funkymonk ✳️
@0x_funkymonk
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Earning the easiest money the hardest way | researcher | content ceator @AbstractChain | not having fun | careful, everything is FA
Joined February 2022
The ultimate explanation post for @AbstractChain newcomers. From this post you will learn why your Abstract wallet has a different address, why you can’t send money on other chains to this wallet, what account abstraction is and more. Hanging out in the Abstract Discord I see that users are having many problems with funding their Abstract wallet, signing up to the portal but, more importantly, they’re having a hard time understanding why everything works the way it does. To all the abstract chads out there, I urge you to help newbies get what’s what and to all the newcomers, I hope this reaches as many of you as possible and will assist you on your journey. 1. Why is your Abstract wallet address different? Because it's not a wallet. It's a smart contract. There are two types of accounts on Ethereum: - Externally owned accounts (EOAs) (Your usual wallet like MetaMask). It means that such an account can send transactions only after it's signed by you with your wallet's private key (when you confirm the transaction in MetaMask). - Smart contracts. A SC is a program that runs on the Ethereum blockchain. It can be coded to perform more varied and customized operations. But smart contracts can't perform transactions by themselves. Transactions can only be triggered by EOAs. (like when you claim an airdrop, the tokens are stored on a smart contract, you send a request via the 'claim button' -> smart contract sends you the tokens) When you sign up to the Abstract portal, a simple EOA wallet is created for you on the Abstract chain. Then, a smart contract is deployed and the wallet from the previous step is assigned to it as the signer. Then you can link your MetaMask wallet to your profile and it will also become a signer for your Abstract address. To sum it up: The address you see on your Abstract profile is a smart contract wallet created when you first signed up. It works a little differently than your MetaMask wallet, and the address is different as well. Abstract uses a model called Account Abstraction to make all this possible. 2. What's Account Abstraction? It is a concept that allows smart contracts to initiate transactions on their own. Account abstraction gives developers plenty of opportunities to improve user experience and kind of 'abstract away' unnecessary parts of this experience. What can be added due to AA: - recovery tools in case you lose access to your account - gas fee payment options, like paying gas in USDT, for example - account customization (regular payments, security parameters etc) and many more What is omitted: - the need to sign every transaction, unnecessary approvals - the need to store your private keys - a single point of failure (with EOA if you lose your seed phrase or private key, you lose access to your funds completely, but with AA wallet, there can be recovery options) When you first go to the Abstract portal, you may sign up with your email, google account or your wallet. You may add security features to your account like 2fa. You don't have to risk losing your money if you lose or leak your private key because you don't have to store one. You can also send transactions like minting badges, trading or upvoting dapps without signing every of them. None of that is possible with your MetaMask wallet. All of it becomes real because Abstract has native Account Abstraction technology. 3. What is an MPC wallet? Besides your Abstract wallet being a smart contract, it is also an MPC (Multi-Party Computation) wallet. It means that the private key of the EOA wallet that controls your Abstract smart-account wallet is split into three parts which are stored in different places: 1) Device. One part of the private key is stored on your device that you sign up to Abstract from 2) Server. Another part is stored on Privy's servers. @privy_io is the provider of the infrastructure that Abstract uses to make its Global Wallet. 3) Backup. The third part is stored in a backup location of a user's choice which can be a cloud, a local storage on your computer or something else. This way, if you sign up to Abstract via an email address, for example, and lose access to your email, you can restore access to your Abstract account due to account abstraction. This is why you don't need to store a seed phrase or a private key yourself and risk losing it. 4. How should you use the Abstract portal? Although you can add Abstract mainnet to your MetaMask wallet and you will be able to connect to any dapp that supports this chain, it's really better to create your own Abstract Global Wallet by signing up through the portal. This way, not only will you be able to earn XP for interacting with the ecosystem through the portal, but you also won't miss out on all of the benefits and features of AGW provided by account abstraction. 5. Why do you lose money when you bridge to your AGW address on another chain? As I mentioned before, this address isn't a traditional wallet, this is a smart contract that exists only on the Abstract chain. Does the money you send just disappear? No, it's not. It's sent to an ordinary EOA address on the chain you choose instead of Abstract. The thing is that technically, every address with every possible combination of symbols already exists on every blockchain. So, when you create a new MetaMask wallet, your address is not generated at that moment. MetaMask just grabs an address that already exists and is already cryptographically attached to a seed phase that you get when creating a wallet. It's just that until you set up a wallet, the address get is not activated and doesn't belong to anyone. But it still can receive transfers. So, if you take your AGW address and send some ETH to this address on the Ethereum Mainnet, for example, the transfer will be successful and the money will end up on the EOA on the Ethereum network that has the same address as your AGW on the Abstract Mainnet. And these two addresses will have nothing to do with each other which is why you won't be able to retrieve your funds. I will show it in the thread post below👇
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@world_invade you've got my infinite respect for not spamming replies I get but still, even when people don't do it for yaps, constant noise with no constructive thoughts is so tedious
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@TateTeddie If someone ever gets this address on Arbitrum and then connects it tothe Abstract chain, then this wallet will be their signer and their AGW will have a different address than mine. But the chances of that happening are almost non-existent
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Do you think anyone will ever discover this wallet? Like the future on-chain archaeologists?
I sent money to my AGW address on a different chain and here is why I think it's a good idea😂 I copied my AGW address from my profile -> sent 0.00001 ETH from my MetaMask wallet to this address on the Arbitrum Network -> I opened Arbitrum explorer -> I can see that this address, which is the same as my AGW address, received the transaction. I will never be able to get my money back because, again, this is an ordinary wallet address that exists on the Arbitrum chain separately from my AGW. I need to have this wallet's private key to do it and I don't. Nor does the Abstract team, so, unfortunate as it is, they won't be able to help you either. One day someone might actually set up a new MetaMask account and get the seed phrase and the private key to this very address. But the probability of that happening is so low that such an outcome is virtually impossible. It's because the number of all possible addresses on Ethereum (including L2s like Arbitrum or Abstract) is 2 to the power of 160 which is written something like this: 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 Imagine creating new wallets over and over hoping you'll get the one you sent money to out of this number of wallets😂 I hope it's a little bit clearer for you now. Feel free to share your incidents in the replies, always triple-check when you're doing anything anywhere in crypto. Follow if you like what you see💚
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@SonicatGurl @Rabby_io @0xCygaar I'm saying you should save the seed phrase and store it securely, and have a backup copy in an even more secure place. It's the same with any wallet your, if you are not careful, information on you screen can just as easily be compromised as your clipboard
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@TateTeddie sure, this option can be very helpful for some users. For the rest of us it's calming to know we do own I keys after all
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@TateTeddie You can control your AGW with this signer away from the Abstract front end but this is done using scripts and code, I'm not a tech guy so I can't tell you more. As an average user, you can log in your Abstract profile via the front end with this signer
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This is what it also says in the disclaimer. It basically means that if you have access to the signer's Private key you can run scripts and send transactions from your AGW using software. If you are an average user, you most definitely don't need it. But at least now you know💚
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