Self Chain (SLF): The Future of Secure Private Key Recovery
Managing private keys in cryptocurrency wallets can be tedious and frustrating, especially for beginners. At the same time, careful private key management is crucial if the user wants to avoid security breaches or the loss of access to their wallet.
Wouldn't it be great if you could transact securely on blockchains using your social media logins while also enjoying the cryptographic protection features provided by crypto wallets? And without the need for private key or seed phrase management?
This is exactly what Self Chain (SLF), an innovative Layer 1 blockchain project, offers to the crypto user community.
Powered by technology known as multi-party computation — threshold signature scheme (MPC-TSS), Self Chain offers keyless wallet services that let you transact across multiple chains and applications. Additionally, its solution comes with a large language model (LLM) intent-based chat assistant to find you the best deals and transaction options in the cryptocurrency world.
Key Takeaways:
Self Chain (SLF) is a Layer 1 network that provides a cross-chain keyless wallet solution, along with modular intent-based transaction execution capabilities.
The project's mainnet and new native coin, SLF, were launched in mid-2024. Its SLF coin is used for gas fee payments, staking, governance, collateral and app-level transaction fee payments.
SLF can be bought on Bybit as a USDT Perpetual contract.
What Is Self Chain?
Self Chain (SLF) is a decentralized platform that describes itself as the first modular intent-centric access Layer 1 blockchain. It provides two key services: an AI-driven chat assistant that helps users carry out intent-based transactions, and a keyless wallet solution that facilitates multichain logins and transactions without the need for private key or seed phrase management. Self Chain’s Layer 1 network is based on the popular Cosmos SDK blockchain development framework.
Like many other chains within the Cosmos (ATOM) ecosystem, Self Chain uses the delegated proof of stake (DPoS) block processing method, with validator nodes securing the network.
The project was initially called Frontier (FRONT). It began its network operations with the launch of an incentivized testnet in April 2021. In mid-2024, Frontier was rebranded to Self Chain and launched its mainnet.
How Does Self Chain Work?
Self Chain's AI chat assistant accepts voice and textual inputs from the user, and searches multiple blockchain platforms and decentralized apps (DApps) to find the best possible deals. This service can be used in various areas, including GameFi and decentralized finance (DeFi). For instance, crypto gamers can use Self Chain’s intent-based search for the best deals on gaming NFT assets, while DeFi traders can instruct the assistant to find the best rates for specific coin swaps.
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Source: SelfChain.xyz
The platform's keyless wallet infrastructure service allows users to securely use email- and social media–based noncustodial logins to blockchain apps and platforms. This is enabled by splitting the wallet's seed phase into three parts, each stored separately — one encrypted on the user's device, the second encrypted and stored on the Self Chain network in a decentralized manner and the third reserved for wallet recovery purposes..
Self Chain Key Features
Modular Intent-Centric Access
The platform's chat assistant is based on an LLM model that transforms user inputs into signed automated intent instructions. These instructions are passed to Intent Searchers, entities that scout the blockchain ecosystem for the best deals and most efficient paths for the intended transaction. Once the optimal source is found, Intent Searchers pass the request to intent solvers, whose job is to execute the transaction.
Blockchain DApps that aspire to become Searchers and solvers within the Self Chain ecosystem can use the Intent DSL SDK, a development framework offered by the platform. Using the SDK, DApps can integrate into the platform's architecture and translate user intent commands into executable searches and transactions.
Multichain Keyless Wallet Infrastructure
The Self Chain keyless wallet service is powered by MPC-TSS technology, which permits splitting the user's private key, seed phrase or other secret identifier into multiple fractions, each stored independently to avoid a single point of failure. As a security technology, MPC-TSS predates blockchain, and can be applied in a chain-agnostic manner.
In Self Chain's implementation of MPC-TSS, there are three seed phrase fractions, with the two main ones — the Personal Share and the Remote Share — held on the user's device and the blockchain, respectively. When an operation is carried out, the Personal Share is matched against the Remote Share to facilitate the transaction. A network of MPC nodes encrypts the Remote Share in a distributed fashion to further enhance the security of operations.
The third fraction — the Recovery Share — is used solely to restore access to the user's device or add a new device.
Thanks to this chain-agnostic keyless system, users can retain the self-custody of their wallets, enjoy the security of the blockchain's cryptographic protection and use keyless logins on a myriad of platforms.
Multichain Account Abstraction
Self Chain lets users enjoy multichain account abstraction (AA), whereby wallets can carry out complex operations without you needing to worry about the specifics of underlying technology. For example, Self Chain–based wallets can execute bundled transactions, carry out cross-chain operations and optimize gas fees, all without user intervention.
What Is the Self Chain Crypto Token (SLF)?
During the project's mid-2024 rebranding from Frontier to Self Chain, its native cryptocurrency was migrated from the FRONT token on the BNB Chain (BNB) to the SLF coin, native to the Self Chain's Layer 1 network. The migration was announced in late August 2024, and as of the time of this writing (Sep 16, 2024), FRONT holders can still migrate their tokens, with no specific conversion deadline provided by the project team.
SLF is used for a wide variety of functions on the Self Chain platform, including the following:
Gas fee payments on the Layer 1 network.
Staking: Users can stake SLF funds by running a validator node or delegating them to their preferred validator to earn a share of block rewards.
Governance: SLF holders can vote on proposals concerning the future direction of the platform.
Native Collateral: DeFi apps on Self Chain can accept collateral in SLF coins.
Trading Fees:DApps on the Self Chain network can use SLF as the main transaction fee asset.
SLF has a total and maximum supply of 360 million. The coin's supply allocation shares are per the chart below:
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Source: Blog.SelfChain.xyz
Where to Buy SLF Coin
The SLF coin is available on Bybit as a Perpetual contract with USDT (SLFUSDT). Under this contract, you can trade SLF with up to 12.5x leverage.
Closing Thoughts
Self Chain's innovative system simplifies keyless multichain web3 access, while the versatile LLM assistant helps efficiently interpret user intent to conduct diverse transactions across networks. This is a functional set that few other projects in the industry can provide. In particular, the keyless wallet solution is something that truly sets Self Chain apart.
While there are a few crypto projects that utilize an intent-focused approach and AI-based chat assistants, Self Chain’s keyless functionality is a rare feature that will undoubtedly attract interest from a variety of users. Navigating myriad DApps and networks and transacting on them without the need for meticulous private key management has just gotten a lot easier — all thanks to Self Chain and its implementation of MPC-TSS.
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