Let’s stop using private keys to hold funds, instead use contracts and signed messages

I recently wrote two ERCs that I believe would help a lot of UX issues on ethereum:

Here's a video explaining it in more details, at UX Unconf in Toronto (day after Edcon).

But if you don't want to read it, let me break it down for you, what I wish would be the future of UX in Ethereum:

  • Stop using simple ethereum accounts to store funds. Let's just use them instead to sign messages (they work as authorization tokens)
  • Stop backing up private keys and seed phrases. Private keys are safer from theft if they never leave the device they are on. If you lose the device, just generate another one to access the funds, using the devices you still have access to
  • Store all your funds instead, in identity contracts that can execute signed messages from authorized accounts
  • Add smart recovery options on that contract, in case you lose all the current keys (they can be seed phrases, friends recovery, etc)
  • Since now the deployer which is paying the gas is different than the signer, the contract can pay back the deployer to reimburse the gas spent on any token both agree on. It means you could be paying you ethereum transactions in dai or even a token specific app!
  • Identify that contract using an ENS subdomain (which can be registered immediately when you create a contract). Now every user would have their own easily typeable username!

And that's basically it. Anyone wants to help?

Submitted May 16, 2018 at 08:42AM }
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