In a nutshell FLECS is an app that allows people to interact with their NFTs without a wallet connection. Instead we use a single micro payment to verify the wallet, that way it is a trustless system and no assets are ever risked.
It seems that a week can’t go by without a major hack or scam occurring in the NFT or Web3 space.
At least $500k worth of NFTs were stolen through the Premint hack, and that hack was only running for less than a day on their website.
For the average person, they simply don’t want to interact in a space where a huge portion of their net worth can simply vanish after clicking a wrong link and connecting their wallet. This space cannot grow outside a tech-savvy userbase unless we solve this security problem.
Now most hacks occur through a very obvious vector, the wallet connection. Typically, a person is shown a fake link (or a site is taken over) and then prompted to sign a transaction through the wallet connect. People are trained that if they want something from Web3, they have to connect their wallet.
I personally know a lot of holders of high value NFTs that simply forgo any utility their NFT may provide and opt to keep them in cold storage. This is because the value of their NFT vastly outweighs the potential benefit, so they don’t want to take the risk. Furthermore, this reduces the ability of the space to go if NFTs can’t accrue more practical value because of security risks.
Simple, get rid of the wallet connect requirement for anything not on chain.
Instead we simply ask the user to send a payment of a specific unique amount, to a specific wallet, at a specific time. This way if that payment simply occurs, we can assume the new user signing up on the app controls that wallet.
Even if our application was compromised, we couldn’t present them with malicious contract because there was never a wallet connect. This may also get users to question wallet connecting to everything if there is an alternative.
The user then operates on the app and accesses whatever utility that comes with the NFT. The app simply has to “look” at the public blockchain to see if the NFTs are still in the wallet before each action.
With ETH this one-time transaction can cost $1-4 dollars (depending on gas), but on a layer 2 like Polygon the payment would be far smaller and cause less friction to the users.
Current Status of Project
Built a prototype version and are onboarding beta testers https://flecs.herokuapp.com/
Launched our utility NFTs (Master Keys) https://opensea.io/collection/flecsmasterkeys
Below is a visual of our plan of feature/platform roll-outs (from the center outward)
Our next steps (in regard to marketing) are to allow-list a few key projects and onboard their community. The plan is this gets the ball rolling and starts to build the network effects.