Get Smart Transactions With BanklessWallet | BanklessDAO Weekly Rollup

Catch Up With What Happened This Week in BanklessDAO

Jun 17, 2023

Dear Bankless Nation 🏴,

The American poet, Robert Frost, is credited with saying “A bank is a place where they lend you an umbrella in fair weather and ask for it back again when it begins to rain.” Ain’t that the truth. BanklessDAO’s mission is to provide user-friendly onramps for people to discover decentralized financial technologies, and though it seems every day in web3 there is a new project or blockchain popping up, we remain committed to equipping people with their own umbrellas for the long term.

This week’s editorial provides a sneak peek at plans for BanklessWallet. The team’s Season 8 funding proposal promises development of a smart contract wallet which will provide enhanced security and features like hardware wallet integration and automated gas fee handling, contributing to the advancement of decentralized finance using Ethereum's ERC-4337 standard.

In other exciting news, Parcel has just rolled out their V3 update, introducing lightning-fast payments coupled with automated financial reporting. If your multisig is currently on the V2 version, it's time to hop on the migration train and switch to V3, which is gasless for BanklessDAO members. Make sure to migrate your Safe account before June 30 — check out this demo for more information.

Join the excitement of the ongoing Gitcoin Citizen Round and show your support for BanklessDAO and Bankless Academy. The first round is live until June 27, and hosted on Optimism, making it gas friendly at last. Donating just a little will have a big impact.

Speaking of impact, this week's Community Call roundtable zoomed in on the DAOStewards team, with members sharing their ideas about the meaning of metagovernance and the value brought to BanklessDAO by delegating governance rights to the DAOStewards representatives.

Whether your weather is fair this weekend or not, we hope you have your umbrella always at the ready for this wonderful journey we share. Thanks for reading the Rollup each week, and gm 🌞.

Contributors: Quilia, Tonytad, Warrior, theconfusedcoin, anointingthompson1.eth, Paulito, KingIBK, MiuMan, Jaux, trewkat, HiroKennelly

This is an official newsletter of BanklessDAO. To unsubscribe, edit your settings.

✅ Action Items

🗳️ Vote on the bDAO Constitution Revision on Snapshot.

👥 Comment on the Reimaging bDAO’s Direction Forum post.

👍 Read and ‘like’ BanklessDAO’s Proposal to spread the Optimistic Vision.

🏃‍♀️ Catch up: Review this week's Community Call notes or listen to the recording.

🏛 Governance

Snapshot Votes

📜 Revision to BanklessDAO Constitution

There are a few days left for the Snapshot vote to revise the BanklessDAO Constitution into a clear and simplified version. If you haven’t voted yet, now is the hour!

Proposals in Discussion

👛 Approval of Additional Weekly Funding for the GC

This proposal is to approve funding for the extra weeks of Season 8 that weren't taken into consideration with the previous payment structure for the Grants Committee. Please cast your vote on the poll and leave a comment if you wish.

🏦 Withdraw Idle USDC From Deprecated GMI Pool

BanklessDAO has a little over 2,300 USDC in a deprecated Index Coop contract. This proposal is to withdraw these funds and deposit them into the bDAO Multisig.

🔴 Optimism RPFG2 Distribution

This proposal suggests how to divide the 27567.62 OP tokens obtained during Optimism's RPGF Round 2. Some of the amount will cover the KYC services needed to claim the tokens, the rest will be distributed between the project teams that contributed.

Get Smart Transactions With BanklessWallet

Authors: Quilia and trewkat

Did you notice the funding proposal for BanklessWallet among the Season 8 proposals on the BanklessDAO Forum recently? The BanklessWallet team is working hard to bring the benefits of account abstraction to a wallet that the Bankless community can be proud to use and promote to people new to web3. The proposal provides a tantalizing glimpse at some of the features it’s anticipated will be available in the Bankless Wallet, and the bDAO community is feeling pretty positive about the concept, with 96% of the 47 voters in favor of supporting the team. Grants Committee have since also approved the requested BANK amount, so stand by for launch!

