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burner-wallet's Introduction

πŸ”₯πŸ‘›Burner Wallet to move xDai quickly in a web browser. Sweep to cold storage when you get home. πŸ πŸ‘¨πŸ»β€πŸš’ https://xdai.io

Read the full article here: Ethereum in Emerging Economies - Mass adoption will start where decentralization is necessary

burnerwalletscreencast

There are places in the world today where it's hard to find important goods with the traditional currency or the currency may fluctuate immensely in value due to inflation. Luckily, exchange of value is one of our most powerful assets in the Ethereum space.Β 

Unfortunately, it is especially difficult to onboard new users because our ecosystem has such a steep learning curve. Traditional wallets put a huge burden on the user to understand a new currency and deal with seed phrases.

What we need is a way to exchange an intuitive currency like DAI using a simple and ubiquitous platform like the mobile webΒ browser. Here are two phones exchanging value in a matter of seconds using burners:

burnerwalletdemo

One mobile phone can send DAI to another in 5 seconds with a simple QR code scan without any wallet download, this works on web browsers. Users can even send value through messaging services like WhatsApp with a simple link!

The Burner Wallet runs on the xDai sidechain from POA. Since it is in DAI, a dApp can simply refer to amounts in USD. Plus, block times take 5 seconds and gas costs are virtually abstracted because they are so cheap and paid in DAI. Finally, the bridge between xDai and DAI/ETH is as simple as sending tokens to a specific address.Β 

A burner wallet is automatically generated upon visiting https://xdai.io and your private key is stored in a cookie so it will be there when you come back. However, you should sweep any value you hold to a cold wallet regularly and burn your ephemeral private key. A burner wallet is analogous to cash; you won't carry too much because it can be lost but it's astonishingly easy to exchange.Β 

This can also be very handy in everyday use even for the crypto-initiated. If you are share a Lyft or a pizza with a friend and want to split the cost, just shoot their QR code with your camera and it will open up a new burner wallet to exchange value with them. Just don't forget to sweep to cold storage and burn your key when you get home!

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