Thoughts on a Bitcoin smart wallet?

[zoozer]

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...

Check it out and sign up for the waiting list if interested: https://www.smartvaults.io/

Would love to hear what are the features you are more interested in?

[Findingnemo]

users to determine who, how, and when to spend their Bitcoin -

So you are saying that you will be snooping on all the private data about users then you will let then know how, who, when and where to spend your Bitcoin, am I right?

But you need to understand this idea is totally against the crypto enthusiast who value decentralization, privacy, and the ability to control their own funds without intermediaries. Any entity that attempts to interfere with these principles, or dictate how they should spend their cryptocurrency, would be contrary to the basics of the crypto community.

[Eternad]

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...

Check it out and sign up for the waiting list if interested: https://www.smartvaults.io/

The inheritance and time locked catches my attention but the rest of the feature you are introducing seems like a custodial wallet to me which breach the privacy of user and break Bitcoin decentralized feature. Having a Bitcoin recoverable will make the transaction not on chain since real Bitcoin doesn’t support replay on transactions.

But the idea of smart wallet is cool on Bitcoin because it helps non coder user to do a function which you can only done through code.

[btc_angela]

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...

Check it out and sign up for the waiting list if interested: https://www.smartvaults.io/

Welcome to the community,

One question though, is it's open source wallet or not?

I can't find anything on your website though, although it just say's join the waiting list?

[ImThour]

Not a great way to introduce users to your project, I would go to Project Development (https://bitcointalk.org/index.php?board=12.0) and share my idea/implementation with others, get some feedback, improve it and then share with the Bitcoin audience here in the Bitcoin Discussion. Also, you made a wallet and named it Vault. These two words have different word meanings.

"determine who", if you know who is spending, that basically destroys the whole concept of anonymity in the Bitcoin blockchain. When to spend, like how do you know when I have an urge to buy something and pay with Bitcoin? Not a great way to launch it.

[hugeblack]

Frankly, I did not understand what you are trying to present, but it is not a revolutionary thing, as there is already a service that provides the same in a decentralized distributed way. Therefore, explain your idea (if it is complete) better, otherwise you are not trying to build something that no one led you to.

users to determine who, how, and when to spend their Bitcoin -

So you are saying that you will be snooping on all the private data about users then you will let then know how, who, when and where to spend your Bitcoin, am I right?

It is not necessary that you can use the Timelock^[1] (nLockTime) feature, which is a kind of smart contract that adds restrictions on how to spend bitcoins, where you can set a condition, for example, to spend it after a certain date (not accurate) or a specific block. It has many applications, the most famous of which is the Lightning Network.
There is also a development in the miniscript that enables you to inherit Bitcoin in a more decentralized way.

you have talked about a developer team that has years of experience, however, I do not find any details about them except this picture. If these are the developer team, can you add details about them?

[1] https://en.bitcoin.it/wiki/Timelock

[Findingnemo]

users to determine who, how, and when to spend their Bitcoin -

So you are saying that you will be snooping on all the private data about users then you will let then know how, who, when and where to spend your Bitcoin, am I right?

It is not necessary that you can use the Timelock^[1] (nLockTime) feature, which is a kind of smart contract that adds restrictions on how to spend bitcoins, where you can set a condition, for example, to spend it after a certain date (not accurate) or a specific block. It has many applications, the most famous of which is the Lightning Network.
There is also a development in the miniscript that enables you to inherit Bitcoin in a more decentralized way.

I remember Timelock feature allows users to spend the bitcoins after a certain date or a specific block height but OP is deeper than they by saying smart (which I assume happens on itself) especially who and how. Not just that it's like a kind of wallet that will require complete control over our funds to make all those things possible as they mentioned in their site.

Anyway, the website is to vague about how they are going to make it happen so absolutely I don't find any reason for someone to subscribe to their waitlist.

[hugeblack]

Anyway, the website is to vague about how they are going to make it happen so absolutely I don't find any reason for someone to subscribe to their waitlist.

I agree with you, and the design needs further review, which gives a lot of doubts about how they keep the emails and promise to sell them. There is no page related to the terms of use, and there is no explanation that makes the user enthusiastic about this project, unless they clarify more things, so I don't think anyone will try Join that list.

The strange thing is that they think they are providing a revolutionary service.

[Ale88]

We are building a wallet that empowers users to determine who, how, and when to spend their Bitcoin

Why? I don't get it. Who and why should use a wallet that shares all these private informations?

improving its safety, recoverability, and unlocking new use cases like social recovery with trusted connections, inheritance, time-locked hodl, decaying multi-sig etc...

That is another thing that raises a red flag based on what you said before: how would you improve the recoverability? Does that mean that, maybe, somehow, you keep track of the seed?

