This article was first published on eosio - Medium
First conceived and pitched at the London chapter of the EOS Global Hackathon in September 2018, ‘Chestnut’ won both 1st runner up and Best UX at the event, and went on to compete as a finalist at the Cape Town Grand Finale.
In this edition of #BuiltOnEOSIO, co-founder Daniel Liebeskind tells us all about why their blockchain-harvested version of a ‘Chestnut’ is 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.
How would you describe your project?
Daniel Liebeskind: 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 account, 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, we plan to offer protection against hackers, the ability to automatically split inbound payments, recurring payments, and enhanced security parameters.
Where did your initial idea come from?
Daniel Liebeskind: Initially, we were inspired to make use of the EOS account architecture to create an ‘if this, then that’ system. My team and I run web development shops and are freelancers in the blockchain space, so we often pay each other in cryptocurrency. We wanted to program a smart contract to handle payment splitting and disbursements automatically.
When we found out that the theme of the London Hackathon was around privacy and security, we realized that the ‘if this, then that’ model could also be used to transform EOS accounts into Smart Accounts with user-set security parameters.
Can you introduce your team and tell us what makes it special?
Daniel Liebeskind: ...
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eosio - Medium