Whitelists

Introduction

As the popularity of blockchain technology continues to grow, so does the demand for secure and reliable smart contract wallets. Smart contract wallets are designed to hold token assets securely on the blockchain and automate transactions based on predetermined rules. However, with the increase in popularity of smart contract wallets, there is also an increased risk of security breaches and fraudulent activities. To address this issue, W3Smart Wallet provides a whitelist feature.

What is whitelist?

A whitelist is a list of approved addresses or smart contracts that a user's wallet can send funds to or interact with while denying all others. The purpose of a whitelist is to provide an extra layer of security to prevent unauthorized transactions or interactions. Enabling whitelist helps reduce the risk of malicious activities, thereby ensuring security of users' assets.

In the W3Smart Wallet system, the whitelist is programmed as a condition for executing a transaction. When a user initiates a transaction, the wallet will check the target address against the whitelist. If the target address is on the list, the wallet will only require the owner's signature to execute the transaction. If the target address is not on the list, the wallet will require the owner's signature as well as the signatures of the majority of the wallet's guardians.

Add or remove whitelist accounts

In case a wallet has guardians, updating the whitelist would require the owner's signature and the signatures of the majority of the guardians. This is to ensure that the decision to add or remove an address from the whitelist is made by a majority of the wallet's trusted guardians in addition to the owner.

Shared Authorized Accounts

In W3Smart Wallet system, the Authorized Accounts list is a shared whitelist that is managed by an AccountRegistry smart contract. This list allows users to interact with trusted vendors and dApps without requiring guardian's signature. This improves the user experience by streamlining the interaction with trusted vendors and dApps, eliminating the need for additional approvals by the wallet's guardians.

Summary

The whitelist feature is an important component of W3Smart Wallet. By limiting the number of addresses that a user's wallet can send funds to or interact with, the whitelist adds an extra layer of security and reduces the risk of fraudulent activity. Additionally, the whitelist can be used to restrict transactions to trusted parties and comply with regulatory requirements.