Do you have a split spending personality?
*Have you read Part I & Part II yet? You might need these primers on smart contract accounts and recovery agents.*
All about multiple personas 👨👩👧👦️
One of the more interesting features offered by smart contract accounts is the ability to create separate, independent personas — or spending “profiles”. You can switch between these different personas depending on who you are interacting with, whether people or services.
For example, you can create a persona for family and close friends, one for coworkers and acquaintances, and even one for the businesses and services you interact with daily. Each sub-identity will be linked to a different wallet address with its own private key. You can customise security settings, permissions and the contacts which know this persona.
Choose your payment destiny 💸
This will make transacting and storing your funds extremely convenient and manageable. Just like you have different bank accounts today — a credit card for business purposes or a debit card for happy hour — with Pillar you will set up different accounts for different spending purposes. We then take this simplified management even further, allowing you to have just one app to manage every single account, rather than multiple different ones.
Have one account for the public version of you, used for everyday purchases or bills. Set up an account for family only, so you can transfer freely between each other and share whatever information you’d like. You can even set up an account for putting away your savings. Because you can set spending limits for each persona, you can keep this HODL account secure by setting a limit of 0.
The flaw with transparency 📍
Multiple personas do not just add flexibility and customisability to your wallet. They also enhance your privacy and safeguard your identity.
In the world of blockchain, transparency is inbuilt. While this characteristic is redefining finance and ensuring economic accountability, it can also lead to some negative consequences. The pseudo-anonymity of our wallet addresses is cryptocurrency’s only privacy mechanism. As a blockchain can be viewed by anyone, it is possible for individuals or groups with the technical know-how to link real-world identities to wallet addresses. Multiple studies prove that by closely examining blockchain data, you can in fact “de-anonymize users”.
(As a side note: many teams are trying to strengthen privacy in decentralised finance, and over time technological solutions will reach the perfect balance between upholding blockchain’s transparency and ensuring individual privacy is secured. Among these initiatives include privacy-coins and anti-fraud tools.)
Split your personality 🧬
By dividing your digital identity into multiple, individual personas, it becomes much harder to trace and exploit. It’s also harder (and less appealing) to try and steal funds from multiple accounts instead of just one.
You can easily manage all these different accounts and corresponding keys in your wallet through a simple key management system. Imagine this as having various different keys on a keychain which unlock different doors inside a house, but only one master private key which opens the front door. Once inside, you only enter the rooms as you need.
So, did you get smart? 🤓
The Pillar Smart Wallet has been built for everyone. We want to make your entire cryptocurrency experience as simple, multi-dimensional and secure as possible. The blockchain community is working hard to find new and exciting ways to make decentralised finance better, and we hope it will one day surpass traditional players when it comes to user experience.
But it all starts here, with this app we made just for you, our grand vision and a promise to BUIDL on.