To The Moon 🚀

   Hello there! 👋

       Glad to have you as a part of the Safient family. Welcome to our newsletter.  At Safient we prioritize community growth through product growth, making us a reliable and trustless protocol. Our ecosystem offers every individual the opportunity to be a contributor by simply joining our community, tap on the discord server link https://discord.safient.io to join us today! 

We are going to make the next 6-8 minutes worth your while by covering topics centered around trending topics in the crypto space, as well as educating you through the “self-custody gyaan” section.

If you loved the newsletter, let us know! If you hated the newsletter, let us know! We're always looking for a fresh perspective on things to cover and feedback to make your experience better!

- Team Safient. 

What we're covering this week:

1.  Seedphrase Daily points out three red flags you need to know about Binance! 

2. Visa sets up an Auto Payment system for Self-Custodial Wallets Using Account Abstraction

3. Discussing Smart Contract Wallet and Social Recovery

4. Updates from Safient.💥

A WEEK IN CRYPTO

       Seedphrase Daily Points Out Three Red Flags You Need To Know About Binance! 

The FTX catastrophe remains a turning point in the world of crypto. While this has caused a major uproar in the industry, there have been two significant pointers to pick out. The first is that centralized exchanges can and should never be trusted blindly for holding our crypto assets. Secondly, self-custody, though still under intense scrutiny, remains the ultimate solution to digital assets' safety and security. 

While a lot of big players believe that CZ Binance may have intentionally pulled the strings on FTX by calling them out just to gain dominance and present themselves as the biggest centralized exchange in the industry. It is clear that whatever the reason was, it was surely an eye-opener. 

As interest and belief in centralized exchanges begin to depreciate, there have been loads of speculations about the current state of activities at Binance, recognizing that the market dominance of Binance though very extreme would have a huge role to play in the success or collapse of the crypto markets.

Due to this widespread speculation about Binance, @seedphrase daily, a twitter newsletter platform has curated three red flags about Binance that they believe it is worth knowing. We believe strongly that these are speculations, but they sound pretty exciting and so we would like to share them! 

This remains an interesting piece, and as self-custody ambassadors, we strongly believe in the concept of decentralization and it would only be a matter of time before self-custody would be fully accepted as an ultimate solution to crypto security and safety.

Visa Sets Up An Auto-Payment System For Self-Custodial Wallets Using Account Abstraction.

    The concept of Account abstraction has been a significant talking point as it is believed to be one of the biggest solutions that would offer security and safety to self-custodial wallets after its introduction by Vitalik Buterin back in 2015. 

In a bid to serve as a trusted bridge between the ecosystem and the world of global finance, Visa released a document indicating their open interest in the exploration of Account Abstraction for a use-case in the payment sector, specifically dealing with auto payment.

    In explaining in detail what and how this would be carried out,  Catherine Gu released a thread on Twitter explaining what this update represents.

We at Safient fully support any solution that would bring security and ease of use to the self-custody crypto assets, of which one of such is Account Abstraction.

SELF-CUSTODY GYAAN

For this week on self-custody gyaan, we feel it be the best fit to discuss smart contract wallets and social recovery.

Discussing Smart Contract Wallet And Social Recovery

Wallets have been known for ages to be a means of securing private data, be it money, or anything confidential. As cryptocurrency continues to show its impact on the world of digital finance, the same concept has been introduced. We have in our previous newsletters focused on types of wallets, listing hardware wallets, software wallets, and multi-signature wallets. This week we would like to have a chat about Smart Contract wallets and Social Recovery. 

Smart contract wallets are a type of cryptocurrency wallet that uses smart contracts to manage the storage and transfer of cryptocurrency, tokens, and interaction with other DApps. These wallets operate on the blockchain, which is a decentralized, distributed ledger that records transactions and allows users to interact with one another directly without the need for intermediaries. 

There are a good number of benefits of smart contract wallets over traditional wallets, including increased security and automation. Smart contracts wallets are used to enforce the terms of a transaction, which means that the transfer of funds can be completed automatically once certain conditions are met. This can help to reduce the risk of fraud and ensure that transactions are completed efficiently and accurately. Argent, and Gnosis Safe wallets are a few popular smart contract wallets on the Ethereum blockchain.

One of the other fascinating benefits of a smart contract wallet is the easy recoverability of the wallet in case of loss of access to the device, or private keys that manage the wallet. The most popular recovery method is social recovery.

The concept of social recovery is a security feature that can be used in smart contract wallets to allow users to recover their wallets in an event such as losing a private key or access to their wallets. This is made possible in such a way that the user can regain access to their account with the help of a family member or trusted friend. To use social recovery, the user must first designate several trusted contacts as the guardian to the wallet so if they lose access to their wallet, they can thus request their trusted contacts for approval.  They can then help the user regain access to their wallet by signing a simple message. Though social recovery seems like a very useful technique to help curb issues surrounding recovery and inheritance, it is important to make sure to appoint trusted friends and family members as guardians and also educate them regarding the process.

Vitalik, Co-Founder of Ethereum is a strong advocate of the social recovery and has been speaking about it vocally since few years. Here is a 

SAFIENT WEEKLY INSIDE

Let us update you on what we are up to at Safient this week.

As holidays are around and 2022 is coming to end with an exciting 2023 on the horizon, we too at Safient are excited about all the things we have planned for the fresh year. It was an exciting year for us with a lot of learning. We thank the entire Safient community and everyone supporting us and sticking with us 🙏. 

We are spending the last week of 2022 planning a bunch of exciting stuff for the next year so that we start the new year with a bang 🚀

Have a lovely last week of 2022 y'all and a happy new year in advance. Cheers!