CoinFile
CoinFile enables ethereum-based transactions to be stored as .json type files prior to execution, unlocking novel use cases and secondary markets
Created on 16th April 2023
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CoinFile
CoinFile enables ethereum-based transactions to be stored as .json type files prior to execution, unlocking novel use cases and secondary markets
The problem CoinFile solves
CoinFile's primary use case is as a fund recovery mechanism. Users can save a transaction transfering the entirety of their funds to a backup account and execute this saved transaction as needed. Another use case is the simplification of scheduling transactions, which would previously require a DApp for unsophisticated users. CoinFile's ability to shrink a signed transaction down to a commonly recognized file unlocks a suite of file transfer & manipulation tools previously unavailable to decentralized transactions - bluetooth sharing, file compression, duplication (execution not guaranteed) and more. CoinFile offers users a familiar computing paradigm while opening up secondary markets on "un-executed" assets.
Challenges I ran into
One major dilemma I faced (and am still in the process of resolving) is the requirement of sequential nonce values in signed EVM transactions. This necessitates either not conducting transactions until your CoinFile is executed, or scheduling your CoinFile for a specific transaction number. I believe I can circumvent this by using account abstraction, creating a smart contract that takes a transaction without the nonce (transmitted in the "data" field") and matching it with this same encoded transaction provided by the CoinFile user, which transfers the funds after grabbing the latest nonce. Another dilemma I faced was dealing with Metamask, which has a depracated "sign" function. I instead have users enter account info manually.
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