The Wallet Wars
This week the IC communities focus was on token standards and security when connecting wallets to IC apps.
Plug wallet took the lead by explaining how Plug puts user safety above all else with multiple levels of security:
- When connecting to an app, the app must pass a whitelist of canisters that it can make calls to. This is our first point of security to ensure that calls to arbitrary canisters beyond the user's knowledge are impossible.
- Then comes the second layer of security. When apps get around to making calls to canisters on your behalf, they get vetted by Plug. This allows Plug to determine potentially malicious calls from calls that are trivial & reversible (like updating your display name).
- Plug pushes for transparency in the actions apps want to carry with a user's wallet. That's why in update calls, an actor must be passed with a canister ID & a list of methods. This way Plug can show users EXACTLY what the app wants to do and let them approve (or not).
Not to be overshadowed, the highly anticipated ICPSwap announced their wallet
ICP Swap will support both external wallets like Plug, in addition to letting users connect without an external wallet, by using the ICP Swap built in wallet.
In addition to using ICPSwap’s built-in wallet, we will also adopt Plug wallet in ICPSwap 1.0 (internal testing is complete). In the future, ICPSwap will support Stoic Wallet, Ratels Wallet, et cetera.
Another issue ICPSwap Discussed was their decision to prioritize the EXT token standard. In addition to planning to support other token standards in the IC ecosystem, such as DIP20 and DFT.
Last but not least, Infinity Swap announced their wallet plans.
Available today in the Chrome Store. The InfinitySwap Wallet is a simple, yet elegant, browser extension that allows users to hold and transact tokens on the IC network. It brings elements of SocialFi to DeFi with the innovative Copy-trading Link feature, enabling users to share their portfolio, allowing their friends to follow trades on a rolling basis. By sharing their copy-trading link, users will even be able to earn a reward!
The wallet is usable in any integrated IC app, using the users main Principal ID as their identity across all apps, allowing users to manage all their crypto assets with one wallet.
Infinity Swap also announced more details about IS20 Token Standard
The IS20 Standard is one of many competing standards. Learn more about IS20. Token Standards on the IC are a hotly contested issue, often discussed on the forum. Currently there are discussion underway relating to compatibility between standards.
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