Introduction to InnoWalletix – HD Wallet

What is InnoWalletix?

InnoWalletix is a developer-friendly HD wallet that helps blockchain developers effortlessly integrate blockchain wallet capabilities into their applications. It offers a simple and streamlined solution for seamless integration, allowing developers to focus on building innovative blockchain applications with integrated wallet functionalities.

InnoWalletix HD wallet can serve as a desktop wallet application by utilizing electron.js. It provides users with the ability to conveniently manage their digital assets and engage in blockchain transactions directly from their desktop environment.

HD wallet is a crypto wallet which generates and manages multiple cryptocurrency addresses from a single seed, providing enhanced security, privacy, and easy backup.

Technologies Used:

InnoWalletix is developed using ether.js and Alchemy as BaaS (Blockchain as a Service). The developer stack is as follows:

Ethers.js (Web3 Client)
Alchemy (BaaS)
Hardhat (Web3 Framework)
Node.js
Crypto-js
React.js (Frontend for Demo)
Electron.js (Desktop Wrapper)

Key features

Create new HD wallet
Import existing HD wallet
Import existing account
Send and Receive Tokens
Sign Transaction
Switch Networks

Create new HD wallet

InnoWalletix enables the creation of a new HD wallet by generating mnemonics and deriving a private key from those mnemonics. Once a parent account is successfully created, developers can effortlessly generate derived accounts. These derived accounts utilize the previous private key to generate new derived keys for each subsequent account, forming a hierarchical structure. InnoWalletix simplifies the process of generating and managing multiple accounts, allowing developers to easily navigate and expand their wallet hierarchy.

Import existing HD wallet

InnoWalletix allows the import of existing HD wallets by providing the current mnemonics. Once the wallet is successfully added, the first account is automatically included. Developers can then create new derived accounts from the imported HD wallet, expanding their wallet hierarchy effortlessly. InnoWalletix simplifies the process of importing and managing HD wallets, providing developers with a seamless experience for integrating and utilizing existing wallet structures.

Import existing account

InnoWalletix allows users to import their existing EOA (Externally Owned Accounts) by providing their account’s private key. Once imported, users can conveniently view their account balance, send and receive tokens, and securely store their private key through encryption. The encrypted private key can be later utilized for transaction signing purposes, ensuring a safe and secure process.

Send and Receive Tokens

InnoWalletix enables users to effortlessly send and receive ethers to any account on the Ethereum blockchain. The transaction details, including the amount of gas used, are readily available to developers. This allows developers to display transaction information to users within their DApps or Web3 Apps, providing transparency and enhancing the user experience. With InnoWalletix, users can seamlessly engage in Ethereum transactions while developers have access to valuable transaction data for integration into their applications.

Sign Transactions

InnoWalletix simplifies the process of transaction signing for developers using an account object created with ethers.js. This account object provides developers with a convenient way to sign various transactions, whether it involves calling contract functions or executing EVM commands. By leveraging the built-in complexity of transaction signing within InnoWalletix, developers can avoid writing extensive code for manually signing raw transactions. InnoWalletix empowers developers to focus on the core functionality of their applications while effortlessly handling the transaction signing process.

Switch Networks

InnoWalletix empowers developers to integrate multiple Ethereum Blockchain-based networks, including Layer 2 (L2), side chains, and test networks. With this capability, developers can enable users to switch between networks and provide features for importing existing accounts or creating new ones. This flexibility allows DApps to seamlessly support a wide range of tokens from different Ethereum-based networks, such as MATIC from Polygon and DOT from Polkadot. InnoWalletix expands the possibilities for developers to build DApps that can cater to various tokens and networks within the Ethereum ecosystem, enhancing user experiences and enabling broader token accessibility.

Future Enhancements

InnoWalletix, initially built on the Ethereum Blockchain and utilizing the Keccak256 cryptographic algorithm, is poised to expand its capabilities to support other Blockchains and their native tokens. We have envisioned several future enhancements that we plan to incorporate:

Multi-Blockchain Support: InnoWalletix will be extended to integrate with various Blockchains beyond Ethereum. This will allow developers and users to access and manage their native tokens from different Blockchain networks.
Enhanced Cryptographic Standards: InnoWalletix will adopt additional cryptographic standards to accommodate the specific requirements of different Blockchains, ensuring secure and reliable transaction management.
Wallet Interoperability: We aim to enable wallet interoperability, allowing users to import their wallets from different Blockchains into InnoWalletix and seamlessly manage their assets across multiple networks.
Enhanced Token Support: InnoWalletix will expand its token support to include a broader range of native tokens from various Blockchains, enabling users to easily transact and manage their diverse crypto portfolios.
Account Abstraction: Account Abstraction, when combined with an HD (Hierarchical Deterministic) wallet, brings a new level of flexibility and convenience to the management of accounts across different Blockchains.

By incorporating these future enhancements, InnoWalletix will become a versatile and robust wallet solution that extends its functionality to support multiple Blockchains, enhance security measures, and provide a seamless user experience across different networks.

Chainxt is dedicated to sharing our knowledge with the Blockchain Developer Community, as part of our ongoing commitment. Our first step towards this mission is the introduction of InnoWalletix, an open-source product from Chainxt. The source code for InnoWalletix is available on our Chainxt GitHub repository, allowing developers to access and explore the inner workings of the wallet. We believe in fostering collaboration and transparency within the community, and InnoWalletix is just the beginning of our contributions to the Blockchain Developer Community.

Source Code available – @Chainxt GitHub

Live Demo available – https://innowalletix.chainxt.io/

We value your feedback and suggestions. If you have any thoughts or need further assistance, please don’t hesitate to reach out to me at sudershan@chainxt.io.