I don't know, I feel like you guys get access to too many info, I wouldn't feel comfortable using a wallet like that. And is it open source?

[Wimex]

The idea is not bad, it would be interesting if a wallet could help you better manipulate your bitcoin, especially if you are new to the subject and want better guidance than living the experience and learning along the way. However, I agree with many comments, privacy itself is what matters when you have bitcoin, and that is why anti-encryption security is one of the options that most look for in a good wallet, in addition to not having requirements that violate the anonymity of each user, if what is intended with this innovation is to obtain information from people in order to help them better manage their bitcoin, they would be trying to become banks, something that no cryptocurrency expert would want, because according to what I understood they would even control personal assets contradicting the purpose for which bitcoin was made.

[ZAINmalik75]

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...

Check it out and sign up for the waiting list if interested: https://www.smartvaults.io/

Would love to hear what are the features you are more interested in?

Seems interesting, actually a project of same idea has already came into the market known as Mixin i am thrilled to test that project too which i will complete in near future. That project has a review campaign in running by royse777 where people will test out the capabilities of that platform and will report issues and provide suggestions if any.

That platform allows emergency contact features, multi sig confirmation via some known member of your family or using your second device. I loved that project and i am happy to see the competition because so far i came to know about that project only.

Once there will be more projects the competition will be high and the error and omission will be no more as one will try to overtake others to earn the trust of people.

[BlackHatCoiner]

Personal opinion on wallet software, from a Bitcoin user who has never lost a single satoshi:

- Don't use it if not open-source.
- Don't use it if it requires you to sign up on a waiting list.
- Don't use it if it involves social recovery methods, as most are pointless and dangerous.
- Don't use it if it presents itself as something with new capabilities, while there are tons of peer-reviewed, open-source alternatives that provide such capabilities years now.

[Ucy]

Nice concept as long as it's opensource and secure. The recovery feature for self custody will really be useful if done correctly. Also like the "time-lock hold" feature.
Would like to also see split coins feature that helps fund owners avoid keeping huge amount of funds in single account or private key by automatically splitting the funds into multi private keys.

[@sriyan]

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...

Check it out and sign up for the waiting list if interested: https://www.smartvaults.io/

Would love to hear what are the features you are more interested in?

I have a few questions about this.

Question 1: Is it decentralized?
Question 2: Why do we enter our details into the provider? (Anyone can sell our data)

[ABCbits]

I checked your website and here are my thought (which haven't mentioned by other user),
1. I saw few screenshot of application on smartphone. Does that mean people only can access your service through your mobile application?
2. On section "We Take Pride in Our Numbers" you mention 4 different thing (such as 12 products built), but you don't bother mention any of them (such as link to the products). Without proof, i had to raise my skepticism about your product.
3. It's nice to see your service claim to use Taproot, since your competitor still use P2WSH or even old P2SH.

[Latviand]

It's a nice concept but the only problem with that is you're tracking how they spend their bitcoins which is a breach of privacy since that's a user data now I don't know much about technical stuff but if you have a way to encrypt that data in a way that it's not going to make sense even if the data has been leaked then probably you have a chance for the people here to like that idea. Even that thing that I'm saying is a breach of privacy with just the addition of data obscurity. If I'm being honest, when things like these are being developed, I always ask myself if the previous iteration has a critical flaw that needs to be addressed but if there's nothing then I tend to not like the upgrade since most of the time it's just an additional feature which just makes things more complicated.

[OgNasty]

Bitcoin hardware wallets is going to for sure be a highly competitive space in the coming years. While there are several companies now fighting for market share, I think before too much longer they will all be fighting for a niche market as the logical development in the space is for a company like Apple to add support in their already trusted wallet apps.

[NotATether]

Bitcoin hardware wallets is going to for sure be a highly competitive space in the coming years. While there are several companies now fighting for market share, I think before too much longer they will all be fighting for a niche market as the logical development in the space is for a company like Apple to add support in their already trusted wallet apps.

Apple would just make an "Wallet" (that is supposed to say "Apple Wallet", but the apple character will not render on some fonts and operating systems) and use it to replace credit cards, other kinds of membership cards/gift cards, and maybe hardware wallets.

The last item depends on whether they want to expand into cryptocurrency at any point of time, which for the time being, looks like it would be "no". But it would be cool nonetheless.

[BlackHatCoiner]

Question 1: Is it decentralized?

As far as I can tell, it's non-custodial (which is what you probably meant) and it utilizes nostr, but it certainly can't work without the development team, at least in the early stages. So, I wouldn't say the whole project works on its own (decentralized).

The last item depends on whether they want to expand into cryptocurrency at any point of time, which for the time being, looks like it would be "no". But it would be cool nonetheless.

Why would they do that? There's Apple Pay that's dominating along with Google Pay.