Self custody is the most important feature of Web3, yet the onboarding hurdle of self custody-first applications presents a huge barrier to entry. To facilitate mass adoption, users must experience all the benefits of Web3 – data sovereignty, ownership, permissionless building, and decentralization with the frictionless experience of familiar Web2 tools. With native protocol level account abstraction, users can experience web3 with no seed phrase onboarding, simplified key recovery, secure transaction verification, and seamless transaction signing.
Initiatives
NBA Top Shot has successfully onboarded mainstream users through social logins and credit card payments on Flow. While this was revolutionary for FTUE and seamless transaction signing, app custody limited opportunities for building an open ecosystem or incorporating composability and full data ownership. One breakthrough design is Flow’s recently announced Account Linking, which bridges the gap between the app and the self-custody wallet.
The developer app stack for building mainstream experiences with self custodial wallets will
Until recently, many users believed that their hardware wallets could not leak a seed phrase, even if unlocked and in someone else's possession, but we have recently learned that one software update makes that untrue. Traditionally, users are expected to trust someone in the ecosystem to sign a transaction. Software wallets are insecure, exchanges are fully custodial, and most hardware wallets lack the manufacturer’s credibility, so from a user's perspective, it's a question of trust.
The solution is to use fully self-custodial mobile wallets built on Flow, which natively leverage Secure Elements (SE) for generating, storing, and using private keys. This is possible because the Flow account model supports the NIST P-256 elliptic curve widely adopted by commercialized SEs. For backup and recovery schemes, developers can use native account abstraction to implement multi-sig for recovery. One key can be generated offline and safely stored in a cold wallet. The second key is managed by the SE. In case of phone loss or damage, the user can safely use their offline backup key to move the funds out of the wallet. With AA and the ability to store keys on SE, users are infinitely more in control of their accounts and data.
Although all these features exist today, it's awkward for someone to build a world-class self-custodial wallet. The right guidance, documentation, primer, and open-source implementation are needed to serve as a lighthouse.
Current progress
Flow has natively built-in support for protocol-level account abstraction, but more upgrades are required to secure the Hybrid Custody model. Hybrid Custody leverages Account Linking to connect app-based accounts to a self-custody wallet, but supporting linked accounts such that users achieve Hybrid Custody has a bit more nuance – namely, those apps should build on the Hybrid Custody standard proposed in FLIP #72.
Wallet primer with an open-source wallet engine is already a work in progress. It will be available later in the year.
Roadmap goals
Keep reading
Quickstarts
Stay up to date with the latest news on Flow.
Stay up to date with the latest news on Flow.