Core by Ava Labs: Seed Abstraction and Other Features 

Summary: In this guide, we’re taking a look at Core Wallet, a multi-chain digital wallet solution developed for Avalanche by Ava Labs. More specifically, we’re exploring some of its unique features, checking out supported cryptocurrencies, and assessing the robustness of its security protocols.

Core Wallet: An Overview

Designed primarily for the Avalanche blockchain, Ava Lab’s Core offers users a self-custody digital asset storage solution that bridges the gap between various blockchains and helps users strike a balance between the complexities of Web3 and the now intuitive nature of Web2.

Focusing on decentralization, Core introduces functionalities like cross-chain transfers to elevate the overall user experience and offer a seamless yet comprehensive digital storage solution.

By embracing advanced staking features and Web3 capabilities, Ava Labs aims at nothing short of redefining the standards for crypto trading and storage. To ensure support, Ava Labs promises commitment to transparency and its open-source approach.

Features and Functionalities

Core comes with several features and functionalities worth emphasizing, including:

1. Seed abstraction;
2. Anonymous transactions;
3. Staking;
4. Hardware wallet options.

1. Seed Abstraction 

Seed phrases are seemingly random strings of words that let users recover their wallets. However, they are also difficult to manage and can easily lead to errors. That is, lost seed phrases often mean lost wallets, so the fear of forgetting or misplacing them discourages many new users from venturing into the decentralized realm.

Core brings a new wallet creation method to the table with its Seed Abstraction features, which offer users the option to create wallets and multi-chain seed phrases using nothing other than their Gmail credentials or Apple ID.

Note that Core’s seed abstraction is universal. That is, it extends beyond specific blockchains or VMs and is designed with more than just the Avalanche blockchain in mind. In other words, users can employ Core-generated seeds across various blockchains, from Bitcoin to EVMs, without any cross-chain challenges.

2. Anonymous Transactions

Core operates as a  decentralized and anonymous wallet, ensuring transparency and traceability when interacting with dApps. This transparency is made possible by smart contracts, which authenticate all transactions on the blockchain and make them traceable through the decentralized system. 

Additionally, Core serves as a centralized hub for wallets. This enables the user to link compatible wallets like MetaMask and Coinbase wallet to the platform. Naturally, each connection requires approval, enhancing the overall security and user control.

Supported Cryptocurrencies

Core supports a number of cryptocurrencies, including:

• AVAX (Avalanche), the native token of the Avalanche network;
• BTC (Bitcoin): Within the Avalanche ecosystem, Bitcoin is bridged from the Bitcoin network as BTC.b;
• ETH (Ethereum): Core allows interaction with Ethereum-based tokens and smart contracts;
• EVM-compatible tokens like Polygon, Harmony, etc.

3. Staking

Staking is a vital element of proof-of-stake (PoS) Sybil resistance mechanisms adopted by blockchain networks such as Avalanche. By staking, users essentially contribute to the network’s security by locking the value of their tokens and, in return, receiving rewards.

Core comes with a staking feature aptly called Stake, which allows users to engage with the Avalanche network while on the move. Moreover, by leveraging the wallet’s native delegation, novice users can interact with the network even without the technical know-how.

Like the rest of the Core platform, Stake is a self-custody solution, which gives the user control over their assets at all times and eliminates intermediaries from the equation. Stake also enables users to set predefined parameters, customize their staking experience, and filter validators based on delegation fees and uptimes.

4. Hardware Wallet Options

Core has integrated with Keystone to extend its support hardware wallets and offer users additional cold storage options. Hardware wallets provide a highly secure means of storing cryptocurrency, allowing users to maintain full control of their private keys while keeping their funds offline in cold storage.

The key features of the Core-Keystone hardware wallet solutions are:

• QR codes that data to web-enabled devices;
• Randomized private keys;
• Biometrics (finger scan);
• Web authentication for all devices;
• Open-source;
• Self-destruction upon physical tampering.

Core Wallet Security

Core relies on CubeSigner non-custodial signing service by Cubist, ensuring secure social logins and key handling. Remote key generation and transaction signing also take place within CubeSigner’s secure hardware, which keeps private keys hidden. That is, when users sign transactions, encryption methods and a secure enclave maintain the security of their keys.

Moreover, accessing a Core account requires both login details and a physical authentication device. In addition, CubeSigner’s key exporting protocols include additional steps and waiting periods, adding another layer of protection against, for example, SIM swapping and ensuring that only the owner can export their keys.

Finally, one of Core’s standout features is its commitment to self-custody. In other words, users maintain full control over their assets, eliminating the need for any intermediaries. The wallet generates a 24-word secret recovery phrase, emphasizing security and ensuring that even if you lose your device, your digital assets still remain safe. 

Web3

By uniting the key tenets of Web3, Core simplifies onboarding and preserves self-custody. That is, users can choose their preferred sign-up, login, and recovery methods, eliminating risks associated with seed phrases and streamlining the Web3 wallet experience while maintaining security.

“Core unifies the key tenets of Web3 by enabling simple, frictionless, and seedless onboarding while preserving self-custody and high security. Core’s users are free to choose their favorite form(s) of sign-up, login, and recovery without any trepidation or anxiety.”

— Akash Gupta, Head of Consumer Products at Ava Labs

In line with the mission to support Web3 adoption, Core aims to make the average user’s crypto wallet experience more intuitive and reminiscent of their typical internet usage. However, existing wallet creation options will still remain available for those who prefer traditional seed phrases. Those looking for a seedless approach can create new Core wallets to enjoy associated benefits.

Core Wallet: Key Features Summarized

• Multi-chain compatibility: Core supports various blockchains, including Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX), as well as EVM-compatible blockchains;
• Self-custody: Core gives users control over their keys and funds;
• Blockchain bridging: Core bridges different blockchains and allows cross-chain exchanges and asset swapping;
• dApps compatibility: You can interact with dApps built on the C-Chain blockchain;
• Availability: Core is available on iOS and Android devices, as well as a Chrome browser extension. Moreover, it is free;
• Seed Abstraction features: Seed Abstraction allows users to log in using their Gmail credentials or Apple ID.

Wrapping It Up

While a wallet at its marrow, Core isn’t just about digital asset storage — it’s a Web3 tool that seeks to introduce the user to all the benefits of decentralized internet, including security, convenience, and interoperability. 

Core Wallet’s security measures encompass key protection, secure hardware usage, two-factor authentication (2FA), and robust mechanisms against phishing and key exports. This approach aims to provide users with a secure and user-friendly wallet experience.

As blockchain technology keeps evolving and cryptocurrencies keep making breakthroughs in the mainstream, relying on a multifunctional and security-oriented wallet like Core might be the way to go. 

Core Wallet: FAQs