Here you will learn about the Mojito API wallet management mechanism.
Nowadays, for users to do a transaction in NFT marketplaces, they need to install external crypto wallet software. Once the user installs these crypto wallets, they would need to go through a handful of setups and this can be very confusing, especially when most of the users' initial purpose of installing these crypto wallets is to do transactions in the NFT marketplace. Mojito offers a solution that can eliminate all the hassles of setting up a crypto wallet or buying ether to do transactions in the NFT marketplace.
Mojito Solution Mechanism
Mojito provides a semi-custodial crypto wallet. This means a user will start using a custodial wallet which later on, Mojito will provide ways to make the wallet self-custodial wallet and add external signers for the user.
How Does This Mechanism Work?
Mojito’s APIs are driven by IAM or Identity Access Management. IAM lets every user that signed in get a JWT Token. JWT can make a user-level API request that lets Mojito create a wallet that associates with the IAM account for the user. This will be in the form of a gnosis-safe multi-sig.
Gnosis safe multi-sig is a smart contract that is generally used by treasury management. When using gnosis safe multi-sig, users will be familiar with the N of M signature. For example, if a user has 5 different crypto wallets, these crypto wallets are signers. If the user wants to do a transaction, the user will need to wait for confirmation from all the signers. What Mojito does differently is that it offers only one signer and one confirmation required for the multi-sig. The signer will be a custodial key associated with Mojito API and only Mojito API can control it.
For now, the API works as a broker for the actual general-purpose wallet.
Mojito Wallet Management Solution Mechanism
To understand the Mojito wallet management scheme we need to understand the general management schemes of other wallet management systems. The illustration below is steps from a new user who wants to buy an NFT.
The example below is using Metamask to do the purchase an NFT or do a transaction.
As we can see from the diagram scheme above, we now understand that the process of buying NFT for the first time can be really long and complicated, especially for new users. Not to mention how we need to do this with a very complex UI from the browser that we have, and the layered process of the transaction from the wallets. What Mojito offers is to cut the complicated process using Multisig. Our solution for a custodial wallet is explained in the scheme below.
For more information on our solution, please email us at [email protected].