How Block's Upcoming Wallet Will Work \ stacker news ~bitcoin

How Block's Upcoming Wallet Will Work wallet.build/how-the-wallet-works/

189 sats \ 12 comments \ @kr 26 Mar 2022 bitcoin

53 sats \ 0 replies \ @pigman 27 Mar 2022

I actually think they made the right trade-offs here. Reminds me of Argent's (yes booo shitcoins) guardian recovery system but with a hardware device instead of social guardians. Not really a cold wallet replacement but more of a hot wallet backup/security setup which is much needed for normies.

12 sats \ 0 replies \ @BlokchainB 27 Mar 2022

I like this approach for the masses as well. I still hope one can protect their privacy using this wallet.

10 sats \ 4 replies \ @phaedrus 27 Mar 2022

How will the limits for small payments (that you can execute without hardware key, only app+Block server) be enforced?

Ie. Can that be changed by hacking Block server, or is it somehow enforced by Bitcoin network?

10 sats \ 3 replies \ @kevin 27 Mar 2022

That is a risk albeit a small one. Since they only hold one of three keys, the hacker can't do anything with it, unless they also hack you.

It's a pretty clever solution! :)

0 sats \ 2 replies \ @phaedrus 27 Mar 2022

So it’s enforced by Block server: it won’t sign larger transactions than what’s in their config, right?

That means fairly low trust for the “large transactions require hw key” guarantee.

It’s ok, just making sure I understand it. Still useful if you wanna guard against your kids/spouse taking your phone and sending everything somewhere you don’t like, but that’s about it.

20 sats \ 1 reply \ @kevin 27 Mar 2022

Yeah, enforced by Block. So there'd have to be a bad actor at Block getting access to the key somehow or some hacker that accesses it. Or a bug of course. I'm sure they'll have some kind of "X sats per day" thing as well. So if someone does get ahold of your device they won't get more than X.

I'm 99% sure there'll be a button in the app that lets you freeze the signing as well, would ben uts if they didn't have something like that.

I think this is a great step towards safer mobile wallets. The dream would be if they also open sourced it and made it easy to self-host so you use your own "Block" server.

0 sats \ 0 replies \ @phaedrus 28 Mar 2022

Agree

10 sats \ 0 replies \ @jeff 27 Mar 2022

I want this. The "large" (3-sig) vs "small" (2-sig) transactions make a ton of sense.

10 sats \ 0 replies \ @KingZing 27 Mar 2022 freebie

I really like this, can't wait for their mining rig as well. Even if it won't be that profitable.

0 sats \ 0 replies \ @UlfMoby 27 Mar 2022

Hopefully it will work like SeedSigner. (https://seedsigner.com/)

0 sats \ 1 reply \ @cointastical 26 Mar 2022

The wallet is composed of 3 things:

A mobile app that’s easy to use and allows customers to safely own and manage their bitcoin, while finding partners where they can buy/sell/convert between fiat and bitcoin

A hardware device that adds additional layers of security when moving money and acts as a self-serve recovery kit when a customer loses their mobile wallet

Recovery tools that help customers recover from losing part or all of their wallets, and that have a clear, defined set of rules to provide customers with reasonable support and peace of mind

0 sats \ 0 replies \ @cointastical 26 Mar 2022

Here's the Tweet that starts the thread sharing this post:

We've just posted additional context about what we're building, who we're building for, and how a fingerprint sensor fits into the whole product we're offering. More in 🧵, and read the post here:

And the rest of the Twitter thread, unrolled:

Thread by @max_guise on Thread Reader App https://threadreaderapp.com/thread/1507043976607457295.html