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Smart Vaults (Bitcoin+Nostr) launching soon - sign up for wait list
2702 sats \ 19 comments \ @smartvaults 2 Aug 2023 bitcoin
Thoughts on a Bitcoin smart wallet?
We are building a wallet that empowers users to determine who, how, and when to spend their Bitcoin - improving its safety, recoverability, and unlocking new use cases like social recovery with trusted connections, inheritance, time-locked hodl, decaying multi-sig etc. It uses Nostr relays to orchestrate signature requests (PSBTs) on spending policies.
Check it out and sign up for the waiting list: https://www.smartvaults.io/
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52 sats \ 3 replies \ @wrangler 2 Aug 2023
Since you are using Nostr, let people have the option to follow Smart Vaults on there, rather than that other site.
Project looks interesting. I will be signing up. :)
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53 sats \ 0 replies \ @derekross 2 Aug 2023
and use nostr npub waitlisting. yikes. using nostr, but not actually USING nostr.
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0 sats \ 1 reply \ @smartvaults OP 2 Aug 2023
Done! dm to join waiting list
npub1hgexz8p2f0u3t9gwy3mnjpq2u2djun0708yzxa8m2juey5uglt4qmv7qms
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0 sats \ 0 replies \ @wrangler 2 Aug 2023
Great. Nice work!
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1 sat \ 4 replies \ @nerd2ninja 2 Aug 2023
I'll tell you what I think when I read the source code.
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0 sats \ 3 replies \ @smartvaults OP 2 Aug 2023
It's all open source: https://github.com/coinstr
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32 sats \ 2 replies \ @nerd2ninja 2 Aug 2023
Oh yeah, I've seen this before,, but you don't have this link on the website. I think its neat. I do think it may be unnecessary to use nostr for this, and it is probably going to leave a lot of metadata lying around, but in concept not horrible.
Might want to look into FROST integration, although I know that standard isn't exactly built out I don't think so maybe a little shaky to build on right now.
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50 sats \ 0 replies \ @smartvaults OP 3 Aug 2023
We are looking at FROST and other techniques like MPC.
There are new event kinds and it does leave some metadata around. However, we encourage use of private relays and will offer private-relay-as-a-service to business/groups that require extra privacy. All of the PSBTs and proposal notes are encrypted but there is still metadata.
We could have used a custom backend instead of Nostr but wanted to make it easy to self-host. Implementing something like FROST or MPC will require more backend/coordinator components to operate.
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50 sats \ 0 replies \ @franzap 2 Aug 2023
Yeah a bit early for frost but sounds really promising
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1 sat \ 0 replies \ @garyKrause_ 2 Aug 2023
OP_VAULT wore it better.
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0 sats \ 7 replies \ @frostdragon 2 Aug 2023
Someone explain this to me like I’m 5, including why this is needed. Sounds a little sketch.
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10 sats \ 6 replies \ @nerd2ninja 2 Aug 2023
They're using nostr to communicate.
Just period dot, leave it like that.
Okay, so then they're trying to create "distributed custody" vaults. Its where you can give a friend access to your money in case you lose access to your money.
Except more than one person has to sign off in order to actually spend the money.
This is how glacier explains the usecase for distributed custody: https://glacierprotocol.org/docs/overview/multi-signature-security/
But remember Bitcoin beach had something similar to this, their system was "community custody" but it was still just Galoy always had the ability to spend the Bitcoin if the users lost their money: https://galoy.io/bitcoin-banking-for-communities-lessons-learned-from-el-zonte/
So in this case, you're giving keys to your friends rather than companies.
Nunchuck also had this "multi-sig with your friends and family" idea: https://nunchuk.io/
And again, the nostr part is literally just communicating xpubs and partially signed bitcoin transactions (PSBT) files with the other key holders.
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0 sats \ 1 reply \ @smartvaults OP 2 Aug 2023
Great summary, thanks. Since Smart Vaults only rely on a bitcoin node and a nostr relay, it is also self-hostable.
This is not possible with Nunchuk, Fireblocks, BitGo, etc.
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0 sats \ 0 replies \ @nerd2ninja 2 Aug 2023
Right....just can you use the NIP-88 binary transmission method rather than the json method? https://github.com/nostr-protocol/nips/pull/512/files/a2cf31aaa95e7cb80501d54a04ce0256436e7d92
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0 sats \ 3 replies \ @frostdragon 2 Aug 2023
Gotcha. Seems like just setting up multisig with unchained is way simpler.
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13 sats \ 2 replies \ @nerd2ninja 2 Aug 2023
But you're setting up multi-sig with a company that has to comply with regulations, like handing over all your KYC information and transaction history rather than with your friends and your family who are just people and might give up information if like arrested, but still have 5th amendment rights for the most part.
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0 sats \ 1 reply \ @frostdragon 3 Aug 2023
Bitcoin is a public ledger, and digital forensics makes privacy impossible if you’re concerned about nation states.
Bitcoin doesn’t fix the internet privacy problem. But confiscating each individual’s bitcoin is also impossible, even for a nation state.
In the meantime, why do I need an internet protocol to set up multisig with friends or family? Still seems like I could just generate the wallet myself and hand over hardware wallets.
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50 sats \ 0 replies \ @smartvaults OP 3 Aug 2023
One of the reasons we built Smart Vaults is because we were tired of dealing with distributed multisig hardware wallets for day-to-day needs. They absolutely have a use case of course, and will be supported by Smart Vaults.
We wanted a smooth, high grade experience where users can approve quickly from their phone.
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0 sats \ 0 replies \ @garyKrause_ 2 Aug 2023
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