What is so special about Piggy Wallet?
PIGGY Wallet is a simplified DeFi instrument that allows user interactions with decentralized web applications. For the start we will build a wallet that can store, receive and send that will be powered by smart contracts to enable no paper backup feature.
Writing down passwords or seed phrase on a piece of paper in a supposed web3.0 era doesn’t make sense to us and this poor features actually makes use of seed phrase archaic, and that’s why we want to build a Venmo like wallet where users just have to log in to their wallet with just username and password without the risk of losing their account and also be in full control without running a full Cardano node just in the comfort of their phones.
Piggy Wallet will make it possible to recover wallet without seed phrases or centralization authority through the use of hardware device/token, 2FA and Contact, predefined by a smart contract so that users will be full control of their digital assets in a decentralized way.
Hardware devices/Token can be classified as hardware wallets
2FA: This will allow recovery through secured Piggy software app that randomly generates token code that users can used, and can be access from any device that has internet.
Contacts: Users can add some of their contact list to trusted user and can contact them for approve recovery whenever they wish to recover their wallets. Permission to contacts is done by user and the API will only allow them permission of Recovery Approval only. It will take 48 hours to complete this process should incase wants to cancel the approval the contact can always do that with just couples of clicks.
With any of these protocols one can recover their wallets without paper backup, It’s well secured, easy and seedless. The team has what it takes to achieve the success we all want, and Cardano Blockchain is a perfect chain to achieve this great project considering the features of the Blockchain.
In summary Piggy Wallet new models predefined by smart contract will aid in the right process for us to achieve a great Eco-system.
Piggy Wallet will be the first layer 2 smart wallet, built on Cardano blockchain. In this article we had discussed why we will always stand strong on the Cardano ecosystem and we believe with the support from our great community we will achieve success through this journey.
Hydra Scalability Solution:
Hydra is a layer 2 scalability solution that seeks to address everything that aims to maximize throughput, incurring low or no costs, and greatly reducing storage requirements and we will use the Hydra technology for this project.
Hydra is a layer 2 solution on Cardano Blockchain. Each hydra head is an identical node that is capable of processing off-chain transactions. This relieves the burden on the blockchain and allows for faster processing of transactions at a low rate. Hydra was designed to complement the model of the staking pool. Each pool can create a new hydra head. When adding more pools, the number of heads increases linearly. Benchmark testing has shown that each Hydra head can process at least 1000 TPS. For example, with 1000 pools Cardano may theoretically be able to scale up to 1 million TPS. This would allow transactions to be processed very quickly.
Human Readable Address:
With the support of CNS Cardano Name Service, users will be able to operate on the wallet with just username like traditional banks and other FinTech apps. This feature is in the Piggy Wallet as we keep working to improve our community.
Daily Limit Withdrawal:
This option is integrated to help reduce theft when user loses his or her wallet, with the help of daily limit the bad guy won’t be able to get all the funds before you.
A lot of exciting options that will be listed in the whitepaper. Stay tuned as we’ll keep updating the development process of the project. In the meantime, follow us on