Masma Whitepaper (Huge update coming for whitepaper)

The future of a seamless Web3 User Experience is here.

PDF Version

Coming soon.

Abstract

The mass adoption of decentralized applications (dApps) in the Web3 ecosystem has been hampered due to the technical expertise required by a user to interact with such dApps that are built on top of blockchain networks like Ethereum.

The too-technical workflow of using such dApps has led to the exclusion of non-Web3-native and non-tech-savvy users that obstructs Web3's mass adoption in general.

To foster more inclusive and efficient user engagement, we introduce Masma.

In 1 sentence:

Masma is an intuitive, automated, cross-chain ecosystem designed to simplify the interaction of non-native users with Web3 dApps.

1. Introduction

We stand for 1 thing and do it really well: enhancing Web3's User Experience.

In the rapidly evolving Web3 ecosystem, the emergence of dApps marks an exciting leap forward leading to self-custody of all of your assets and data.

However, the prevailing design approach for most dApps forces users into intricate and unfamiliar direct interactions with the underlying blockchain network(s).

This architectural choice, while seemingly straightforward, is fraught with challenges.

Given the low-level complexity of blockchain technology, users are required to possess an advanced understanding of how transactions are initiated, approved, tracked, and finalized.

This has resulted in a sluggish rate of adoption of otherwise promising Web3 platforms and dApps, highlighting a pressing need for more user-friendly interfaces.

To address this challenge, we present Masma, an innovative cross-chain ecosystem enhanced with Account Abstraction (AA) capabilities.

Masma aims to streamline user interaction with dApps by introducing an automated and smart execution layer that has the following workflow:

That's how Masma aspires to eliminate the barriers that have impeded the mainstream adoption of dApps.

2. Masma Ecosystem

It encompasses several innovative components:

an insured smart wallet (Yes, insured...our Unique Selling Proposition),
Account Abstraction (AA) for flexible transaction formats,
a Masma User Interface (MUI) that aggregates various web3 dApps into an intuitive portal,
and, a suite of mini-applications for specific task execution

Masma reshapes the current workflow of Web3 operations into a simple design akin to platforms like PayPal, eliminating the need for users to understand the technicalities of using dApps.

We could achieve such a herculean objective only by making use of Account Abstraction (AA) protocols that allows users to interact with dApps in an absolutely intuitive manner.

Using AA, we have abstracted away and made blockchain invisible to our users with Zero compromise on security and self-custody of all of their assets.

In short:

Masma = User fully owns its assets + intuitive workflow to use dApps + seamless User Experience + unparalleled security of the wallet =>

All this without a user needing to have any technical knowledge of how blockchain/dApp works.

Masma offers a vertically integrated infrastructure combined with a user interface optimized for dApps. It aims to cater to billions of non-native cryptocurrency users ensuring ease of use.

The Masma ecosystem stands strong on top of 3 pillars:

Patented Wallet Infrastructure:

No seed-phrases
No 3rd party custody risk
Email/password sign-up
With crypto asset insurance coverage

Masma User Interface (MUI):

A primary user interface to access all of the underlying applications.

Account Abstraction:

Brings in advanced functionalities without being tethered to the fixed and complex rules of the underlying blockchain technology with Zero compromise on self-custody.

In this setup, users effortlessly engage with the features integrated within the Masma MUI, such as:

Smart Exchange: Masma's reimagined the Decentralized Exchange's (DEX) user experience.
Send/Receive Funds: On Masma, sending and receiving funds is now as straightforward as using PayPal.
Social Profiles: Every Masma user possesses a distinct human-readable username and a personal social profile.
In-app Chat: Our in-app Messenger on Masma so that you don't have to switch between applications.

2.1 Most Secure Wallet Infrastructure

Masma users' wallets are built on top of Zero friction, Enterprise grade, and utmost secure Web3 wallet infrastructure that utilizes the power of FIPS 140-2 standard.

This infrastructure incorporates specialized FIPS 140-2 validated custom cryptographic silicon, and the world’s most advanced security architecture that surpasses individual hardware wallets in putting people and enterprises in safe, unlosable, and exclusive control of their crypto assets like Coins, NFTs, and Smart Contracts.

All of this without the risk of losing their wallets or leaking any private keys or seed-phrases at any point.

FIPS 140-2 deserves a dedicated section.

It stands for Federal Information Processing Standard 140-2 standard.

In short, this standard specifies the security requirements that should be satisfied by a cryptographic product/module to be called as FIPS 140-2 certified.

Put FIPS 140-2 in perspective:

A product validated as conforming to FIPS 140-2 is accepted by the federal agencies of the United States of America and Canada for the protection of sensitive and protected information.

