The Ethereum ecosystem is on the cusp of realizing advanced security features and transaction functionality through the advent smart contract wallets and account abstraction, but adoption of the technology remains gradual.
Gnosis founder Stefan George opted to build his own multisignature wallet and open-sourced it. Ethereum community members began to adopt it, and the wallet became “the de facto standard for multisignature wallets.” “As smart accounts are programmable accounts, they provide entirely new design spaces to solve long-lasting UX and security challenges of Ethereum, such as cross-chain interoperability and key management, fundamentally reducing the barriers of adoption,” Schor elaborates.
Smart accounts also allow for the automation of common Web2 or traditional finance concepts like subscriptions. They can enable on-chain security features, like allow and deny lists and the ability to block interactions with malicious contracts. “Through these advancements, I expect Web3 to become a more viable option for large brands and companies building solutions on Ethereum and regulators to be more favorable toward the industry.”The adoption of smart accounts is something that Schor sees as being a “first slowly then all at once kind of thing.” The Safe co-founder highlights that their work on developing smart accounts has been ongoing for six years, which is indicative of a very gradual adoption curve.
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