ProxyBOT is a tool designed to improve your experience in the vast world of web3 by making it a little bit safer. With ProxyBOT, you can easily use the utility of your NFTs while enjoying the convenience of a hot wallet and the security of a vault wallet. Whether you are a degen or a builder, ProxyBOT is here to make blockchain activity a pleasant experience.
This document covers the what, the why, and the how of our modest tool. Please read the sections that are most relevant to your needs.
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From the beginning, blockchain has garnered buzz for its ability to decentralize processes that were traditionally maintained by a central administrator, such as banks. While this is an optimistic development on paper, in reality, practical issues arise, mainly the sacrifice of ease of use for security and decentralization.
If you've spent any time in the web3 space, you've likely heard stories of people losing funds or NFTs due to malicious mint sites or simple mistakes. The decentralized nature of this universe means that there are no safety nets for undoing what has already been done. Furthermore, blockchain platform development is happening at breakneck speeds which introduces unintended vectors of security risk near daily.
A popular example of this is the use of NFTs as a membership device. By proving that you own a specific NFT, you may gain access to untapped utility such as mint access or unlock-able content.
The issue with verifying ownership of an NFT is that it often requires connecting your wallet to a third-party site. It’s like potentially giving a third party full access to your bank account just to have a better chance at getting a limited-edition sneaker. Depending on the valuables stored in your wallet, risk factor could be high.
The solution is wallet delegation, which allows users to connect a temporary wallet to third-party sites while retaining the privileges of their vault wallet.