As a seasoned blockchain analyst with over a decade of experience in the crypto space, I have witnessed the evolution of Ethereum from its inception to the powerhouse it is today. The potential of EIP-7702, as outlined by Lukas Schor, co-founder of Safe Wallet, has piqued my interest and sparked a sense of optimism within me.
According to Safe co-founder Lukas Schor, a proposal called Ethereum Improvement Proposal (EIP) 7702 could speed up the integration of smart accounts by simplifying the process for existing users to update their digital wallets.
At the Ethereum Devcon 2024 conference held in Bangkok, Thailand, on November 13th, Schor stated that EIP-7702 could be a pivotal moment for account abstraction.
When addressing CryptoMoon, he mentioned that contrary to expectations, the broad implementation of account abstraction or smart accounts has not been realized thus far, primarily because it’s challenging to persuade users to transfer their current wallets and because more emphasis is placed on attracting new users instead of converting existing ones.
He clarified that EIP-7702 allows users to transform their present wallets/accounts into intelligent, self-governing ones (smart accounts).
“I think in five years, maybe earlier, every account on Ethereum will be a smart account.”
The Ethereum Improvement Proposal introduces a novel transaction format, including a space for externally managed accounts (EOAs). This enhancement empowers EOAs to utilize smart contract functionalities without altering their basic structure. Furthermore, it opens up possibilities for service providers like MetaMask to introduce smart account features.
As an analyst, I would rephrase that statement as follows: In my analysis, smart accounts strike a balance by prioritizing both user control and ease of use, while ensuring maximum security – addressing the often-conflicting aspects of the “wallet trilemma.
“If we move people to smart accounts, it will unlock everyone’s potential because they don’t need to pick and choose. They can have all three of them.”
According to Schor, the initial acceptance will happen through optional features in current digital wallets. This is planned to be gradually advanced to promote upgrades, leading eventually to broad acceptance within the next five years.
He mentioned that advancements and advantages to come would encompass a harmonized balance system spanning multiple blockchains, seamless integration with conventional banking structures, and enhanced compatibility among diverse networks like Ethereum, Bitcoin, and Solana.
Users can benefit from having a single account across all blockchain networks, making it seem like they’re dealing with just one network. This unified experience will be made possible using smartphones.
As a crypto investor, I’d liken smart accounts to conventional bank accounts, only they come equipped with perks unique to blockchain technology. For one, there’s no central authority controlling them. Moreover, in case of unforeseen circumstances, these accounts provide an “escape route” or “exit hatch,” allowing users to swiftly withdraw their assets if needed.
According to Schor’s report, the previously branded Gnosis Wallet, now known as Safe Wallet, boasts a grand total of $60 billion worth of assets secured and manages over 10 million user accounts.
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2024-11-14 05:58