Originally published on: November 14, 2024
At the recent Ethereum Devcon 2024 event in Bangkok, Thailand, Safe co-founder Lukas Schor revealed a game-changing Ethereum Improvement Proposal, EIP-7702, that could revolutionize the way users interact with the platform.
According to Schor, EIP-7702 will pave the way for widespread adoption of smart accounts by simplifying the process of upgrading existing wallets. Despite previous obstacles hindering the migration to smart accounts, Schor believes this proposal will be the long-awaited tipping point for account abstraction.
Smart accounts offer a solution to the “wallet trilemma” by combining non-custodial control, convenience, and security in a single package. With EIP-7702, users will have the ability to seamlessly convert their existing wallets into smart accounts, unlocking a new level of functionality and control.
The proposed transaction type introduced in EIP-7702 will allow externally owned accounts (EOAs) to access smart features without requiring any structural changes. This advancement will also enable wallet providers like MetaMask to integrate smart account capabilities into their platforms.
Schor envisions a future where users can manage their finances across different blockchain networks using just one account, bridging the gap between Ethereum, Bitcoin, Solana, and more. With unified balances, improved interoperability, and integration with traditional financial systems, smart accounts are set to revolutionize the way we interact with decentralized finance.
Looking ahead, Schor predicts a gradual adoption of smart accounts through opt-in settings in existing wallets, ultimately leading to widespread adoption within five years. With the potential to unlock $60 billion in total value locked and serve over 10 million accounts, Safe Wallet (formerly Gnosis Wallet) is poised to lead the charge in this transformative shift.
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