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
The Ethereum Community Conference (ETHCC) is on in Paris at the moment 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 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!
