Idea emerged to becoming a “Vision” when BLOK Capital Founder Sheetal Nehra discussed with few novice investors in crypto about the difficulty of self custody in storing private keys / seed phrases, gas fees & their concerns of losing their crypto with centralised exchanges, like FTX. Our Founder decided to create a protocol solving the complexity of Investment and Wealth Management and it gave birth to “BLOK Capital Protocol” building a Web3 protocol and community for decentralised Wealth Management.
With time, all Core DAO members joined BLOK Capital having great experience and expertise in their respective fields enabling us to build BLOK Capital, the DAO.
Welcome to BLOK Capital: Core Protocol Based on Account Abstraction & ERC-4337 to Revolutionise Investing & Fund Management.
Let’s go deep dive with Account Abstraction and ERC 4337.
Account abstraction is a new way of interacting with the Ethereum blockchain. It allows users to use smart contracts as their primary accounts, instead of the traditional externally owned accounts (EOAs). This has a number of benefits, including:
ERC-4337 is a new Ethereum standard that enables account abstraction. It provides a set of rules for how smart contracts can be used as accounts. This makes it easier for developers to build wallets and other applications that use account abstraction.
BLOK Capital is using account abstraction and ERC-4337 to create a new platform that will make it easier and more secure for investors to connect with wealth managers in complete decentralised manner where investors fund will be only allowed to swap by wealth managers. Wealth managers can not withdraw or swap the assets of investors to the tokens which is not whitelisted by BLOK Capital DAO & Community.
The platform will provide a number of features, including:
Using Account Abstraction & ERC 4337 protocol enables incredible feature missing in crypto investing in the world. The technology itself defines the core security required to allow weakth managers to trade assets of Investors without stealing it.
Below is the features BLOK Capital provide :
Above is the Architecture Diagram of BLOK Capital Protocol. It may change in future during up-gradation of protocol with technology & features improvement.
BLOK Capital has completed DAO Creation, Protocol Research & Webapp Prototype Phase with tested features and technology integration. Users can create real blockchain Smart wallet account using Google Email authentication and create their gardens(Investor) & assign the gardeners (Wealth manager’s portfolios).
BLOK Capital has completed DAO Creation, Protocol Research & Webapp Prototype Phase with tested features and technology integration. Users can create real blockchain Smart wallet account using Google Email authentication and create their gardens(Investor) & assign the gardeners (Wealth manager’s portfolios).
We are working on Paymaster & Bundlers integration to swap the assets at the moment. You can test prototype here. Create your first BLOK Capital Account fully on chain! This Account will be used in Version 1.0.0 launch and onwards as well forever.
You can learn about ERC 4337 here. There is an implementation in progress here. An early developer alpha version is expected to be coming soon, after which point the next step will be to nail down final details and conduct audits to confirm the scheme’s safety. Read from Author of ERC 4337 Mr. Vitalik Buterin here.
Thank You. Join BLOK Capital community to be updated with upcoming articles of the protocol.
This article only represents overview of the protocol. Microscopic analysis & information about each aspects of protocol will be updated in upcoming articles.
*Above information is subject to change with protocol & technology improvement.
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:
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:
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.
BLOK Capital DAO is quickly emerging as one of the most exciting new projects in Decentralized Finance, by pushing the boundaries of what DeFi is capable of. It is already one of the leading pioneers in account abstraction, thanks to its rapid integration of ERC4337, that has enabled a number of world firsts in the industry, including the first ERC4337 token sale, and the widespread adoption of social media login for account holders. All of which serve to simplify the onboarding and ease of use of working with blockchain based protocols.
But how has BLOK Capital achieved this? Of course, it requires the best technical experts, working at the leading edge of blockchain technology, but that is not enough. Technology is how innovation is manifested, but innovation starts with people, people working together, pushing themselves and others to create something truly new and industry-changing. This culture of innovation is at the heart of BLOK Capital.
Our culture drives and energizes both the core team and our extended network of partners, ensuring that all our team deliver the best possible outcomes in every activity, whether it’s protocol design, UI, UX, community building, or any of the many activity streams that are needed to build a successful business. From the earliest days of the project, we took the stance that if we wanted to create something ground-breaking in the industry, then we could not accept ‘good enough’. We had a vision to create a DeFi protocol that enables decentralized wealth management for all walks of life, to reduce the wealth gap and drive financial inclusion, and we have been determined from day one to turn that vision into reality. There have been plenty of times along the journey, when we were told ‘that’s not possible’, but by sticking to our ‘no compromise’ mindset, we did not and will not accept that, always pushing our partners to find a new way forward. But how is such a culture of innovation created? A big differentiator in this project is the background of the founders.
