Chaohua Community | Smart Wallet Ambire: One-click access to DeFi, saving costs and time

What does an encrypted wallet mean for the encrypted market? The general consensus in the industry is that the wallet is the most important traffic entrance in the blockchain world, and it is also an indispensable infrastructure in the entire ecology.

But two years ago, the basic status of the wallet was not fully reflected. At that time, in the eyes of many practitioners: the wallet was like a chicken rib. But with the advent of the DeFi era, the status of wallets has begun to undergo earth-shaking changes. In terms of overall market popularity, global wallet users will grow steadily in 2020, and the total number of visits will reach 140 million; global wallet users will exceed 60 million in Q1 of 2021, reaching 64 million. In addition, a large number of emerging projects have emerged in the wallet market, showing explosive growth.

On February 10th, Georgi Vladimirov, the community manager of smart wallet Ambire, visited the Odaily Chaohua community to explain the relevant features of Ambire Wallet in detail.

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Odaily: Wallet is the most important traffic entrance in the blockchain world, and it is also an indispensable infrastructure in the entire ecology. As a rookie on the wallet track, Ambire Wallet was born and quickly gained market attention. Since some readers know little about Ambire Wallet, I would like to ask you to give us a brief introduction to the development and goals of the project.

Georgi Vladimirov：The vision of Ambire Wallet is to provide an easy-to-use blockchain asset management tool with integrated functions. It can open the door to the future of web3 for users, no matter how much knowledge or experience they have in DeFi, even our mothers can use this.

We believe that DeFi is the way we will access and manage web3 interactions and control financial and other assets in the future, so there is a need for a tool that can take on such a huge demand, but also be flexible and changeable. That's why Ambire has chosen to integrate - not just plugins or wallet connections, but APIs that accommodate all types.

There is no doubt that the Ambire Wallet is a truly cutting-edge technology that is constantly being improved. As a tech brand, we know our projects are never finished and always need to be updated and improved (actually we like it that way too).

We think that by the end of 2022 we may have the best performing smart wallet on the market: we will release the mobile app by the end of the quarter, WalletDAO will take shape in early summer, then we plan to release a physical card and a plugin by the end of the year system, which will bring more opportunities to the Ambire wallet.

Odaily: On the official website, Ambire Wallet claims to be "the first non-custodial wallet with email authentication function". Can you introduce the email authentication function?

Georgi Vladimirov：Ambire does traditional authentication with email and password like a web2 application. This authentication mode is completely unmanaged, and I will further introduce its actual operation to you later. It's definitely an innovation in the field because the level of security we've achieved is unprecedented.

Odaily: You can register a wallet address by email, which really lowers the barrier to entry for users. I tried it myself, and registered a new address in less than a minute. But I have a question, will this method affect the security of the wallet? Who keeps the private key or mnemonic of the wallet? If the user forgets the wallet account or password, how to retrieve the Ambire Wallet address? What if the user wants to import the Ambire Wallet address to a wallet such as Metamask?

Georgi Vladimirov：Because Ambire is a smart wallet, email/password accounts are effectively 2/2 multi-signature wallets. Therefore, they are completely unmanaged.

One key is in the browser, encrypted with a password, and the other is on our hardware security module (HSM) in the back office, and you need both keys to control this account. As long as you use one of these, you can sign time-locked transactions for recovery. This makes Ambire compatible with existing"easy web3 "The solution is very different, significantly more secure and trust-minimized.

Of course, accounts that only use email addresses and passwords will never be able to match hardware wallets in terms of security, so they are more of an "onboarding" tool to help crypto adoption. We recommend using Ambire Wallet in combination with a hardware wallet for additional security.

Odaily: In addition to using the email registration address, what other methods does Ambire Wallet support for registration?

Georgi Vladimirov：Ambire wallet not only allows you to register with email, but also with hardware wallet or Metamask. Please note that when using MetaMask to log into Ambire Wallet, linking does not mean directly copying your MetaMask account, nor can you use your Metamask tokens. Instead, like all smart wallets, Ambire creates a new smart contract for each account you connect to, which is why it automatically assigns a new account number.

What's great about it is that you can actually add multiple signers to your account, enabling what's called a hybrid security model. For example, you can have both a hardware wallet (Trezor/Ledger) and a software wallet as a signer. For email/password accounts, you can also add a 2FA, which will greatly increase your level of security.

Odaily: At present, there are many players in the wallet track, and the old projects include Imtoken, Metamask, etc. As a rising star, what are the differentiating advantages of Ambire Wallet compared with these competing products? Why should users choose Ambire Wallet?

Georgi Vladimirov：For competitors like Metamask, the biggest problem right now is user experience (UX). We may also hear tragic stories from people who either sent tokens to a contract and lost them, or forgot their seed phrase and lost access to their wallets, just some of the possible roadblocks.

Ambire Wallet is solving these problems by combining all the best things in the world: a strong key management wallet (like Metamask or MyCryptoWallet), an intuitive user experience (Argent), and an amazing dashboard (Zapper) .

