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Meet the Mogul Smart Wallet

Nov 6, 2020

Today we’d like to announce the Mogul Smart Wallet, a smart digital wallet that was engineered to provide the film industry with a digital asset storage experience that is easy-to-use, easy-to-recover, and highly secure.

Mogul Smart Wallet removes the headache of long seed phrases, understanding the jargon in third-party Web 3 interfaces, and the painstaking verification of a twenty-something digit long crypto address.

On the front-end, the Mogul Smart Wallet has a high user design like traditional mobile applications that users are used to. However, on the backend, Mogul’s development team has created a seamless, blockchain-based application that our users who are not tech-savvy will operate without any experience.

There is a triangular problem with the current generation of smart wallet offerings. Typically you have to pick two of the following design principles while sacrificing on a third: decentralization, usability, and a simple user experience. However, with Mogul, you get all three in one simple platform experience.

Mogul is one of few companies to build a Smart Wallet in production. Others include Argent and Dharma: two highly regarded companies in the DeFi industry.

An Easy-to-Use, Easy-to-Recover Smart Wallet for Digital Asset Storage

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Mogul’s target audience in the film industry has an expectation of convenience and user experience that is difficult to find with other blockchain-based wallets:

  • Easy-to-Use, Easy-to-Recover:

Our Smart Wallet’s decentralized recovery system delivers a seamless user design with the high accessibility users have come to expect. If a user forgets their password on Mogul, they go through a familiar front-end experience similar to resetting an email or social media password. They click on a ‘Forgot Password’ button, a link is sent, they receive an email, click the link, and the password is reset. However, on the back-end, Mogul built a smart wallet system using smart contracts for decentralized wallet recoverability. When users reset a wallet, they actually create a new authentication wallet that is programmed to have the capabilities of interacting with the smart wallet. Yet, on the front-end to the user, it looks like a simple password reset.

  • Manual Transaction Signatures Eliminated:

Users can send free and frictionless transactions within the platform without manual signatures. When you use other DeFi wallets, you generally have to interact with a Web 3 interface to manually confirm a transaction and pay a costly gas fee, especially as the network congests. For example, with Metamask and Web3, a user needs to give permissions to access their wallet and then the user needs to confirm the transaction:

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This process would need to happen for each action on Mogul. Not everyone who could benefit from Mogul’s technology is able to understand the nuances involved in a blockchain transaction, so Mogul offers sponsored, frictionless in-platform actions.

While other wallets require tech-savviness just to maneuver around, Mogul has re-engineered an incredibly complex system in a very simple way.

Smart Wallet Recovery Done Right

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Our wallet recovery process uses the Mogul Guardian by default, which allows for safe and secure decentralized recoverability. This system provides a user with a new authentication wallet through a standard password reset flow.

The system delivers a new authentication wallet to communicate with user funds.

A Mogul user can choose between using the default Mogul Guardian system, or reset their guardian(s) to their preference where more than one Guardian can be chosen. Guardians could be friends, hardware wallets, or a mixture of both. Thus, users can create a multi-channel authentication system for decentralized password and key recovery.

For example, if a user doesn’t want to use the Mogul Guardian, that user can designate Tracy (or Tracy, Bob, and Alice) as the guardian(s) and thereby make them the only entity that can change the authentication wallet, requiring their wallet’s permissions to do so.

The film industry can benefit from the Mogul Smart Wallet because it is easy-to-use and does not require the tech know-how that was asked from previous generations of blockchain wallets.

Mogul removes major points of friction to deliver a seamless end-user experience that makes using blockchain technology feel as natural as using the Internet when browsing the web.

We are always listening to our users. We welcome suggestions and feedback through our contact page.

ABOUT MOGUL PRODUCTIONS (MOGUL)
Mogul Productions, established 2019, is a blockchain-based film financier and production company with a presence in Canada, the United States of America and Europe.

The Mogul platform connects contributors, film industry professionals and fans through technology that allows all users to engage and participate with each project throughout theirs entire lifecycle, from financing through to production and distribution.