Revisiting the Design Philosophy of FuturesCash
Back in June 2021, we unveiled the inaugural version of the FuturesCash wallet on our official blog. At that time, the concept of DeFi was just budding, DEX was thriving, and Ethereum mining was perceived as a gold rush in the crypto world. Yet, there was a barrier: many potential participants, including seasoned crypto investors, found it daunting to navigate the intricacies of non-custodial wallets. Their familiarity mostly rested with centralized exchanges, creating a gap in the broader crypto experience.
This is where FuturesCash’s fundamental design philosophy stemmed from: introducing a centralized but friendly user experience to bridge the gap. The goal? To make the ever-evolving realm of DeFi projects accessible to a wider audience. It’s essential to differentiate the core function of a wallet app — managing assets and bills — from the primary objective of the exchange app, which is trading.
Fast forward two years and countless iterations, FuturesCash has not only fulfilled its market promise but has surpassed expectations. It now supports multiple leading blockchains, offers cross-chain swaps, has introduced a diverse array of staking programs, and even rolled out a prepaid card product charged with cryptocurrency. Yet, our journey doesn’t end here. Since our inception in 2020, our ambition has been to stay ahead of the curve. While the road ahead may hold uncertainties and periods of ambiguity, our commitment to relentless exploration remains unwavering.
Introduction to Account Abstraction
Reflecting on our technological journey, certain shortcomings have become apparent. Our centralized wallet design inadvertently caused us to bypass the surges of GameFi and NFTs. Moreover, staying in step with the rapidly advancing DeFi sector became a daunting challenge. However, the introduction of Ethereum’s EIP-4337, which proposes the concept of Account Abstraction (AA), has offered a new perspective and direction.
For those who might not be deeply rooted in the technical world, here’s a clearer insight into Account Abstraction:
Account Abstraction enables personal wallets to operate in a manner reminiscent of smart contracts. This capability ushers in a significant level of automation for fundamental operations, including transfers and wallet access.
EIP-4337 suggests a protocol that thoroughly abstracts wallet activities from the network’s consensus layer. It promotes the grouping of commands that can be verified independently of the consensus layer. This abstraction provides a richer flexibility in how Externally Owned Accounts (EOA) function and are overseen.
Importantly, the AA standard isn’t exclusive to Ethereum. It can be seamlessly implemented across all blockchains compatible with the Ethereum Virtual Machine (EVM). By embracing Account Abstraction, the Ethereum network and other EVM platforms stand on the cusp of unprecedented adoption and application avenues.
The Advantages and Implications of Account Abstraction
The overarching question arises: Why does Account Abstraction matter? If AA establishes itself as an industry standard, it inherently addresses the very problem FuturesCash initially aimed to solve — bridging user-friendly experiences with the transparency of decentralized financial services. Let’s explore the potential benefits in detail:
- Bypassing Seed Phrases: Account Abstraction heralds a more intuitive approach to security. Users can employ various familiar methods to protect their accounts. This system diminishes the anxieties surrounding lost private keys, granting a possibility to recover accounts even when such critical information is misplaced.
- Revamping the Current Fee Payment System: Gas fees have long been a concern for many in the DeFi community. With AA, not only can these fees be delegated or partially borne by third parties, but users also gain the flexibility of settling them using non-native tokens. This capability makes blockchain interactions more user-friendly, especially for those less versed in its technical intricacies.
- Facilitating Automatic Payments: By paving the way for operations like conditional transactions and copy trading in the DeFi realm, Account Abstraction broadens the horizons for versatile financial engagements on the blockchain. This adaptability promises a smoother, more intuitive experience for both novices and seasoned enthusiasts.
Above all, FuturesCash aspires to place financial control squarely back in the hands of users without compromising on ease of use. Account Abstraction emerges as a beacon, potentially fulfilling this ambitious vision.
Limitations of Account Abstraction
While AA boasts a myriad of potential benefits, it has yet to gain universal adoption as an industry standard. Venturing into this realm carries inherent risks, including potential misdirection in our R&D efforts. Such deviations could lead to perceptions of our platform being erratic and over-complicated for users.
- Increased User Costs: The deployment of smart contracts, integral to the functioning of AA, could inadvertently inflate user costs. This could manifest as escalated gas fees, particularly on platforms like Ethereum.
- Heightened Security Concerns: As with any complex system, intricate programmatic logic is more susceptible to hacker intrusions. This complexity increases the potential attack vectors, exposing users to financial risks.
- Lack of Universal Compatibility: Many leading blockchains, like Bitcoin and TRON, remain incompatible with the Ethereum Virtual Machine (EVM). Consequently, our wallet app and the backend system still need to act as intermediaries to manage these assets for users.
Implications of Upgrades for FuturesChain Project
Unfortunately, we must announce a delay in the scheduled launch of FuturesChain’s Testnet, initially slated for this month, September 2023. While the FuturesCash wallet and the FuturesChain blockchain are developed by two distinct teams, we’ve encountered unforeseen setbacks in our research and development efforts.
Our primary concern is ensuring we don’t release a product that’s already technologically behind. A successful blockchain launch goes beyond merely deploying nodes — it demands the harmonious integration of wallets and blockchain explorers. Undoubtedly, FuturesCash will be the inaugural wallet to support FuturesChain. However, the technological decisions behind FuturesCash inevitably shape the trajectory of FuturesChain’s development.
On a brighter note, FuturesChain is built upon the Cosmos platform with EVM compatibility. This ensures that integrating Account Abstraction won’t be an issue. We kindly request a little more time and understanding from our stakeholders as we continue to refine and elevate our offerings.
Anticipated Enhancements and Updates
As we tread the path of innovation, we’re excited to provide our users with a glimpse of the upgrades awaiting them in our revamped FuturesCash wallet:
- Consistent Onboarding: Despite the switch to Account Abstraction technology, users can expect the registration and login process to remain fundamentally unchanged. Our commitment to security remains unwavering; 2FA, KYC, and other security measures will be retained, and possibly even enhanced.
- Gateway to DeFi: Once updated, the FuturesCash wallet can be directly linked to various Dapps, positioning it as an invaluable portal to the DeFi world. Think of FuturesCash as your key to unlock the vast universe of DeFi, GameFi, and SocialFi.
- Support for More Cryptocurrencies: With our new system in place, importing a wider variety of cryptocurrencies will be more streamlined for users. However, it’s worth noting that users might have to bear the gas fees for on-chain operations.
- Fiat On-ramp and Off-ramp: For the convenience of our users, we will be integrating fiat channels to enable straightforward purchases and sales of cryptocurrency. Please note that this feature will be available exclusively for select regions.
- Strengthened Prepaid Card Offerings: Our prepaid card offerings will not only be retained but also fortified. We’re thrilled to announce that we now have the capability to issue physical cards, making transactions even more accessible for our users.
- Decentralized Applications (Dapps): As we work toward the full implementation and deployment of Account Abstraction technology, we plan to gradually spin off specific services into standalone dapps. This includes, but is not limited to, swapping services, staking programs, and the thrilling “Bull vs Bear” game.
The evolution of FuturesCash reflects our commitment to pioneering advancements in the crypto landscape. Embracing Account Abstraction technology marks a significant milestone on this journey. We remain deeply grateful to our community for your enduring support and feedback. Together, we continue to shape the future of decentralized finance.