I've seen a lot of comments saying
@newton_xyz uses a smart wallet.
I'll explain what it's all about, and my worries
A smart wallet is a wallet designed for interacting with decentralized applications (dApps) and blockchain networks in the Web3 ecosystem. Unlike your wallets, smart wallets leverage smart contracts to provide advanced functionality, such as automated transactions and user-friendly features. An example is
@gnosischain Safe Wallet, or
@argentHQ wallet (helps you set daily limits)
โช๏ธ My major issue with this web3 smart wallet that Magic Newton is using is the fact that users don't have access to their private keys
If all deposits are stored in a smart contract, what happens when there is a vulnerability in your contract
I also checked through their page, and I didn't see an official audit from a top brand like
@CertiK or so
In 2020 we had an incident of a smart wallet,
@paritytech wallet hack, and over $150M was lost.
โช๏ธ The risk is higher for newer or unaudited contracts.
โช๏ธ If we'll be using "social recovery systems", then that'll rely on trusted contacts (mail), who could be compromised or unavailable.
I hope the team have solid measures to guarantee user safety?
I just signed up to
@newton_xyz, and I have two question for the team
- Why is there no feature to import wallet?
- Why can't I see my backup phrase?
Or these cause it's better, cause I believe it's not on testnet
Meanwhile, I'll be funding and playing a little with the "Recurring Buy" feature i saw
Is that the only feature Magic Newton is offering or am I missing something else?