Nikolas Sargeant
Since the advent of blockchain and crypto wallets, users have been crippled by one major security issue, namely losing their seed phrases and crypto wallets, with no hope of recovering their lost assets. While they provide safety and security, seed phrases present their challenges and risks. Few people have the know-how to store and manage their seed phrases, and with non-crypto natives joining the space en masse, a solution to this was long needed.
Core, a crypto wallet service, has today announced a partnership with Cubist’s CubeSigner non-custodial signing service, to create the world’s first seed abstraction wallet, allowing users to create wallets without a seed phrase. The novel technology allows new wallet users to generate and manage their keys through simple Web 2 methods like Google and Apple logins, enhancing accessibility without trading off security or relinquishing custody to third parties.
The latest innovation aims to offer users an efficient and elegant way to eliminate the risks involving seed phrases while supporting Web 3 adoption rates. This unique wallet solution is built for all blockchains, mainly Avalanche, and is not limited to any specific chain or VMs. A user can use Core-generated seed across various blockchains, from Bitcoin to EVMs, without the complexities of multiple contracts or cross-chain issues.
How Core’s seed abstraction works
Core’s latest innovation differentiates itself from other wallet offerings, making Web 3 wallets as simple as logging in to Web 2 platforms. The seed abstraction uses Cubist’s CubeSinger, a non-custodial signing service, to provide Core users with secure social logins and handle their keys on secure hardware. Core generates keys and signs transactions remotely, from within CubeSigner’s secure hardware.
The platform uses secure and extensive encryption methods and a secure enclave to keep raw private keys secure. This ensures your private key is secure from all other parties. When compared to other abstraction methods such as ERC-4337 (account abstraction), which limits wallet users to EVM chains and has restrictions based on where contracts have been deployed, Core seed abstraction offers a multi-chain solution. Core’s solution allows users to transact in multiple blockchains and VMs including Bitcoin, Avalanche C, X and P-Chains, and any EVM chain, without compromising on security.
To enhance security, additional security measures are employed when a user is accessing their Core account. A user requires both their login details and a physical authentication device, to mitigate phishing risks and unauthorized access. In addition, CubeSigner’s protocol for exporting keys includes extra steps and waiting periods to protect against attacks like SIM swapping, ensuring only the rightful owner can export their keys.
A clear path for Web 3 adoption
This unique solution offers a path to global mass adoption of Web 3 and crypto, providing an easy-to-use UX for new users entering the space. As crypto wallets move to more seamless platforms, Akash Gupta, Head of Consumer Products at Ava Labs believes the industry will grow even further.
“Core unifies the key tenants of Web3 by enabling simple, frictionless, and seedless onboarding while preserving self-custody and high security. Core's users are free to choose their favourite form(s) of sign-up, login, and recovery without any trepidation or anxiety,” added Akash Gupta.
Core’s seed abstraction is developed for the everyday crypto users and novices in the field, addressing one of the biggest issues in the space –losing seed phrases and difficulty in recovering wallets and assets.
While the solution is more effective and enhances user experience, users wishing to retain their seed phrases will have the option to do so.
