How everyone in Ethereum is transitioning to smart accounts: The Secure Founder
The Ethereum upgrade proposal, known as EIP-7702, could accelerate the adoption of smart accounts by allowing existing users to upgrade their wallets, said Safe co-founder Lucas Schor.
“EIP-7702 will be the tipping point for the bill,” Schor said at the Ethereum Devcon 2024 event in Bangkok, Thailand on November 13.
In an interview with Cointelegraph, he said that despite predictions, the widespread adoption of account abstraction or smart accounts has yet to happen, mainly due to the difficulty in convincing users to migrate existing wallets and focus on onboarding new users rather than switching existing ones.
The EIP-7702 claims to allow users to convert an existing wallet or account into a smart account.
“I think that in five years, maybe sooner, every account on Ethereum will be a smart account.”
Ethereum's reform proposal suggests a new type of transaction that adds a field of external ownership accounts (EoAS), allowing them to perform smart functions without changing their structure. It also allows wallet providers like MetaMask to offer modern account features.
He says smart accounts solve the “wallet trilemma” by providing security control, convenience and security, not just two of these.
“If we move people to a smart account, it unlocks everyone's potential because they don't have to pick and choose. They can have all three.
According to Schur, early adoption will encourage gradual improvements to opt-in settings in existing wallets, ultimately encouraging widespread adoption within five years.
Lucas Shore spoke on Smart Tags. Source: Lukas Schor
He said future development and benefits include a unified balance across chains, integration with traditional financial systems and better interoperability between networks such as Ethereum, Bitcoin and Solana.
“Users should only have one account on the blockchain and connect to these different networks as one, and that's enabled through smartphones,” he said.
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He also compared smart accounts to traditional bank accounts, but with the added benefits of blockchain, such as no centralized control and an “exit” if something goes wrong and users want to withdraw their money.
SafeWallet, formerly known as Gnosis Wallet, has a total value of $60 billion locked up and 10 million accounts, according to Schor.
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