This proposal enables the Smart Account functionality initially loaded to chain in the V25 Software Upgrade proposal.
What are Smart Accounts?
Smart Accounts allow transactions to be approved by multiple authentication methods rather than having to sign every transaction using a private key.
The addition of this functionality changes how users interact with Osmosis to be a more familiar and responsive interface similar to two factor authentication login on a traditional centralized exchange.
Key features able to be developed using this are:
1-click Trading
Users can sign a single transaction to approve transactions from a machine for a set period of time and trade smoothly within their session.
Automation
Opt-in to stop orders that automatically place orders based on triggers.
Multi-key and Multi-device support
Approve a key or device for trading on your account without needing to expose your private key.
Improved Account setup and recovery
Instead of using a private key, widely used authentication technologies like Face ID, Touch ID, and Passkeys can be used to easily create, manage, and access your account.
Account rate limits for delegated trading
Each access key can be set to have a maximum spend allowance over a rolling time period, making sharing access with applications safer.
For a full overview, check out the blog post here.
Security
This proposal comes after the completion of an external Smart Account module audit which found no major issues and the resolution of minor issues.
The Smart Account functionality includes a circuit breaker address as an additional security measure to disable the Smart Account service if any vulnerabilities are detected. This address is currently controlled by Osmosis contributors.
