Permission-Based Smart Account Prevents Careless Errors
Chestnut was created at the September 2018 EOS Global Hackathon in London. It was an idea whose time had clearly come. They competed in the Cape Town Grand Finale Finalist after winning 1st runner-up and Best UX at the Hackathon.
In this edition of #BuiltOnEOSIO, co-founder Daniel Liebeskind tells us all about why their blockchain-harvested version of a ‘Chestnut’ was so hard to crack, how it improves user security in digital payment, and why it marks an important step towards driving the mass adoption of blockchain technology.
Chestnut is a permission-based smart account, which allows users to set their own rules around transactions, with an aim to prevent careless mistakes and to protect accounts from malicious attacks.
Users set security parameters on their Chestnut accounts, such as spending limits and transaction thresholds. Should a transaction fall outside of the parameters set, the transaction would automatically be rejected by the smart contract.
Down the line, they plan to offer protection against hackers, the ability to automatically split inbound payments, recurring payments, and enhanced security parameters.
‘If This, Then That’ Security System
Initially, they were inspired to make use of the EOS account architecture to create an ‘if this, then that’ system. The team runs web development shops and are freelancers in the blockchain space, so they often pay each other in cryptocurrency.
They wanted to program a smart contract to handle payment splitting and disbursements automatically.
When they found out that the theme of the London Hackathon was around privacy and security, they realized that the ‘if this, then that’ model could also be used to transform EOS accounts into Smart Accounts with user-set security parameters.
Bonding In Bali Blockchain Beginnings
They are a polymathic team with expertise in web and blockchain development, design, project management, finance, and law. Believe it or not, they met in the jungles of Bali, Indonesia, and bonded over their shared interest in blockchain technology.
Comprehensive Testing Rounds
Chestnut had been ramping up the development of its platform. They had a technology roadmap, and smart contracts had already been deployed on the Jungle testnet with their alpha product launch scheduled for May 2019.
Given that they are a security product, it was imperative for them that they get this right, so they conducted comprehensive rounds of testing and a smart contract audit before the launch.
They believe that wide-scale blockchain adoption was only going to become a reality when they make it easy, familiar, and safe for normal people to interact with dapps and sign transactions. EOSIO had a unique account architecture that was ideal for Chestnut Smart Accounts, and they believe that EOSIO was going to be the first blockchain to gain widespread adoption once they saw the release of the wave of dapps in late 2019.
A Growing Ecosystem
Chestnut is a key infrastructure project providing a pathway to join an ever-growing ecosystem.
They had been blown away by the positive response from the community, especially from developers who had said that they think “Chestnut is an absolute need”. All of the EOSIO chains have rallied around them and supported them with advice, resources, and technical guidance. They’ve also received a lot of good questions and engagement from the wider community.
More information on Chestnut is available at https://www.chestnutaccounts.com/