Key Management

Responsibility

A single user is responsible for managing the private key (secp256k1key pair in this case). We’ll discuss the key generation process in detail in the next section.

Storage

where is the key stored in: - browsers - mobile devices (iOS, Android) The passkey is generated by the device’s Secure Enclave (in case of iOS devices) or similar modules (in case of Android devices). The passkey is locally stored on the device’s Secure Enclave (in case of iOS devices) or similar modules (in case of Android devices).

Access

The user can access Secure Enclave (in case of iOS devices) or similar modules (in case of Android devices) in order to perform different operations without the passkey ever leaving the Secure Enclave.

Metamask allows users to use a password to access the key stored in the user’s local browser’s storage.

In case of mobile wallet users can use a password OR biometrics to access the key stored in the user’s device.

More info on how MetaMask stores your wallet secret?

Account Management

• EOA ✅
• SCA ⚠️ (not supported natively, but could be supported using AA snap plugin)

Processes

For each case, check, how this works and some benchmarks on cost and time used to perform the operation.

Key generation

A random number selected from the secp256k1 elliptic curve serves as the private key. This key is then multiplied by a predefined point on the curve to generate the public key. The Ethereum address is derived from the last 20 bytes of the hashed public key. The 'seed phrase' is usually introduced for human-readable backup, enabling the deterministic derivation of private and public keys.

Transaction process

Signing Transactions: A transaction, containing details such as nonce(a sequential number), amount, gas price, and recipient address, is signed using the private key. This process, involving the ECDSA, a digital signature algorithm that uses elliptic curve cryptography and adopts secp256k1 as the curve, generates a signature consisting of values (r, s, v). The signature and the original transaction are then broadcast on the network.

Verifying Transactions: Once a transaction reaches Ethereum nodes, it undergoes a validation process in the node's mempool. To verify the signer, the nodes use the signature and hashed transaction to derive the sender's public key and confirm the transaction's authenticity by matching the derived address with the sender's.

Account Recovery process

Users are suggested to maintain a secure back up of the seed phrase/private key(s) in order to recover their account if needed. If a user loses their private key/seed phrase, then they cannot recover their account.

Migrating from another wallet

• Seed phrase import supported (seed format supported: 12/24)
• Private key import supported
• Hierarchical deterministic (HD) address derivation

Migrating to another wallet

You can export your private key/seed phrase and import that to any other compatible wallet.