment somebody has mentioned something about that chain abstraction gas wallet P transaction like bundling so many transactions together just to use a single fee to pay for it web 3 intent text to execution meaning you can put so many programmatic things you want to do per a transaction right and we just a simple words of putting all these actions together you can get the transaction on so for smart contract interaction you can do like predictions on it for those of you that bet actually then for ux Innovations these are like very interesting things you can do around it Atomic swap if you want to swap from somewhere to another but you don't trust a TR party to do it for you right with atom swap can actually get to do this then EIP 7702 upgrade is just allowing you to be able to use EA like externally account to do Stu right so you can just awesome awesome thank you so much thank you so much please give them your handle so they can reach out to you yeah I'll do that shortly so in conclusion I want you guys actually go and check one or two things about the new trends in the space if you want this slide you can actually come to me so I can you can always have the part of it for you so thank you very much and for myk you so much please a round of applause for Peter yeah you can get me on Twitter there thank you so please reach out to Peter you can reach out to him here you can follow him on Twitter to get this