Harry Yeh, who bought Bitcoin at $60 and founded an early crypto hedge fund, explores how a Web3 wallet product handles recurring payments. The smart wallet uses an allowance system that lets users approve $25 per month for 12 months without handing over private keys to the service provider.
So here to my left, we have Harry Yeh. Yay! Harry Yeh. My background is actually software engineering. Cut my teeth at Microsoft and Hewlett-Packard. Spent a lot of time in Silicon Valley. I got in Bitcoin at about $60. Started one of the first hedge funds. We built a very, very successful OTC business. I have one question. So I have a Web3 wallet. There's Trust Wallet and MetaMask. How would I use your product?
You go to the dApp. Let's say you took a service from a company and you have to pay $900 a month, for example, subscription. So you go to this app You click connect MetaMask. In the backend, we have created a smart wallet with that company already. Then you see the UI, you click I agree to pay 12 months contract, $25 a month. It will— the smart wallet will have allowance. And this is another beauty. We never block your money. So for the 12 months, this money is allocated but not blocked.
So I have to give you signing permission.
Exactly, to the smart wallet. And not to me, to your own wallet. Right. We do not have any private key. We are only—
No, but you spend on behalf of our wallet. I'd really, really want to look at how he's doing the third-party signature request to really kind of understand it, because I think it's a great idea. Right now, if you have a technical wallet and I do want to do a bunch of third-party bill payments, there's no real efficient way to do that in terms of scheduling. So I think the idea is really, really good. It's just kind of how he's going to execute on it.