A key point of difference for the BanklessWallet is that it will take full advantage of the recently approved Ethereum standard known as ERC-4337. This standard is a game changer, bringing the concept of account abstraction to the forefront of crypto wallet technology.

To understand what account abstraction is all about, you first need to know that there are two types of Ethereum accounts. Most individual users have what is called an Externally Owned Account (EOA). These are the ‘basic’ accounts which enable the user to interact with the blockchain via public and private keys. EOA users can interact with smart contracts and send tokens, that’s about it. The other Ethereum account type is a contract account, which as you may have guessed, is a smart contract. A contract account is governed by its underlying code rather than a private key, and can only perform transactions in line with what the contract allows. A more detailed but still understandable explanation of the differences is provided in this blog post about account abstraction.

There have been several attempts over the years to bring account abstraction to reality — this article says Vitalik first mentioned it before Ethereum even launched. Now, ERC-4337 will enable the creation of accounts that combine the best features of the two types. Don’t be misled by the “abstraction” part; as with most things in crypto it could do with some wordsmithing on the name. According to one co-author of ERC-4337, Yoav Weiss, “smart account” is a better description:

Account abstraction is a confusing term. The accounts are abstracted from the network; they are not abstracted from the user. The user is using a very concrete wallet that does very specific things. From the user’s perspective, it’s not account abstraction — it’s more like using a smart account. — Yoav Weiss, quoted in Cointelegraph Magazine, 2023.

Here is a great infographic that describes the features enabled by ERC-4337:

Friendly Features

Now that we understand where this project is headed, let’s take a look at some of the features the team has decided to implement for BanklessWallet.

Security and convenience are critical in the ever-changing world of cryptocurrency. Given BanklessDAO’s mission, it’s essential that BanklessWallet be designed to be incredibly user-friendly, eliminating barriers for beginners. According to the Forum proposal, anyone with an email can download the Bankless Wallet smart contract app and start their crypto journey hassle free. There is also an option for users to obtain a hardware wallet for use with the smart contract application.

The hardware wallet will double as a recovery device, enhancing flexibility in the event of a wallet restoration. In order to provide robust wallet recovery options, BanklessWallet offers various methods, including the option to designate friends as guardians. For individuals who may prefer not to rely on other people, BanklessWallet will also offer specialized recovery cards.

By using Account Abstraction, BanklessWallet gives users the option to choose how they pay for gas. Don’t want to part with your precious ETH but sitting on an abundance of meme tokens on their way to zero, use those instead to pay for gas. Thanks to this programmability, features like spending limits and allow-listed transactions, burnable addresses and stealth payments are all within reach.

BanklessWallet uses the trusted Tangem Wallet as its foundation, which is renowned for its exceptional security measures. The hardware wallet component generates and safeguards private keys within its secure confines. It is equipped with a microchip certified by Common Criteria at the EAL6+ level. CC EAL6+ is used in applications that require very high security standards, such as smartphones, e-passports, and cryptocurrency hardware wallets. By activating the hardware wallet, all operations necessitate its presence, fortifying the security framework.

Wen BanklessWallet Launch?

BanklessWallet Project Champion, Baer.eth, says the team conducted a soft launch on May 4 but there are more developments to come. He is thrilled to announce that users can now visit go.banklesswallet.xyz/HW and sign up for alpha access to the platform.

BanklessWallet aims to contribute to the advancement and widespread adoption of cryptocurrencies by delivering a product that leverages the latest Ethereum technology, the Bankless branding, and the excellent reputation of the DAO. By refining the wallet offering for the BanklessDAO community before launching more broadly, it’s a win-win and provides the opportunity for contributors and early adopters to add to the product’s success.

