I have been batting around ideas I would like to see as my children get older. I can set them up with wallets on their own devices, obviously hot wallets with few funds, but after that I have no control to help guide them on appropriate and responsible spending.

What good is ‘smart money’ if it can’t help me teach these key values to my kids? The key requirements are in progress and will likely be brought to Ethereum this year (2023). I see Account Abstraction and EIP-4337 being a couple of key components.

The wallet would need to be a smart contract, likely a clone or very similar to $SAFE, but with many capabilities built in. The following are some key features I’d like to have, but please let me know of any you disagree with or perhaps some features you’d like to have which I missed!

Features:

• The main idea of these features are that there would be a multi-sig wallet. In the example of a child/parent, there would be atleast 2, but likely 3 or more. 1 or 2 for the child (perhaps a phone and a pc or other equipment), 1 for the mother and another for the father. The child’s accounts would be allowed to sign spending txs and SIWE signatures, but NOT be allowed to adjust the settings of the wallet, which would require 1 or both parent signatures.

• enabled/disabled: I’d love to be able to disable and re-enable the wallet at any time. If its a child’s wallet, the ability to disable the wallet would be an important feature for parents who want to ensure that their child is not able to access their funds at inappropriate times. If its my wallet, maybe im travelling and dont plan on taking that wallet with me, and thus disable it completely while I’m gone.

• scheduling: If its a child’s wallet, allow spending only outside of school hours and on weekends. Perhaps disable spending during quiet hours etc. If its my wallet, disable spending when im at work and not near my home wallet.

• spending limits: If its a child’s wallet, allow a per-diem of spending - daily spending limit for a child, ensuring that said child does not overspend their funds. If its my wallet, then I’d create a max per-diem as an extra layer of protection, if my account were compromised, an attacker could only perform a slow-drain on the account and not wipe it clean.

• whitelists/blacklists: If it is a childs wallet, the whitelisted capability and contract interaction would allow parents to pre-approve certain transactions and contracts, ensuring that the child is only able to interact with trustworthy and approved parties. The child should be able to easily request a contract/address be whitelisted via the wallet UX (“Cannot create tx since target is a blacklisted address, please ‘Request Whitelist’” - and upon clicking request, a notification would go to the parents whom could add it to the whitelist or ignore!). If its my wallet, I could allow all by default, but blacklist custom addresses/contracts and even allow 3rd party blocklists - I’d certainly be ok using any blacklist of address created by @zachxbt, for example.

• Exceptions: Exceptions could be made with a parent signature at any time. This should be easily requested from the UI. If a child saved up to buy a new XBox, for example, they could create the tx and have it send to a parent for approval.
  With a default blacklist, there are many times a user would need to request an exception to add a contract or address to the whiltelist, especially when the wallet is young and the whitelist is small and restrictive.

In conclusion, these features are not only useful for parents who wants to keep their child's funds secure, but also for anyone who wants to have extra security and control over their own funds.

This type of wallet can be ideal for anyone who wants to have a budgeting tool, a way to avoid impulse spending, or someone that wants to have an extra layer of security on their funds.