Hello RelayX for the Web— Bitcoin SV’s first token web wallet and browser
At RelayX, our mission is to move the world towards a real-time economy. Everyone will own a bitcoin wallet that allows them to access the blockchain and that wallet will become the gateway to a new real-time economy.
Today, we move closer to that goal by introducing into beta two new core product capabilities.
First, a native non-custodial web wallet that enables users to have a simple sign up, sign in, and authentication process that works seamlessly with the existing RelayX mobile wallet and the apps that have already integrated with us.
Second, we are adding token support (RUN protocol to start) for both the web and mobile versions of RelayX. This will not only include our first token USDC, but any RUN token created on v0.6 or later. We believe we are witnessing the start of a token and contracting explosion for Bitcoin. We will dedicate another blog post to our wallet’s token functions and what it means for users and apps following the release of the web wallet.
RelayX for the Web
Our web wallet will release in a few days and we want to make users aware of how it will work.
For new users, simply choose a handle and set your password. You are not required to log in with an email address or download the mobile app, making it the fastest way to start accessing the blockchain. Just as Metamask became the anchor to which the Ethereum ecosystem was built on, we believe the addition of a token compatible web wallet and browser will become a critical infrastructure for the onboarding of users and apps to Bitcoin.
For existing users of the RelayX mobile app, you can login to the web wallet with your same 1handle, by restoring with your seed phrase. Alternatively, you can elect to update to the next version of the RelayX mobile app, and setting within the app an encrypted password for your wallet. You can then login to the web wallet with your handle and your password.
An important reminder — failure to write down your 12 word mnemonic may result in loss of all funds on RelayX.
Developers can now build with the only wallet that supports both web and mobile here using: docs.relayx.io. Applications that have already integrated with the RelayX mobile wallet will continue to work as before except now it also works for the web!
To make the web wallet as easy to use as possible, we built it with the industry standard method of encrypting a seed backup to enable password logins. Details are as follows:
How RelayX seed backup works
Creating backup:
1. Two keys are derived from password using pbkdf2.
2. Seed is encrypted with one key using AES.
3. Encrypted seed and second key are sent to RelayX backend.
4. Backend stores seed and salted hash of second key.
Restoring wallet:
1. To get encrypted backup from backend you need to provide second key. In the future, Relay might implement additional 2FA checks for retrieving seed.
2. Seed is decrypted with first key on client.
With this scheme:
1. We have some brute force resistance thanks to pbkdf2.
2. Server never sees unencrypted seed or your password.
3. Thanks to salt, if database is compromised, an attacker can’t use rainbow tables to brute force all passwords at once.
What comes next
The launch of the RelayX web wallet marks an important milestone for our core wallet infrastructure. RelayX represents our effort to accelerate the adoption of Bitcoin technology to enable a frictionless real-time economy. We are looking forward to keeping our community updated as we continue to build the most easy and powerful Bitcoin wallet in the space.
To learn more about RelayX or download the app, visit relayx.io. For the latest updates, follow us on Twitter @relayxio
