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Introduction
Obvious is excited to be participating in the Lit V0 launch with the release of Obvious Money - A US Dollar account for solopreneurs outside the US. Our integration with the Lit enables our users to not only create, secure their accounts but also to transact with any phone number with ease.
What is Obvious Money?
Obvious Money is a US bank account + Non-custodial Wallet rolled into one app. With Obvious Money you can
- Open a USD bank account in minutes.
- Deposit USD -> get USDC in a non-custodial wallet.
- Transact via banking rails viz. ACH, SWIFT, Wire and also Crypto rails viz. Wallet addresses or Phone numbers
- Earn yield from DeFi.
What is Lit?
Lit is a key management network for decentralized signing and encryption. Lit enables apps to secure funds without single points of failure. Keys managed on Lit are distributed and fault tolerant, so no centralized authority can ever withhold access. Use of Lit enables digital ownership experiences with greater privacy, flexibility, and control.
How does Obvious Money make use of Lit?
Obvious Money uses unique features of Lit to provide users with a seamless experience.
- Claimable addresses - we use claimable keys based on a user's phone number to pre-create smart contract wallet addresses. Funds can be transferred to a user's number beforehand and they can later sign up on Obvious to claim the money.
- Multiple authentication factors - we add multiple auth methods on the Lit PKP to allow users to transact smoothly. Passkeys stored locally are used for all transaction signing. Google auth based recovery is used to restore an account on a different device and add a different passkey from the new device.
- AA Smart contract wallet - Lit PKP is used to control the AA wallet which is deployed on the Base chain. All funds of the user are held in this non-custodial smart wallet ,controlled by the users authentication methods added above.
Integration details:
Integration with Lit allows Obvious Money to provide its users a completely non-custodial bank account. Funds are held as USDC on Base with the user holding the keys to transact directly with their wallet. Users do not have to worry about how their private keys are stored or backed up. Lit’s de-centralised key management solution ensures there are no single points of failure while the key material is never compromised.
Claimable keys is a new feature on Lit which allows us to compute the public key of a known user id. We compute the key id based on the user id for a user which is derived from the user's phone number. The key id is then used to compute the public key of the PKP which will be assigned to the user's phone number when they sign up for the Obvious Money app. This public key is then used to derive the counterfactual address of the AA smart contract wallet from Biconomy. This smart contract wallet address is where the user funds are sent to even before the user onboards into the app. All transactions on the user wallet are sponsored by Obvious using paymasters which sponsor user transactions.
Here is David Sneider, Co-Founder & CEO of Lit talking about the collaboration with Obvious.
“David - Obvious’s seamless merger of a bank account and cryptocurrency wallet powered by Lit Protocol’s decentralized signing provides people with an experience they are used to when entering the world of digital ownership, without reliance on a centralized custodian. Obvious is on track to play a major role in financial inclusion and control. ”
Here is Jebu Ittiachen, Co-Founder & CTO of Obvious talking about the collaboration with Lit.
“Our partnership with Lit allows us to provide an experience that’s very familiar to our users, most of whom are experiencing crypto for the first time. A completely keyless experience while providing a fully non-custodial wallet will be the next wave of consumer products in crypto. We had a blast collaborating with the wonderful folks at Lit to bring Obvious Money to our users.”
About Lit
Lit Protocol is a decentralized key management network and set of developer tools for digital signatures, identity-based encryption, and serverless compute. With Lit, you can create and control keys for virtually any application that can be made private, immutable, and autonomous. Lit’s goal is to drive a shift from Web 2.0, where everyone is merely a user, to a new web, where every individual is a sovereign entity that owns their assets and data, regardless of technical expertise.
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About Obvious
Obvious is a self-custody wallet that brings together assets across EVM & non-EVM chains and powers your cross-chain transactions by giving you safe, fast, and affordable bridging & swapping routes within the app. Obvious Money is built on top of the Obvious Wallet to provide a seamless interplay between the banking and the blockchain worlds. The goal is to enable users to take full control of their funds through a non custodial wallet without losing out on access to the traditional finance rails.
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