Meet The Team

If you’re interested in finding out more, check out the Forum post made prior to the proposal for some background, and hop into the bwallet channel in the Project Planning category of Discord to say hi to the team:

Baer.eth: Cofounder Fluxion Labs, long-time BanklessDAO Treasury Department member and delegate at DAOstewards.
Emah: Bankless Dev Guild, dev of FC NFT black glove, Solidity developer.
TonyStark: InfoSec team, Solidity dev of BanklessDAO and Nation3.
SnowdenBankless: The hardware guy - Previous Champion of BanklessML, building infotainment for Smart cars IRL. Relevant Skills: python, C#, Jango.
VishnuR: Designer, full-stack + Solidity.
IsraelRex: Designer at BanklessDAO, Blockchain Explorer @xelmartech.

Don’t forget to follow BanklessWallet on Twitter too!

👀 In Case You Missed It

🤝 Panlava x BanklessDAO

Panlava is network of communities collaborating and benefiting from a shared endowment. Here’s how it works: Panlava issues stamps (NFTs) that can be earned after completing certain tasks. These stamps hold real value and can be exchanged with any community for face value. As a part of the partnership, the bDAO community will receive some PAN tokens. PAN serves as a shared treasury for communities, providing an additional source of support and empowerment. Learn more about how this will benefit bDAO in this Twitter thread.

🎧 ENS Deep Dive

Listen to Jaris James, NF Thinker, Evan Moyer, and a strong group of ENS community members discuss all things ENS and what the future holds for this protocol. Enjoy!

🗓 Set A Reminder

🚵🏽 Bankless Academy x Velodrome Twitter Spaces

Join Bankless Academy Explorers in this upcoming Twitter Spaces to hear about the latest Bankless Academy mission and learn more about Velodrome, a trading and liquidity marketplace on Optimism.

🤩 New Joiner Session S8 x 02

Join the New Joiners Session to learn more about BanklessDAO and how to get involved. You will meet mentors who could guide you on your journey into DAO life as well as other new joiners. This session will be held on Zoom. Please be prepared to share a little about yourself.

RSVP to have Zoom meeting details emailed to you nearer to the event, which will be held on Monday, June 19 at 13:45 UTC. Remember to fill out this form.

🌊 Liquidity Pools Knowledge Session

Liquidity pools are an essential building block of the crypto ecosystem and as such, it is important to know what they are and how they affect tokens and community building. Join the Education Department on Wednesday, June 21 at 14:00 UTC in the watercooler voice channel to learn more.

📖 How To BANK (Governance)

Join the Education Department on Thursday, June 22 at 14:00 UTC in the watercooler voice channel to learn about the BanklessDAO Constitution, and in particular, how the DAO is structured.

🎙️ ApeDAO Twitter Spaces

On Wednesday, June 21 at 16:00 UTC, Jaris James and NF Thinker will be hosting Vera from ApeCoin Special Council on the BanklessDAO Twitter Spaces. Tune in to the discussion about how to build a vibrant community.

🎙️ Governance and Coordination Twitter Spaces

Join us on Wednesday, June 21 at 21:00 UTC on the BanklessDAO Twitter Spaces to discuss DAO pain-points and paths forward with NF Thinker, memebrains (host of the CityDAO podcast), and lastmjs . Calling all speakers! Join us onstage to show your governance and coordination chops. We’ll be going for about two hours, so join us any time.

🏬 PoolTogether 101 + V5 Alpha

PoolTogether is a no-loss prize savings protocol. Recently, PoolTogether has been working on a V5 hyperstructure TurboETH template, designed to simplify the web3 user journey and make it easy for anyone to tap into the prize savings network. To learn how to become a prize pool operator, select a base asset, and create a new savings token using the ERC 4626 Vault standard, join Tjark on Tuesday, June 20 at 18:00 UTC in the Daolationships Guild Live demo channel.

🔌 Umoja Protocol Demo

Umoja is a DeFi credit platform that connects global capital to private debt deals powering African enterprises. To learn more about this product, join this demo in the Amphitheater on Wednesday, June 21 at 19:15 UTC.