November 30, 2023

BLOK Capital Paymaster: Easy transactions, users don’t need to worry or know about gas fees.

While researching about ERC 4337 protocol in the Proof of Concept phase of the BLOK Capital protocol, we were keen to explore paymasters to identify the possibilities of simplifying the user experience in blockchain and DeFi.

BLOK Capital is a decentralised wealth management platform that is powered by account abstraction and ERC-4337. One of the key benefits of BLOK Capital is that it makes it easy and affordable for users to transact on the blockchain. This is thanks to the BLOK Capital Paymaster.

What is a Paymaster?

A Paymaster is a smart contract that can pay for the gas fees associated with transactions executed by other users. This is useful for applications that want to make it easier and more affordable for their users to interact with the blockchain.

How does the BLOK Capital Paymaster work?

When a user initiates a transaction on the BLOK Capital platform, the BLOK Capital Paymaster will automatically pay for the gas fees associated with that transaction. This means that users do not need to worry about having enough ETH in their wallets to cover gas fees.

In addition to making transactions easier and more affordable, the BLOK Capital Paymaster also offers a number of other benefits, such as:

  • Reduced Gas Fees: The BLOK Capital Paymaster can bundle multiple transactions together and pay for them in a single batch. This can significantly reduce the overall gas costs for users.
  • Improved Security: The BLOK Capital Paymaster is designed to be very secure. It uses a number of security features to protect users’ funds, such as multi-signature wallets and social recovery.
  • Increased Privacy: The BLOK Capital Paymaster does not track users’ transactions or reveal their identities. This helps to protect users’ privacy.

How to use the BLOK Capital Paymaster

To use the BLOK Capital Paymaster, simply connect to the BLOK Capital platform using your Web3 wallet. Once you are connected, you can start initiating transactions without having to worry about gas fees.

For example, if you want to swap one token for another on the BLOK Capital platform, simply select the tokens you want to swap and the amount you want to swap. The BLOK Capital Paymaster will automatically calculate the gas fees associated with the transaction and pay them on your behalf.

Benefits of the BLOK Capital Paymaster for users

The BLOK Capital Paymaster offers a number of benefits for users, including:

  • Easy transactions: Users do not need to worry about having enough ETH in their wallets to cover gas fees. The BLOK Capital Paymaster will automatically pay for gas fees on their behalf.
  • Affordable transactions: The BLOK Capital Paymaster can bundle multiple transactions together and pay for them in a single batch. This can significantly reduce the overall gas costs for users.
  • Secure transactions: The BLOK Capital Paymaster is designed to be very secure. It uses a number of security features to protect users’ funds.
  • Private transactions: The BLOK Capital Paymaster does not track users’ transactions or reveal their identities. This helps to protect users’ privacy.

Technical Architecture of the BLOK Capital Paymaster

The BLOK Capital Paymaster is implemented as a smart contract on the Ethereum blockchain. It has a number of public functions that can be used to interact with it, such as:

  • deposit(): This function allows users to deposit ETH into the paymaster contract. This ETH will be used to pay for gas fees on behalf of users.
  • withdraw(): This function allows users to withdraw ETH from the paymaster contract.
  • execute(): This function allows users to execute a transaction on their behalf. The paymaster contract will pay for the gas fees associated with the transaction.

The BLOK Capital Paymaster uses a number of internal functions to implement its logic. For example, it uses a bundler to batch multiple transactions together and a gas estimator to estimate the gas costs associated with a transaction.

Simplest Example Code

The following code shows an simplest example of how to use the BLOK Capital Paymaster execute a transaction on the Ethereum blockchain. The detailed and complex architecture will be updated with V1 launch.

// Importing the BLOK Capital Paymaster contract
import { BLOKCapitalPaymaster } from "@blokcapital/paymaster/contracts/BLOKCapitalPaymaster.sol";
// Creating a BLOK Capital Paymaster object
const paymaster = new BLOKCapitalPaymaster();
// Deposit ETH into the paymaster contract
paymaster.deposit({ value: ethers.utils.parseEther("1") });
// Execute a transaction on behalf of the user
paymaster.execute(
    // The transaction to be executed
    {
        to: ethers.utils.parseAddress("0x1234567890ABCDEF"),
        value: ethers.utils.parseEther("1"),
        data: "0x123",
    },
    // The address of the user on whose behalf the transaction is being executed
    { from: "0xABCDEFGHIJKLMNOPQRSTUVWXYZ0123456789ABCDEFGHIJKL" }
);

The Future of Blockchain Transactions with BLOK Capital Paymaster:

BLOK Capital Paymaster is a significant step forward in making blockchain transactions more user-friendly, secure, and cost-effective. By handling gas fees and simplifying the transaction process, it empowers users to engage with cryptocurrencies and decentralized wealth management without the worries that often deter newcomers.

As BLOK Capital continues to evolve and improve its protocol, the Paymaster will play a crucial role in providing a seamless experience for users, ensuring that the platform remains at the forefront of the decentralized finance (DeFi) revolution.

This article only represents overview of the Paymaster. Microscopic analysis & information about each aspects of paymaster will be updated in upcoming launch of Version 1.0.0.

*Above information is subject to change with protocol & technology improvement.

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