What is Vly?
Vly is a value layer above all social networks, with the Vly wallet being its first product, featuring the following characteristics:
Pay people using social media accounts instead of wallet addresses;
Receive cryptocurrency without creating a wallet;
Decentralized and non-custodial, Passkey enables hardware-level security;
Leverage existing social relationships and behaviors for value distribution;
Support all chains and all tokens in one place through a unified payment gateway;
Web-based SDK compatible with any existing APP/platform.
How to get started with the Vly wallet?
Visit the site: https://vly.money;
Click social media icons (e.g., X.com) to authenticate via your social account;
Link your device key to the Vly wallet;
Start sending/receiving funds.
How does the Vly wallet differ from other crypto wallets?
The Vly wallet is more than just a regular crypto wallet; it revolutionizes the way payments are made. Using traditional wallets, sending payments can be a cumbersome process. The recipient needs to download a wallet app or browser extension, create a wallet, and then securely share their wallet address with you through a secure communication channel. Only then can you proceed with the payment.
The Vly wallet significantly simplifies the payment process. With Vly, you only need the recipient's social account or username to make an immediate payment, without requiring them to create a wallet address or perform other steps, nor existing communication channels. This simplified approach eliminates friction, making transactions faster, easier, and more convenient for both the payer and the payee.
How does Vly work?
Vly uses several key underlying technologies to achieve a simplified payment experience:
DIDA: Deterministic Identifier Derived Address (DIDA) technology is a system that allows wallet addresses to be generated based on unique identifiers (such as social media names, phone numbers, credit card numbers, or even government-issued ID documents like social security numbers), thus eliminating the need for users to remember or exchange complex wallet addresses, greatly simplifying the process of sending and receiving payments.
Threshold signing: The Vly wallet utilizes the threshold ECDSA/EdDSA signing scheme provided by the Internet Computer (ICP) to securely and efficiently generate digital signatures. This cryptographic method creates valid signatures by having a large number of ICP subnet nodes jointly execute signing calculations. Therefore, users do not need to store traditional private keys/mnemonics. The key distinction here is that the entire signature generation process occurs entirely on-chain, ensuring it remains transparent, secure, and tamper-proof.
Key: Vly Wallet uses key technology for user authentication, ensuring secure access to the wallet. When users link their social accounts to the wallet, a key is created on the user's device and securely bound to the user's wallet in the Vly smart contract. From that point on, the security of the wallet relies entirely on the strength of the user key. A key advantage of this system is the ability to synchronize keys across multiple devices using services like Apple iCloud or Google accounts. If a user loses their device, they can easily recover access to the wallet by synchronizing the key on a new device. Additionally, Vly supports binding multiple keys to a single wallet, enabling features like social recovery, allowing users to enhance the wallet's security by registering multiple keys, providing greater flexibility and security in the event of device loss or compromise.
Vlink: Vlink is a powerful tool that seamlessly integrates Web3 transactions into any social media application via simple links. Users can call Vlink directly from within the mobile app to execute blockchain transactions without leaving the platform. Whether transferring funds, interacting with smart contracts, or performing other blockchain activities, Vlink can program and embed these actions in a user-friendly manner. With Vlink, developers can build various blockchain-based interactions, allowing users to complete transactions or participate in Web3 activities entirely within the app's native environment. This enhances the user experience by keeping users in familiar social applications while still accessing the full functionality of the blockchain.
How does the Vly wallet differ from other wallet technologies like MPC, AA, etc.?
MPC wallet with social login features
MPC (Multi-Party Computation) wallets typically use social accounts as an authentication method, allowing users to log in through platforms like Google, Facebook, or Twitter. However, wallet addresses generated in the MPC system are usually unrelated to the social login username. Instead, these wallets generate addresses based on cryptographic keys managed across multiple parties for security purposes, which have no direct connection to the user's social identity.
In contrast, the Vly wallet takes a different approach by directly obtaining wallet addresses from users' social media accounts. This means that, unlike MPC wallets, where social login is only used for authentication and not related to wallet addresses, Vly calculates wallet addresses based on the user's accounts on social platforms (like Twitter or Instagram). Therefore, users can directly send funds to the recipient's social media account (like Google email or X username) without asking for their wallet address.
Pre-generated wallet
Using technologies like MPC to pre-generate cryptocurrency wallets is essentially a centralized and custodial process, as users have no control over any key shares during wallet creation. While some key shares may be handed to users afterward, it remains uncertain whether MPC providers retain copies of those shares, raising concerns about whether providers might access or spend users' funds, thus undermining true self-custody.
AA Wallet
Technically, Vly acts as an account abstraction (AA) wallet because it uses smart contracts (canisters) to manage the transaction signing process. However, unlike typical AA wallets deployed on EVM chains, Vly's smart contracts are built and deployed on the Internet Computer (ICP).
Additionally, Vly utilizes a threshold ECDSA/EdDSA scheme to generate digital signatures for multiple chains. Therefore, while traditional EVM-based AA wallets are limited to EVM-compatible chains, Vly can be used across all blockchain networks, providing greater flexibility.
What is the difference between Blink and Vlink?
Two main differences:
Vlink can be used on all chains, not just Solana;
Blink requires a browser wallet extension to operate, making it unusable in mobile apps. In contrast, Vly can be opened and used directly in any social media mobile application.
How secure is the Vly wallet?
Compared to traditional wallets, the security of the Vly wallet is enhanced for the following reasons:
No exposure of private keys or mnemonic phrases: Vly uses threshold signature technology for transaction signing, meaning private keys are never fully constructed or stored in one location, eliminating the risk of key or mnemonic phrase exposure, a common vulnerability in traditional wallets.
Key security: Vly employs key technology protected by secure chips on mobile devices, providing military-grade protection. This hardware-based security ensures that keys remain secure even if the software is attacked.
Fully on-chain architecture: Vly is entirely built on the Internet Computer (ICP), with its front-end and smart contract logic hosted entirely on-chain, making it tamper-resistant and highly resistant to hacking, as it is not affected by vulnerabilities that often occur in off-chain components.
Security audit: Vly has undergone audits by a major auditing firm, ensuring that its security model and implementation have been thoroughly reviewed and confirmed to be robust.
The combination of this threshold signing and cryptographic technology, on-chain architecture, and third-party security audits makes Vly a highly secure solution for managing crypto transactions.
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