ChomWallet

ChomCHOB | 2023

Blockchain and cryptocurrencies are renowned for their strong security, but this often comes at the cost of usability. For the average user, creating an account or wallet can be a daunting process, involving complexities such as remembering a seed phrase, installing extensions like MetaMask, or choosing the appropriate blockchain network. These barriers hinder DApp adoption among mass users, as achieving a seamless user experience typically requires sacrificing some level of security.

One common approach to simplifying the experience is through custodian wallets, hot wallets, or crypto wallet management services, where the provider holds the user's private keys. However, this method compromises the core principle of decentralization, as users no longer have true ownership of their wallets.

As a Blockchain Researcher and Developer, I developed a unique algorithm called the &qoute;Deterministic Generative Pincode Wallet,&qoute; a concept based on a partial custodian wallet model. In this approach, the service provider retains only a portion of the private key. The full private key can be regenerated using a user-defined pincode, such as a simple 6-digit number, in combination with the user's identity (like an email address) to authorize transactions. This approach balances security with ease of use, providing a new solution that had never been implemented in the market before.

The next step after researching this algorithm was to develop it into a tangible product—ChomWallet, the first partial custodian wallet. ChomWallet aimed to provide a more seamless user experience, crucial for ChomCHOB’s expansion into blockchain-based products and the mass user market.

Unfortunately, due to internal business challenges, the project could not be completed. However, the idea remains open for discussion with anyone interested in further developing this innovative concept.