Such highly secure products ensure that the best of the best security practices for cryptography have been implemented correctly and, hence, are certified as ready for procurement by and deployment into the federal agencies of the U.S.A. and Canada.

Masma's wallets are built on top of something that the U.S. and Canadian federal agencies entrust their information-protection with.

Long story short, we're the world's safest hardware wallets, on the cloud.

2.2 Meta User Interface (MUI)

Why?

In the current Web3 landscape, usually dApps tend to be specialized, with each focusing on a single functionality.

As a result, users frequently switch between multiple dApps to accomplish a range of tasks, many of which are complementary, resulting into a lack of cohesive User Experience.

Compounding this complexity is the fact that these dApps can reside on different blockchains or Layer 2 solutions.

Such a fragmented ecosystem often discourages users, pushing them towards centralized platforms that offer similar functionalities in a more streamlined and user-friendly manner.

What?

Masma seeks to address this disjointed user experience by establishing an intuitive, omni-chain portal that aggregates a myriad of Web3 dApps.

Our solution effectively creates a unified interface, serving as a single point of entry for various services and utilities running on top of multiple blockchains.

To realize this vision, Masma introduces a permission-less Meta User Interface (MUI) powered by Account Abstraction.

This allows a seamless integration of other dApps into the Masma ecosystem, promoting a cohesive user experience across all partnered platforms.
Also, our MUI fosters interoperable communication between dApps, setting the stage for action-oriented mini-apps, details ahead.

To kickstart the MUI, our team is developing and integrating some of the most widely used dApps in the Web3 ecosystem today.

Also, we've created our own uniquely wrapped versions of popular dApps to assist users in onboarding to Web3.

2.3 Account Abstraction (framework that powers Masma)

Lately, the blockchain space has witnessed a plethora of innovations aimed at improving both scalability and user experience.

Among these developments, one stands out due to its potential for wide-ranging impacts on how users interact with dApps: Account Abstraction (AA).

At its core, AA is an advanced mechanism that uncouples the logic of user account operations from the rigid constraints of any blockchain platform.

It offers a layer of abstraction that allows for flexible transaction formats and broadens the decision criteria for transaction validity.

In short, by using AA, we’re abstracting away the technical complexity from the user, especially the non-native Web3 ones to enable mass adoption.

2.3.1 The Importance of Account Abstraction

AA paves the way for similar innovative features that already exist in our conventional digital age interactions into the new Web3 realm.

(a). Automation of User-centric Actions

By integrating AA with the backend code (i.e. smart contracts), actions such as recurring payments, stake validations, automated trades, etc. can be automated under the hood.

This reduces human-induced errors and manual intervention required by users.

Thus, it fosters smoother, efficient, and 1-click transaction experiences.

(b). Batching Transactions:

Batching (or grouping together) the transactions can lead to:

reduced gas costs,
improved user experience,
and increased efficiency in overall blockchain operations.

In a Decentralized Exchange (DEX), instead of a user having to manually approve a token transfer to finally execute the trade, etc., batching transactions would allow both actions to be bundled together into a single transaction, making it easier and cost-effective for the user.

(c). Sponsoring User Transactions

AA has the potential to redefine the economic model of transactions.

Traditionally, users have to pay for transaction fees known as ’gas.’

However, with AA, third-party entities or sponsors can be programmed to subsidize these costs.

Such a model can catalyze increased user participation by reducing overall expenses and generating avenues for businesses to incentivize user engagement.

(d). Facilitating Cross-Chain Actions

One of the most compelling impacts of AA lies in its ability to abstract away intricacies of actions that happen across different blockchain networks for a user's specific cross-chain operation.

It enables transaction execution like data-transfer and token-transfer across chains without the user worrying about what all happens under the hood.

It enables seamless cross-chain actions, thus reducing the friction and barriers that currently exist between different blockchain ecosystems and boosting user engagement.

This is critical for a decentralized future where multiple blockchains coexist.

2.3.2 Account Abstraction within Masma

AA is one of the 3 foundational pillars of Masma's ecosystem, significantly mitigating the limitations inherent in Externally Owned Accounts (EOA) that typically require user involvement at each step of interaction with a dApp.

This feature simplifies the multi-step process traditionally needed to achieve a singular objective, thus reducing the overhead and complexity by order of magnitude.

Use case: Buy/Sell/Swap tokens without and with Account Abstraction

To illustrate the benefits of AA, let's take the example of a hypothetical non-Web3-native user looking to swap $ETH for $PEPE token (via $USDT) on a Decentralized Exchange (DEX).

Without AA - Before Masma:

To initiate this transaction on Ethereum Mainnet, which is an EVM (Ethereum Virtual Machine) chain, the user would typically go through the following steps:

If you decide to bridge your token to another blockchain, additional steps will also be required.

