TL;DR
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Yesterday, Vitalik Buterin discussed the idea of switching from Externally Owned Wallets, to smart contract-based wallets.
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Instead of forcing users to create wallets in the way they do today (which requires you to remember a random assortment of 12 words, in order), it would instead allow them to create non-custodial wallets as smart contracts.
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In ETH-Daddy’s words: “managing a crypto wallet would become as easy as managing an email account.
Full Story
Yesterday, he discussed the idea of switching from Externally Owned Wallets, to smart contract-based wallets.
“Cool, nerd, what’s that mean?”
The general idea is based around a concept called ‘account abstraction.’
Instead of forcing users to create wallets in the way they do today (which requires you to remember a random assortment of 12 words, in order), it would instead allow them to create non-custodial wallets as smart contracts.
The final result would mean things like account recovery would become much easier, without jeodpordizing a wallet’s security in the process.
In ETH-Daddy’s words: “managing a crypto wallet would become as easy as managing an email account.”
While this is a bit of a tough concept to explain/understand, the good news is, if implemented correctly, ‘normal folks’ (you and I) shouldn’t need to know how the sausage was made, all we care about is having a nice, easy, user experience.
And that is something that is much needed in the Web3 space!
Read More: www.web3daily.co