TL;DR
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Yesterday, Vitalik Buterin discussed the idea of moving from Externally Owned Wallets to smart contract-based wallets.
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Instead of forcing users to create wallets like they do now (where you have to memorize a random assortment of 12 words in sequence), they could instead create non-custodial wallets as smart contracts.
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In the words of ETH-Daddy, “managing a crypto wallet would become as easy as managing an email account.
Full story
The Ethereum Community Conference (ETHCC) is currently in Paris, which means Vitalik Buterin (aka the founder of Ethereum; aka ETH-Daddy) is out there talking about some crazy, awesome, new ideas.
Yesterday, he discussed the idea of moving from Externally Owned Wallets to smart contract-based wallets.
“Cool, nerd, what does that mean?”
The general idea is based on a concept called ‘account abstraction.’
Instead of forcing users to create wallets like they do now (where you have to memorize a random assortment of 12 words in sequence), they could instead create non-custodial wallets as smart contracts.
The end result would mean things like account recovery a lot of more easily, without compromising the security of a wallet in the process.
In the words of ETH-Daddy, “managing a crypto wallet would become as easy as managing an email account.”
While this is a bit of a difficult concept to explain/understand, the good news is that if implemented correctly, ‘normal people’ (you and me) shouldn’t. need to know how the sausage is made, all we care about is a fun, easy user experience.
And that’s something much needed in the Web3 space!