(Dead-man-switch) Permission based Wallet

[GENERAL] Name and surname of main applicant

Sandro Schaier

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Individual

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

7

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Smart contract based system for dead-man switch and wallet access. With specifiable permissions. Potentially even usable for other use-cases. -> permissions to do certain transactions if rules are met

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

The project will be fully open source, using the MIT License

[SOLUTION] Please describe your proposed solution.

Designing a Smart Contract-Based Dead Man Switch Wallet

The proposed system utilizes smart contracts to enable controlled access and permission-based transactions within a wallet, providing a safety net in scenarios where the owner loses access to their wallet or assets. Furthermore this system can be used in various advanced solutions, like partially managed/custodial wallets

Features:

1. Permission-Based Transaction Controls: Users can predefine permissions for specific transactions within their wallet. For instance, permissions may activate after a predefined period of inactivity or trigger based on specified criteria, like the two parties agreeing.
2. Asset-Specific Spending Permissions: Users can set conditions allowing spending on certain assets or within specific limits. This feature ensures controlled management of assets within the wallet.
3. Partially custodial wallets: Third parties can onboard new users easily and have a partially custodial wallet access, to recover funds and manage transactions for example in a gaming use-case.

Use Case Example:

Albert's Controlled Access Wallet

Albert secures 1 million ADA within his wallet and safeguards it with a seed phrase stored in a secure location. Unfortunately, a fire destroys both his wallet and the seed phrase.

Typically, this situation would result in a complete loss of funds. However, Albert previously granted permissions to a trusted family member. If six months pass without any transactions in Albert's wallet, this permission allows the family member access to his funds through their own wallet.

This setup empowers Albert to recover his funds after the specified duration without accessing the original wallet or seed phrase. Furthermore normal wallet interactions (spending,...) remain functional for normal use cases, while ada is locked in the contract. Acting as an extension to normal wallets.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

Potential Benefits:

• Risk Mitigation: Reduces the risk of total loss due to unforeseen circumstances like loss of access or asset mismanagement.
• Secure Asset Recovery: Offers a controlled and secure method for designated individuals to access funds on behalf of the wallet owner in specific situations.
• Customizable Permissions: Provides flexibility for users to tailor permission settings according to their preferences and needs.

By leveraging smart contracts and permission-based controls, this system ensures a safety mechanism for individuals to regain access to their funds in dire circumstances.

To simplify it:

• There is less risk when dealing with crypto to lose all your funds.

• New users are easier to onboard if they know their funds are secure or they have a partially managed wallet.

• Real world use cases can rely on partially custodial wallets, where onboarding entities can create wallets and secure them. This could be done without giving away all permissions and removing the decentralisation aspect in crypto.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

My previous experience includes working on several Cardano projects, where I have been involved in various tasks from developing authentication flows for projects like HHMC to creating custom solutions for large-scale NFT projects and NMKR.

In addition, I am also the developer for Whiskees NFTs, and will release an Open Source Voting System for everybody to use (even though it was not funded)

Outside of the Cardano ecosystem, I work as a freelance developer, working on a variety of web and app projects. This has allowed me to gain practical experience in real-world development and needs.

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

Whitepaper and Smart Contract Concept Development

• Objective: Create a comprehensive whitepaper outlining the permission systems and use-cases with meticulous detail.
• Tasks:Research and Define Permission Structures: Explore various permission models and design a detailed outline for the whitepaper.
• Write Whitepaper: Develop a thorough document outlining the concept, requirements, permission structures, and potential use-cases.
• Smart Contract Development: Translate the outlined permission structures into a functional smart contract prototype.
• Define requirements for a smart contract and outline tasks

Offchain Smart Contract Interface

• Objective: Develop the onchain part of the smart contract (validators)
• Tasks: Integrate a transaction builder, permission based transaction system into smart contract validators
• Write extensive documentation
• Tests to verify security of the contract

Offchain Smart Contract Interface

• Objective: Develop the offchain part of the smart contract
• Tasks: Integrate a transaction builder, permission based transaction and API for third parties
• Write extensive documentation and tutorials for third parties

UI/UX Design for Web Interface

• Objective: Design an intuitive user interface (UI) with good user experience (UX) to interact with the smart contract through a web interface.
• Tasks: Wireframing and Prototyping: Create wireframes and initial prototypes for the web interface.
• UI/UX Design: Develop a user-friendly interface that aligns with the smart contract's functionalities.
• Integration Planning: Identify necessary features to integrate smoothly with the smart contract.

Testnet launch

• Objective: Launch the project on the testnet to gather feedback and refine the system.
• Tasks: Testnet Launch: Launch the smart contract and web interface on a testnet environment.
• User Testing: Invite users to interact with the system, gather feedback on usability, functionality, and potential improvements.
• Feedback Analysis: Evaluate collected feedback and identify key areas for enhancement and refinement.
• Refine the system and improve based on feedback

Mainnet launch of contract, API and UI

• Objective: Launch the project on the mainet
• Tasks: Have a fully functional system live on mainet
• Work on bug fixes and smaller improvements
• Potential collaboration for an direct wallet integration

[RESOURCES] Who is in the project team and what are their roles?

Sandro Schaier -Developer (https://de.linkedin.com/in/sandro-schaier-7518a4299)

I will be working on all aspects of this project.

Concept + Smart contract + Interacting layer (Web Interface+API for third party)

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Milestone 1: 10k

• Including the final whitepaper
• Extensive permission descriptions
• Detailed development tasks

Milestone 2: 25k

• Including development of the on-chain smart contract based on requirements
• Extensive documentation
• Extensive testing to ensure security

Milestone 3: 45k

• Including development of the off-chain part to interact with the smart contract
• API for third parties to interact with the smart contract
• Extensive documentation

Milestone 4 : 10k

• Testnet launch
• Gathering of feedback
• Improvements based on feedback

Finilization: 10k

• Reserved for bug fixes and quality of live improvements
• Looking into direct wallet integrations
• Ensuring smooth launch and various small items like: server costs, tutorials, help to integrate with third party developers...

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

This will provide similar functionality as it is available on other (e.g. EVM) based chains.

Since it is a requirement for many real world use-cases and enables easier onboarding of users outside of the crypto world, this needs to be developed, not only for the outside cardano community to consider using this chain but also match features.

The price is based on the usual german development market rate

[IMPORTANT NOTE] The Applicant agrees to Fund Rules and also that data in the submission form and other data provided by the project team during the course of the project will be publicly available.

I Accept