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nix
@nix
MPC-TSS seems fundamentally broken. The user's backup shard: - Is either in the hands of the provider, giving them custody (2/3). - Or requires the user to securely store an encryption key, essentially providing the same experience as a seed phrase. Every embedded wallet seems to use this approach. What am I missing?
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Harry Noble
@harry
Check out the demo for Coinbase’s new smart wallet. You get the upside of an embedded experience (no apps to install, instant creation) and it’s all tied to your passkey, fully self sovereign and portable, no complex mpc setups to think through. keys.coinbase.com/developers
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nix
@nix
This is very nice! I do think passkeys are the best way to do embedded wallets. Is the passkey is used to encrypt the actual ECDSA signer key hosted by Coinbase? How can I protect against Coinbase losing or censoring the actual key?
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Harry Noble
@harry
The passkey is the actual key. Coinbase doesn’t hold anything. The passkey signature is validated by a contract directly onchain.
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Jay Brower (jaymothy.eth)
@jayb
Which, to the original post, means that if the user loses their passkey they lose their wallet passkeys provide slightly better ux over this problem, but they don't solve it
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nix
@nix
Agree technically the problem it is still there, but I would imagine passkeys could abstract it away quite successfully, provided you are able to: - sync them across multiple devices - you retain access if your Apple account etc. gets locked
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