Authors: Hiroki Watanabe, Kohei Ichihara, Takumi Aita

Published on: April 05, 2024

Impact Score: 7.4

Arxiv code: Arxiv:2404.03874

Summary

• What is new: Proposes a new protocol, VELLET, to enhance security in embedded blockchain wallets.
• Why this is important: Complex interfaces of blockchain wallets hinder wider adoption; embedded wallets simplify this but introduce security risks.
• What the research proposes: A new protocol, VELLET, uses a wallet verifier and the Ethereum Name Service (ENS) for improved security and auditability in embedded wallets.
• Results: Demonstrated that VELLET reduces security risks without significant new smart contract development or operational costs.

Technical Details

Technological frameworks used: Ethereum blockchain, Ethereum Name Service (ENS)

Models used: VELLET protocol

Data used: Smart contract audit trails

Potential Impact

Blockchain services, Web3 applications, and NFT markets could benefit; Traditional banking and payment services might face disruption.

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