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Smart Contract Wallets

Account Abstraction Wallets: A New Era of Wallet Design​

Several account abstraction wallets have emerged with the implementation of account abstraction and the ERC-4337 standard. These wallets leverage the functionalities offered by smart contracts to provide users with a seamless and secure Web3 experience.

[List AA Wallets supported on Fuse]

Benefits of Account Abstraction for Web3 Users​

Account abstraction brings numerous benefits to the Web3 ecosystem, empowering users and enhancing the overall user experience. Let's explore some of the key advantages:

  • Elimination of Seed Phrase Reliance ERC-4337 enables secure wallets without the need for seed phrases, this eliminates the vulnerability associated with the loss or hacking of seed phrases, providing users with a more secure and convenient option. Additionally, ERC-4337 supports features such as two-factor authentication and biometrics, bringing familiarity and ease of use similar to traditional banking practices. These user-friendly features have the potential to boost adoption.

  • Enhanced Security with Smart Contract Wallets Incorporating smart contract wallets reduces the potential for human error, ensuring higher operational accuracy. With account abstraction, a user's private key is not directly used to control the assets within an account but is only used to authorize the execution of a smart contract. This improved security makes it harder for attackers to steal funds from specific accounts, promoting a safer Web3 environment.

  • Seamless Compatibility across Diverse Blockchains ERC-4337 allows easy adaptation across various blockchains compatible with the Ethereum Virtual Machine (EVM). Networks such as Polygon, Avalanche, Arbitrum, and others can leverage the advantages of account abstraction to offer users a consistent experience across different chains. This compatibility enhances interoperability and enables a more connected blockchain ecosystem.

  • Shared Accounts and Multi-User Operations Unlike EOAs, where full access to the crypto wallet is given or withheld, Account Abstraction wallets offer the flexibility to create multi-signature systems. This means that transactions can only be executed if two or more users sign them, providing an added layer of security and control. Account abstraction wallets open up possibilities for shared accounts and enable users to define specific permissions for different types of transactions, such as limiting payment permissions for a particular collection.