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Earn 6.9% APY staking with Solana Compass
Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.9% APY yield on your SOL, while supporting us to create new guides and tools.
Breakpoint 2023: Account Abstraction on Solana
Squads Labs presents the innovative account abstraction protocol on Solana, revolutionizing security and usability for developers and users.
At Breakpoint 2023, the Squads Labs team, consisting of Thomas Lefort, Valentin Madrid, and Vova Guguiyev, introduced a cutting-edge account abstraction protocol for the Solana blockchain. They highlighted how this technology enhances security and creates more intuitive user experiences for decentralized applications (DApps). With the Squads protocol, developers now have a tool that streamlines the implementation of intricate security features like multi-signature schemes and spending limits. Furthermore, they unveiled Fuse, a mobile-first wallet that exemplifies the capabilities of the Squads protocol, showcasing improved asset security and recoverability for retail users.
Account Abstraction on Solana
Account abstraction on Solana offers a more sophisticated approach to wallet security compared to traditional wallets. It utilizes smart contracts to enable security features like spending limits and shared wallets. Unlike a standard wallet, which relies on a private-public key pair secured by a mnemonic seed phrase, an account abstracted wallet enhances security and control through programable parameters, allowing for extensive customization. These wallets can set spending limits, enhance security measures, and create smart accounts or multi-sigs..
Squads Protocol serves as a foundation upon which developers can build applications, showcasing the full potential of Solana's account abstraction capabilities. The protocol is a robust layer that has been audited by leading security firms and allows for the construction of multi-signature wallets, and the implementation of custom transaction authorization policies. There are also solutions provided for deploying program-derived addresses (PDAs), expanding the versatility and security for decentralized projects on Solana.
Fuse: A Practical Implementation of Squads Protocol
Fuse represents the practical application of Squads Protocol in the form of a mobile wallet. With a unique 2-out-of-3 key management system, Fuse provides a blend of security and recoverability that is ideal for retail users looking for safe and manageable self-custody solutions. Tight integration with iOS features and planned support for Android demonstrate how Squad Protocol's account abstraction facilities can be utilized for a mainstream audience.
Facts + Figures
- Account abstraction on Solana enables customizable security features that surpass traditional wallet security mechanisms.
- Squads Protocol is extensively audited by security firms such as OtterSec, Niodime, Trail of Bits, and Sotora.
- Squads Protocol allows for the easy deployment of PDAs on Solana, leveraging account abstraction features.
- Fuse is a mobile wallet built on Squads Protocol that utilizes a unique 2-out-of-3 key system for enhanced security and recoverability.
- Fuse employs features like spending limits and transaction fee management through the PDA interface, simplifying the fee-related processes for users.
- Fuse's recovery system allows users to swiftly manage key changes, providing peace of mind against loss of access to keys or devices.
- The public release of Fuse for iOS is scheduled for early next year, with plans for a subsequent Android version.
- "Account abstraction is a very complicated wording... if you guys lose or [use] your seed phrase or it gets compromised, you basically lost your funds."
- "A smart wallet or a smart account is just owned by a program by a smart contract and it can perform any custom logic that's a developer want."
- "Squads Protocols, you can see Squads Protocol as the base layer where other projects and programs can be built on top of it."
- "Fuses currently in test flight with the public release slated for early next year."
- "This product takes as much closer to the world with self custody where self custody is becoming manageable and like easy to use."
What is account abstraction on Solana?
Account abstraction on Solana is a system that enhances wallet security by using smart contracts to govern operations like fund access and transaction execution, offering additional security features such as spending limits and enabling shared wallets without compromising seed phrases.
How does the Squads Protocol benefit developers on Solana?
The Squads Protocol provides developers with a foundational layer to build applications with enhanced security capabilities. It streamlines the deployment of smart contracts and PDAs, enabling developers to easily implement multi-sig operations, customized transaction policies, and create wallets with advanced security measures.
What makes Fuse different from traditional wallets?
Fuse is a mobile wallet utilizing account abstraction on Solana with a 2-out-of-3 key system, improving security and simplifying recovery. It uniquely integrates biometric security, iCloud, and third-party keys, making it harder for malicious actors to compromise funds.
How does account abstraction improve wallet security?
Account abstraction allows for customizable security protocols that can include setting daily spending limits, requiring multiple signatures for transactions, and setting up smart contracts that dictate specific conditions for fund access, making wallets significantly more secure than traditional single-key wallets.
When is Fuse expected to be publicly available, and on which platforms?
Fuse is currently available in test flight, with a public release for iOS planned for early next year. An Android version is also in development, with a release date to follow the iOS launch.
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- Facts + Figures
- Top quotes
- Questions Answered