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Smart Account

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Weiwu Zhang edited this page Dec 13, 2019 · 3 revisions

A Smart Account is a smart contract whose address is the owner of assets and tokens.

Just like Smart Contracts are not smart, Smart Accounts are not smart either. We simply took a "bow to the people" approach in naming. A smart account does have richer and rigid functions and security risks that come with them, thanks to being driven by a smart contract.

A smart account might have any of these features:

  • Authorisation - user authorises someone to take money from his Smart Contract Wallet. (authorisation is attestation)
  • Delegation - user chooses some smart contract or someone to trade for him.
  • Security Policies - take threshold policy for example. A user configures a threshold so that transactions beyond the threshold require 𝑛 days of delay or 3rd party signature or the use of a hardware wallet.
  • Account Recovery - user chooses a few friends or authorities to assign the account ownership to a new key pair.
  • Deadman's switch - the money is redeemable by a beneficiary if not touched 3 years.

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