It comes in the form of Smart Wallets — a unique new technology that allows users to gain features like smart recovery, automated fee management, batch transactions, payment of fees in stablecoins and other tokens, and more. Because of the ability to add multiple signers, Ambire is ideal for corporate setups, e.g. a custodian/portfolio manager would have full control over the Ambire account using a hardware wallet, but they could delegate access (email/password) to an accountant - the signer There are spending restrictions.

Odaily: Ambire Wallet supports the purchase of cryptocurrencies through legal tender. I would like to know, which traditional payment providers are you currently cooperating with? Does Ambire Wallet have any restrictions on the transaction amount? In addition to depositing, does Ambire Wallet support cryptocurrency withdrawal services?

Georgi Vladimirov：We currently have fiat payment integrations with the following providers, who are industry leaders and well recognized in the cryptocurrency world: Ramp Network, PayTrie, and Transak. They all support multiple currencies and have different daily deposit limits, up to a maximum of EUR 15,000 per day.

Odaily: One of the features of Ambire Wallet is to save Gas fees and time, which can prevent "front-running transactions". I wonder how this is achieved? In addition, must the gas fee be paid in ETH?

Georgi Vladimirov：repeater"repeater", which is responsible for broadcasting your transactions to the network. The gas pumping mechanism is necessary to: 1) allow transaction fees to be paid in any token; 2) enable relayers to automatically manage gas fees for you.

Regarding "front-running" protection: With account abstraction, it is easier to use other transaction broadcast mechanisms, such as Flashbots and Eden. This allows Ambire users to avoid the "sandwich attack".

Odaily: It is understood that Ambire Wallet also supports "batch transactions". Can you introduce the details?

Georgi Vladimirov：subtransaction"subtransaction". Batch processing greatly reduces the required approvals: we don't need to bother users with a separate approval process, and we don't need to solve this problem with infinite approvals, we only need to batch approvals with specific actions so that users' The approval process is seamless, and it also solves the security problems caused by unlimited approvals, and only needs to approve a specific amount before and after the transaction.

Transaction batching allows complex DeFi interactions to be completed in a single transaction. Things like depositing into a vault (often a multi-step process), providing liquidity, leveraging Aave exposure, and more. We recently had a case where an Ambire wallet user successfully enabled 18 staking pools on Sushiswap in one transaction.

Odaily: I found that there is a "cross-chain transfer/transaction" function in the Ambire Wallet dashboard. Can you introduce the technical solution behind it? Did you use a cross-chain bridge partner?

Georgi Vladimirov：According to the industry's best practices, we have integrated the Movr network for cross-chain swaps:https://www.movr.network/

In this way, we allow users to trade tokens between widely followed networks such as Ethereum, Polygon, BSC, Avalanche, and Fantom Opera, and give them access to as many opportunities as these networks allow.

Odaily: Through Ambire Wallet, users can access DeFi with one click. For example, earning income through DeFi protocols such as Yearn, or borrowing assets from Aave at low interest rates. But Ambire Wallet doesn't seem to support applications such as Opensea, why? At present, there are few applications displayed on the platform. Is there any expansion plan to add more applications in the future? In other respects, what other development plans does Ambire Wallet have?

Georgi Vladimirov：We released an alpha preview version of Opensea a few days ago.

https://twitter.com/AmbireWallet/status/1490677637953597440

Some DApps such as Opensea do not support smart wallets such as Ambire, which is caused by several factors: EIP1271 (smart wallet signature) is not supported or contract calls are deliberately blocked due to lack of awareness (many DApp developers do not know that wallets can also be contacts ).

Fortunately, Opensea supports smart wallets at the contract level (but not in its user interface), so another UI that works with Ambire can be implemented. That's why we've taken advantage of that and are currently working on the great new features I teased above.

About the application: You can actually connect any DApp through Walletconnect, and you don't have to limit yourself to the built-in functions.

Odaily: The native token of Ambire Wallet is WALLET. Can you introduce its economic model and application scenarios? In addition, WALLET is currently listed on Huobi and SushiSwap. What are the plans for listing in the future?

Georgi Vladimirov：$WALLET is a unique addition to our ecosystem as it is the first mass consumer wallet governance token. It has many unique use cases:

Vote and suggest future developments. We all know that most wallets have fallen behind in terms of functionality over the years, and we believe that making wallets community-driven is the solution to this problem. We allow users of the Ambire Wallet to truly own it and contribute to its functionality.

Incentive to use. Also related to the first point, we are distributing $WALLET tokens to early adopters. This is a long-term allocation mechanism. Anyone with a balance in Ambire will receive WALLET prorated for the next 4 years.

Referral bonuses, Gas discounts and other incentives.

In short, $WALLET is a governance token that will control WalletDAO and determine the future of the product, as well as being a great growth mechanism for Ambire.

Finally, it's worth noting that $ADX users can also earn $WALLET rewards as a token of appreciation for our community.

Odaily: In terms of financing, what institutional investment has Ambire Wallet received? Can you tell us about it?

Georgi Vladimirov：We have a large number of early investors, namely: LaunchHub, Momentum6, Bitcoin.com, Daedalus, Metacartel Ventures, etc.