Solana’s first smart wallet, ‘Fuse’, is on iOS for public TestFlight

Squads Labs presents Solana’s most recent invention, Fuse, a unique smart wallet designed to keep up with the ever-evolving demands of digital asset management. Squads Labs is dedicated to the development of the on-chain economy. It supports the Squads protocol, a smart contract benchmark that utilizes over $10 billion in value in relation to the SVM.

Fuse is Solana’s inaugural smart wallet, which is intended to revolutionize the administration of personal digital assets by utilizing smart accounts. Carefully designed to accommodate the changing demands of digital asset management, Fuse is more than just an improvement over previous wallets; it transforms the concept of crypto wallets into something entirely new. Currently, Fuse is accessible to the public through TestFlight on iOS.

The distinction between Fuse and the conventional wallets that are available on Solana is that they are not programmable. This raises safety concerns, such as the reliance on seed phrases, restricted customization, and sparse redeeming options. The conventional wallets are recognized for their use of light accounts, which contain simplified data that is limited to basic storage and transaction capabilities. The light accounts are reliant on seed phrases for redemption, are harnessed by private keys, and lack the programmability feature. All of this suggests that there has been minimal modernization.

In this new era, the requirement is for tackling new age account forms that come with the option of being programmable. 

This is where smart accounts come into play, transforming the subservient attributes of light accounts into exclusive tools capable of implementing customized thought processes. This becomes achievable via account abstraction. It is a procedure that splits the account holding tokens from the system that allows transactions. When it comes to smart accounts, each account is pre-programmed to satisfy user needs. 

Smart accounts are also responsible for the elimination of problematic areas, such as seed phrases, and the introduction of new use cases, which is a token advantage for users. This encompasses gas abstraction, time locks, key rotation, expenditure limits, dual-factor authentication (2FA), and multi-signature capabilities, all of which contribute to a more secure and user-friendly digital asset management experience.

Fuse contributes to the advancement of safety aspects by implementing a double-layered safety system that ensures the safety of assets. It comes with two prime keys, one being a device key and the other a 2FA key.

The primary goal of the development of Fuse was to ensure asset control, which is essential for the development of the on-chain economy.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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