I'm making a wallet that has an address book / contacts feature so that it's easier and faster for users to send balances to other users.
Is storing the address book / contacts in the network is a good and correct way?
Should data such as contacts not be stored in blocks but stored in local storage?
In my opinion there is no need to store the list of contacts of a user on chain, I can't see the benefits and it costs fees.
Storing in the local storage might be enough (with an option of export/import even better)
PolkadotJS UI has this functionality: Address Account, and it uses the keyring (@polkadot/ui-keyring) to store them.
If you want to store it on chain anyway, Polkadot for example has the identiy_pallet that allows a user to register its identity on-chain. It makes easier among other things to identify people and send them balances. You can think of building something similar (pallet or smart contracts) to store the list of contacts of a user.
