Managed Wallet System for Cross-Blockchain Meta-Transactions
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Solution Overview
Problem
The barrier of entry for interacting with smart contracts across various blockchains is high due to the need for specialized knowledge and skills to configure wallets, deploy contracts, and manage transactions, and there is no interoperable solution for organizing smart contracts across different blockchain networks.
Innovation Solution
A managed wallet system that facilitates the exchange of fiat currencies for cryptocurrencies, allowing users to interact with smart contracts across multiple blockchains through a simplified interface, processing transactions and managing fees, while enabling cross-blockchain transfers and custom smart contract deployments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users directly interact with smart contracts on various blockchains, then they can access decentralized computing capabilities, but they face high barriers including specialized knowledge requirements for wallet configuration, contract deployment, and transaction management
Solution Approach 1:
The patent introduces a managed wallet system that acts as an intermediary between users and blockchain networks. This managed wallet handles complex operations including wallet configuration, token management, and transaction execution on behalf of users. The system mediates interactions with multiple blockchains through standardized interfaces, shielding users from technical complexities while maintaining access to decentralized computing capabilities.
Solution Approach 2:
The managed wallet system provides universal functionality across multiple blockchain networks through a single interface. It supports various blockchains (Ethereum, Solana, NEAR, etc.) and handles diverse operations (token transfers, smart contract interactions, fee payments) through unified methods. This multi-functional approach eliminates the need for users to learn and configure separate wallets for each blockchain.
2Adaptability or versatility
If custom smart contracts are developed and deployed on various blockchains, then specialized functionality can be achieved, but the process becomes increasingly complex and difficult for lay operators
Solution Approach 1:
The system enables self-service smart contract deployment through standardized templates and automated processes. Lay operators can deploy contracts by selecting from pre-configured templates that handle the complex compilation, configuration, and deployment steps automatically. The managed wallet system manages private keys and signing operations, allowing users to deploy contracts without understanding the underlying cryptographic and technical complexities.
3Adaptability or versatility
If users manage multiple wallets for different blockchains, then they can access various decentralized networks, but the number of required operations and configurations increases significantly
Solution Approach 1:
The patent merges multiple blockchain wallet functionalities into a single managed wallet system. Instead of requiring separate wallets for Ethereum, Solana, NEAR, and other blockchains, the system consolidates these into one unified interface that manages multiple network connections internally. This combining approach reduces the number of configuration steps and operational actions users must perform while maintaining access to diverse blockchain networks.
4Reliability
If transaction fees are paid in native tokens of each blockchain, then transactions can be processed correctly, but users must purchase and manage multiple different cryptocurrencies
Solution Approach 1:
The managed wallet system acts as an intermediary that automatically handles native token acquisition and management. When a user needs to pay transaction fees on a specific blockchain, the system automatically purchases the required native tokens, manages the token balances, and executes fee payments without requiring users to manually purchase and track multiple different cryptocurrencies. This intermediary approach maintains reliable transaction processing while simplifying token management operations.
Data Source
AI summary
A system and its methods are described for implementing meta-transactional interactions across one or more decentralized computing networks (“blockchains”) with a managed (“custodial”) wallet, satisfying an important need of lowering the barrier of entry for interacting with smart contracts across multiple blockchain networks. First, the method of encoding and storing a transactional request created by a user's managed account, representing an intention to broadcast the invocation of a specific function of a specific smart contract on one or more peer nodes of a specific blockchain. Then, calculating a cost for processing the encoded transaction within the specific blockchain via analysis including the value and type of cryptocurrency, complexity of transaction, historical trend of transaction fees, and analyses to eliminate the chance of loss due to insufficient transaction fees. Next, obtaining a payment from the user for the transfer of the amount to successfully process their queued transaction. Then, confirming the payment was received in its correct and sufficient form resulting in a transfer of cryptocurrency from a reserve to the user's managed account. Subsequently, determining the transfer is completed and a sufficient balance exists for the execution of the queued transaction. Finally, dequeuing and executing the stored transaction on a specific blockchain by the system on behalf of the managed account, where transaction fees are paid by the managed account and unspent fees are accrued in the balances of the managed wallet.