Under optimal conditions, executing these steps can take a minimum of 40 seconds, or even stretch up to 5 minutes, primarily depending on the experience of the user, and readily existing assets on hand that are required for the transaction.

With AA in Masma:

Enter The Smart Exchange (SmEX) - Masma's flagship offering:

In contrast, using Masma, steps 1 through 9 can be streamlined into a single transaction.

This optimized process coupled with a new user interface and experience significantly reduces transaction time to approximately 5 seconds while also achieving an estimated 20-30% reduction in gas cost.

Masma users would only need to complete the following steps:

Wondering where all the extra steps, below, disappear?

Finding the optimal liquidity pairing route (e.g., USDT/PEPE)
Automatically converting your $USDC into $USDT
Then swapping it for $PEPE
Paying gas fees with $USDC instead of the native $ETH token.

Those are still there, just that we made them invisible to you.

That's exactly how we aim to enhance your experience and engagement.

2.3.3 Leveraging ERC-4337 for Account Abstraction

The ERC-4337 standard, co-authored by Vitalik Buterin, is a proposal that offers a detailed technical framework for implementing concept of Account Abstraction (AA)

Masma capitalizes on this standard to streamline its AA implementation, enabling a highly user-friendly and never-seen-before Web3 experience.

At a high level:

A user confirms its action on Masma's MUI.
The user’s intent (desired action/operation) gets automated and, then, routed to one of the available Bundlers for bundling and further sent to the EntryPoint contract for validation and execution of the transaction.
Should the transaction require sponsorship for its cost, the Paymaster component seamlessly handles this aspect.
As a result, users engage with a singular entity i.e. MUI, sparing them the need to understand the intricacies and rules associated with blockchain operations.

This greatly simplifies the user experience making it more accessible for individuals regardless of their familiarity with blockchain technology.

3. Current Product offerings:

3.1 Masma's Smart Exchange (SmEX)

In 1 sentence:

It's not a Technology-centric Exchange but a User-centric one.

DeFi (Decentralized finance) is fundamentally focused on providing universal access to finance because in traditional monetary setup, access to finance is a privilege of a few.

However, the user interface and experience are deterring DeFi's mass adoption.

The current DeFi models expose users to tremendous risk if they do not understand what is happening under the hood of each application or how to navigate user interface (UI) of dApps that constantly change in real-time.

We aim to fix this by creating a new genre called Smart Exchange (SmEX) that is secure and highly user-friendly enabling general users, DeFi veterans, and institutional investors to easily navigate through DeFi dApps and their utilities.

How did we achieve that?

Our approach involves:

transaction batching,
automation,
and a laser focus on the $USDC "Cash Balance" stable-coin experience.

This results in 1-click transactions for buying, selling, or swapping any token.

What sets us apart?

(1). All gas fees are seamlessly settled in $USDC.

(2). Our system leverages Uniswap's V3 protocols alongside our proprietary routing technology, ensuring access to tokens with optimal liquidity, even when they aren't directly paired with $USDC.

(3). Furthermore, we are actively exploring the possibility of introducing 1-click cross-chain purchases in the near future. So, stay tuned for updates! 🎉

Enough talking. Take a look at our SmEX's flow.

It's simple like a Centralized Exchange yet 100% Decentralized and on-chain.

3.2 Send/Receive:

Masma has completely revamped the Web3 wallet-to-wallet experience.

Before Masma:

The step-by-step process of sending cryptocurrency from a Sender wallet to a Receiving one made the overall workflow (and the user experience) confusing and intimidating.

With Masma:

Sending and Receiving funds is as straightforward as using PayPal, making it 10 times easier that results in an intuitive workflow and seamless user experience.

Additionally, you can conveniently cover the transaction gas fees directly from your $USDC "cash balance" itself.

This means the Sender need not worry about obtaining the native currency/token separately to pay for the gas.

A glimpse.

Every Masma user possesses a distinct (and, of course, human-readable and memorable) username and a personal social profile.

We're providing every user a platform to display their NFTs and do related activities.

We have exciting plans to enhance the social experience on Masma in our upcoming sprints with innovative features already in the work. Stay tuned for more updates! 🎉

3.4 In-app Chat:

We introduced our in-app Messenger to address a range of inconveniences faced by many Web3 users.

Primarily, it offers a cohesive user experience under one roof.

You don't switch anymore between dApps to share your DeFi-trading wins with your loved ones.

And, neither do you need to copy/paste those clumsy (actually, daunting) wallet addresses across various platforms like WeChat, WhatsApp, Discord, etc. to verify transactions and do other social activities.

Our aim is to eliminate this hassle and enhance your peer-to-peer (p2p) experience.

Sneak peek