The crypto world is generally considered a young person’s game, with many traditional industries, and their executives, initially taking a back seat to watch from afar to see if cryptocurrencies would stick around or not. And our industry is still regularly challenged, with the crypto world littered with high profile company collapses, FTX being one of the most well-known. But why did FTX and others collapse? Our view is they collapsed because the young people running them had no experience of how to manage a business and no appreciation of the responsibility that comes from handling other people’s money. They were also run off-chain as traditional centralized businesses, which inherently puts too much control of customers’ assets into the hands of the management.
BLOK Capital is completely different. The four founding angels have all enjoyed long successful 30+ year careers as senior executives running businesses in a variety of multinational industries, from finance to manufacturing. Alongside our founder Sheetal Nehra, who brings decades of international business growth experience, our marketing activities are led by a former CEO of Shell in North Africa, our compliance officer was the global Head of Security Risk Control at UBS bank, and I myself was CTO at a multinational manufacturer of high-tech products.
Together, this team brings maturity, common sense and an ethical approach to business. And as the founders, this team laid down the principles of culture, and continue to role model the behaviors and attitudes that are essential if people want to be part of bringing BLOK Capital DAO’s vision of total self-custody for people and their assets to the world. At the heart of our project is transparency and decentralization, all within an on-chain environment self-governed by the community of BLOKC holders. This can only be delivered by people who thrive on collaboration and bring a people-first approach to business. And these guiding principles are used constantly by the core team to vet each and every new core team member, service provider, advisor and partner as we grow. Many did not meet the standards we set, but this rigorous approach has ensured that each and every member of the team we have built are truly the best in the industry, setting up BLOK Capital for success and to deliver an exciting and inclusive financial future for all.
During August — November 2022, the idea was born whilst I was deep diving into Decentralised Autonomous Organisations (DAOs) and ultimately what it takes for them to be successful.
I was extremely fascinated by the concept of an organization being run autonomously and governed by the people, by the community.
No middleman between you and your assets.
I was keen that the whole world could participate in the use of blockchain technology and to be able to confidently invest in Crypto.
With the collapse of FTX, it was clear it was time for a change and to work purely on a solution that was fully decentralised, including the projects governance.
To achieve this, it became abundantly clear the Web3 User Experience (Web3 UX) was simply not capable of delivering the projects requirements, namely, pure decentralisation and self custody unless a user was extremely experienced in Crypto.
It also was clear that the protocol needed to be able to pay gas fees on behalf of a user to simplify the user experience and enable novice users, the billions of web2 users, to be able to start using Web3.
I began to deep dive into Web3 UX and found improvements in Smart Contract Wallet Accounts, but felt it still was not enough progress to onboard the billions of people, the novice users, onto the Blockchain.
On further deep diving, I came across the Ethereum Foundations, ERC 4337 protocol in development as a document, which was formally released 6 months later in May 2023.
I was convinced ERC 4337 and account abstraction was the answer to solve the issues that concerned me with the current problems with the Web3 UX and also came across another feature of ERC4337 in Session Keys. I was now aware that another party could be given a cryptographic key to a specific function on a user’s Smart Contract Account. This opened up more opportunities in the types of applications that could be deployed on the blockchain.
In Late 2022, With a thorough understanding of DAOs, ERC 4337, Paymasters, Bundlers and Sessions keys on one whiteboard session while trying to improve governance smart contracts, the idea suddenly appeared.
All the dots were connected, and very quickly, further deep diving was underway that it was now possible to revolutionise the entire Wealth Management or Fund Industry.
I believe our protocol uses every square inch of ERC 4337 and that we are one of the worlds first protocols to be doing so, if not the first.
why should we send our money to fund managers when all we want them to do is grow it?
The concept of Gardens and Gardeners came forth almost immediately as an analogy and the Vision was written the same day which is the same as today in the Whitepaper.
Our Vision:
To create a DeFi protocol that enables decentralised wealth management for all walks of life, to reduce the wealth gap and drive financial inclusion.
