Thread by @hasufl

I would consider myself a power user of Argent and have onboarded several friends to become power users themselves.

The experience of using a smart contract wallet with social recovery is SO much better than any other type of custody setup IMO.

https://twitter.com/argentHQ/status/1394584739160469504

My workflow:
1) Establish an encrypted channel between Argent and a Defi app via Walletconnect. This only needs to be done once for each app.
2) Make all my txns on desktop
3) Review and sign the txn on the Argent mobile app, which acts as a 2FA

A smart-contract wallet, as the name suggests, is an on-chain contract. It has one signer key and several guardians (think of those as an on-demand multi-sig setup).

The signer key is generated in the Secure Enclave of your phone, and it can never leave from there.

So if you ever want to change the signer key (e.g. because your phone was lost/stolen/replaced), then you have to tell the smart-contract to update its signer key. This is where the social recovery part (via the guardians) comes in:

Guardian addresses are also stored on-chain, and they can be
* friends/family
* other hardware devices that you control
* your email+phone number (via Argent Guardian service)

A majority of them can replace your signer key.

Using a smart contract wallet allows me to define all kinds of spending conditions around daily amounts, trusted addresses and applications.

E.g. I can immediately sign a Uniswap trade to my own address, but not to any external address w/o signing from several of my guardians.

Even if my phone AND app were compromised (which is already a stretch), the attacker couldn‘t withdraw funds to untrusted addresses.

Further, I can immediately lock my wallet remotely just by sending an on-chain txn from any guardian address.

I‘ve always been vocal that self-custody isn‘t for everyone, most lost funds are due to user-error and not theft, and I still believe all of those things. But I think Argent is showing the space that user-friendly custody is possible without compromising on security.

Congrats!

Indeed! Also where I took the signer key <> guardians diagram from

https://twitter.com/Papadakn/status/1394636661284347904?s=20