Para universal embedded wallets allow users to seamlessly use their wallet across different applications and platforms, providing a more fluid and user-friendly experience in the crypto ecosystem.

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Overview

In the crypto ecosystem, users often need to access the same wallet across various applications. However, this convenience can pose security risks if not managed properly. Para’s multi-app architecture addresses these challenges by implementing a sophisticated permissions scheme that balances accessibility with security.
Universal embedded wallet functionality is not about transferring assets between wallets, but rather accessing the same wallet from different applications and platforms.

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Key Components

Para’s approach to universal embedded wallet portability leverages its unique architecture and security features:

Unified User Identity

Para associates wallets with user identities (typically email addresses) rather than individual applications

Permissions Framework

A granular permissions system ensures that applications only have the access they need, enhancing security in a multi-app context

Seamless Authentication

Users can log in to new applications using their Para credentials, automatically gaining access to their existing universal embedded wallet

Multi-Party Computation (MPC)

Para’s MPC-based key management allows for secure key sharing across applications without exposing the full private key.
This implementation ensures that users can easily and securely use their Para universal embedded wallets across multiple applications while maintaining strong security and privacy controls.

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Benefits

For Users

    • Access the same wallet across multiple applications without complex key exports
    • No need to manage multiple wallets or perform
    • Consistent user experience across different platforms
    • Permissions for transparent security and granular access confrol

For Developers

    • Easier onboarding of users who already have a Para universal embedded wallet
    • Access to richer transaction history and liquidity from shared wallets
    • Easily craft multi-app experiences and build an ecosystem
    • request specific permissions based on the application’s needs.

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Universal Embedded Wallets vs. Traditional Approaches

To understand the advantages of Para’s wallet portability, let’s compare it with traditional approaches:
FeatureThird-Party WalletsTraditional Embedded WalletsUniversal Embedded Wallets
Portable across apps✔️✔️
Smooth in-app UX✔️✔️
Integrated with app functionality✔️✔️
No browser extensions required✔️✔️
Granular permissions per app✔️
No manual key management for users✔️
This comparison highlights how Para Universal Embedded Wallets combine the best features of both third-party and traditional embedded wallets, while also offering unique advantages such as granular permissions and simplified key management.

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Security Features

Granular Permissions

Each application can be granted specific permissions, limiting potential damage if one app is compromised.

Encrypted Key Sharing

The User Share is encrypted specifically for each application, preventing unauthorized access.

Signature Verification

Each key sharing process includes a signature verification step to ensure authenticity.

No Full Key Exposure

Thanks to MPC, the full private key is never exposed to any single application or stored in one place.

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How Wallet Portability Works

1

Initial Wallet Creation

When a user creates a Para universal embedded wallet in one application, it’s associated with their identity (e.g., email).
2

Accessing New Applications

When the user wants to use their wallet in a new application: - They log in with their Para credentials - The new application requests specific permissions - Upon approval, the application gains access to the user’s wallet
3

Behind the Scenes

Para securely shares the necessary key information with the new application, without exposing the full private key.
4

Ongoing Usage

The user can now seamlessly use their wallet across all connected applications, with each app respecting its granted permissions.

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Example Use Cases

  1. DeFi Dashboard: An app that aggregates data from multiple DeFi protocols could request read-only permissions across various chains.
  2. NFT Marketplace: Could request permissions specifically for NFT-related transactions on relevant chains.
  3. Cross-Chain DEX: Might request permissions for swap transactions across multiple chains.

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Preview: Upcoming Enhancements

Para is continuously working on enhancing universal embedded wallet experiences. Future developments may include:
  • More granular permission controls
  • Enhanced analytics and insights for users across their entire wallet usage
  • More seamless cross-chain experiences
By providing true universal embedded wallet portability, Para aims to make the crypto experience more user-friendly and secure, paving the way for broader adoption and more innovative multi-app ecosystems.