Smart contract "Bank accounts"

[paskals]

Create a dApp where users can create their own smart contract-based bank accounts

There will be several advantages to using such accounts:

Overview

• You can authorize several addresses (your metamask, your mobile browser/wallet, your mom's, etc) to spend ETH or tokens from the main smart contract bank account

• You can set friends or relatives' addresses who would be able to retrieve the funds inside after a certain period of inactivity (if something would happen to you)

• Spending limits can be set, so even if someone steals one of your private accounts, they shouldn't be able to drain your whole bank account

• much more

Philosophy

I've had this idea for a while now - we know multisig accounts with daily limits exist already, but I believe they can be made more versatile and user-friendly. Not every transaction needs to be multi-approved, and there should be an expiring period on an account which holds a lot of funds, such that someone can inherit it.

Next steps

This is currently just an idea in my head - I have experience with Solidity and a little web3js, so ideally I would benefit from some front-end help. I want this to be an intuitive and easy to use dApp where people would easily be able to manage their ETH and tokens and how they can be spent. My accounting contract base will be a good starting point.
I believe this project best aligns with Swarm City.

Contact info:

Github: @paradoxdao

Medium: PaskalS

[Quazia]

I would definitely put a lot of emphasis on user research; the idea of a smart wallet/bank alone is good, but as much as possible focus on what people would actually use with what basically boils down to a one person smart wallet? I definitely think that having a spending and checking account are huge features. Also look to software like mint, and simple. Look at what features are being developed in the web2 space and think about which ones make sense to port etc. Transaction tagging and budget management seems like a good one. I also think a lot of this will come down to UI/UX so finding someone who likes that stuff will be key.

[paskals]

The main selling point will be: being able to access your funds even if someone stole your wallet, in addition to your family/friends being able to access your funds after a period of inactivity.

You don't lose your entire bank account balance when you lose your ATM card, so this is the analog with smart contracts. ATM cards in this case are different wallets you authorize

[YalorMewn]

This is actually really interesting, something that is much needed for adoption and safety in the crypto space. We don't want anymore Matthew Mellon situations happening !

Take a peak @kikipluche and see what you think!

[kikipluche]

yep, like the idea. Reminds me of a little experiment we did, with giving an allowance to your kid, where a smart contract gives the kid the possibility to make a monthly withdrawl for a certain amount.

[deamme]

@paradoxdao I've had a similar idea and I really like it. I would be willing to be on the team and help on the front-end side of things. I don't have much time though (doing EIP0 signalling site and Aragon planning tab), so I'll help when I got spare time. Anywhere else where you can be contacted? You can reach out to me on Riot at deam:matrix.org

EDIT:
Btw Gnosis are doing some of the same thing. https://github.com/gnosis/safe-contracts

[paskals]

@deamme You can definitely help if this proposal is approved! I have a little more time, so I will try to make your life easier by defining the requirements as well as possible. It's good to know that there are standards in place - I will definitely look into what others have done before starting work on this ☺