Ambire Wallet — a great implementation of Account Abstraction from our hand
A few days ago I went to attend ETHPrague, a conference dedicated Ethereum ecosystem, its vision, contributors, and projects build on top. I was fortunate to find out what is cooking there behind the scene from the first person due to the conversations I could have with several team members. Although most of the projects advertising there I knew and loved, there was one that stand out to me as it shared with my core beliefs and vision for blockchain space. The one relying on Account Abstraction that I admire so much.
Ambire is a Bulgarian team focusing on web3 non-custodial and open source wallet implementing Account Abstraction technology. After interacting with their team and having a good first impression I decided to deep dive into it.
The first Web3 wallet that combines power, security and ease of use, while also being open-source and non-custodial.
The main motivation behind Ambire is simply the drawbacks of the current blockchain state including Ethereum for the new users. They are highlighting important key points that make it difficult to bring mass adoption including:
- Transaction fees are not intuitive and should be calculated automatically for 100% of transactions
- Fee parameters are completely unnecessary to know for normal people i.e. base fee, tip, gas limit, gas price
- Gas fee doesn't have to be paid in ETH, as new users will not have ETH on their wallet in the first instance but rather a stablecoin/some form of denomination of fiat currency.
- Sequential transactions should be removed as we should decide when we want to send money in which transaction and time. It leads to speeding up the transaction by raising tip that doesn't necessarily help us execute our transaction. It’s a false narrative.
- Backup and storage of private keys or seed phrases is very difficult and leads to many funds being stolen or lost. However, it's a great way for safe data storage for technical people, not for normal users who want to have things done in a fast and very easy way.
Ambire is presenting one of the first smart wallets that is launched as a web app. A team believes browser extension wallets are challenging to understand and may have security concerns among technical people.
An extension will be added later on for the sole purpose of enabling connection to dApps that do not support WalletConnect.
Two words on how it works in the nutshell
Ambire on its backside uses a relayer for broadcasting transactions on chosen network. It helps diametrically with transaction fees as it helps reduce fees according to current market changes to milliseconds, unlike Metamask. Another mega feature here is a Gas Tank. It allows for pre-paying gas in stable coins or a native token as well as giving cash back on our fees paid due to transaction batching. As stated in the white paper:
You receive cashbacks because you get back the difference between broadcasted gasLimit and actual gasLimit, as well as the EIP1559 difference between broadcasted max baseFee and actual baseFee
DAO and Token
Ambire has its own governance token WALLET where holders are having shares among WalletDAO. The purpose of WALLET is to vote on new implementation and integration proposals. Token supply is 1 billion and will be launched as an ERC20 token on Ethereum. Later on, it will be bridged to Polygon and BSC. Users are able to stake WALLET and get xWALLET in exchange as a representation of their share in the staking pool with an eventual 20-day lockup period in case of withdrawal.
DAO’s revenue streams come from swaps, relayer gas-saving activities, and FIAT on-ramps fees.
Wallet creation
In order to create our first account on Ambire Wallet, let’s proceed here.
We fill up all the data and confirm the email being sent to us. Then login.
To deposit funds we simply click the Deposit button from the left panel and we can choose if either we want to drop there FIAT currency or any crypto from the EVM chains. To interact with dApps during the wallet choosing process we have to pick the WalletConnect option and from the drop-down menu chose Ambire. This wallet is so intuitive that allows us to use all the most used dApps from the Ambire wallet itself -> section dApps. If the one we want to use is not visible there we could add it by ourselves.
Ambire AdEx
If we are going deep into Ambire, we cannot leave that without mentioning about AdEx. It’s a separate entity under the same name as Ambire that is recognizable for advertising and publishing. AdEx Network is a digital advertising marketplace that connects publishers and advertisers directly so that they can trade online advertising inventory.
The AdEx protocol facilitates the trading of advertising space or time, as well as the subsequent verification and proof that it actually occurred. Essentially, it covers all interactions between publishers, advertisers, and end users. The protocol combines traditional peer-to-peer technology, cryptography, and blockchain.
Our protocol is designed to be completely invisible to end users, while improving their internet browsing experience. However, under the hood there is a complex system of software components working together.
The best way to start interacting for beginners with the Ambire wallet is to use Zealy platform. It’s a place where we learn all the necessities about certain projects by doing intuitive quests. Every quest is bringing points to our account and we can compete with other people in the leaderboard, get rewarded in NFTs, and so on.
