Decentralized Wallet Service Using Password-Based Encryption
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Solution Overview
Problem
Conventional blockchain wallets face security risks due to exposure of private keys and mnemonics during real-time transactions, and users struggle with managing multiple wallets across different blockchain ecosystems, especially for those unfamiliar with blockchain technology.
Innovation Solution
A decentralized wallet service that encrypts wallet-specific information using a wallet password, preventing external exposure and allowing identity provider login, and providing a web-browser type wallet service client for convenient access without installing separate programs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a decentralized wallet is used to maintain user control and security, then user autonomy and security responsibility are improved, but usability and ease of operation deteriorate due to complex mnemonic password management
Solution Approach 1:
The patent introduces a wallet service server as an intermediary that manages mnemonic passwords and private keys on behalf of users. The server acts as a trusted third party that handles the complex security management tasks, allowing users to benefit from decentralized wallet security without directly managing the complex cryptographic elements. The server generates, stores, and manages the mnemonic passwords and private keys, while users only need to manage simpler wallet passwords.
2Ease of operation
If a hot wallet structure is used for real-time transaction convenience, then ease of operation is improved, but security deteriorates due to exposure to hacking and private key extortion
Solution Approach 1:
The patent segments the wallet functionality into two distinct parts: a hot wallet component for real-time transactions and a cold storage component for secure key management. The mnemonic passwords and private keys are generated and stored in a secure offline environment (cold storage), while the hot wallet operates online for convenient transactions. This segmentation allows the hot wallet to function without exposing the critical security elements, as the private keys never need to be transmitted over the network during transactions.
3Adaptability or versatility
If multiple wallets are managed for different blockchain ecosystems, then adaptability is improved, but device complexity and management burden increase
Solution Approach 1:
The patent implements a universal wallet service system that can manage multiple wallets across different blockchain ecosystems through a single interface. The wallet service server provides multi-functional capabilities to create and manage wallets for various blockchains (Bitcoin, Ethereum, etc.) without requiring users to install separate applications or manage multiple independent wallet systems. The system handles different blockchain protocols and key management requirements through a unified architecture.
Data Source
AI summary
According to the present disclosure, by storing encrypted wallet-specific information using a wallet password, extortion of a private key or mnemonic in a conventional decentralized wallet is prevented, thereby enhancing security, by providing a wallet service account capable of identity provider (IdP) login, general users who are not familiar with a blockchain are also allowed to conveniently open and manage a wallet, thereby enhancing usability, and by providing a decentralized integrated wallet service through the web browser type wallet service client, the user is allowed to use the wallet service at any time without installing a separate program, thereby enhancing convenience. The techniques described herein also increase security of a wallet.