Hot wallets without seed phrases? Safe crypto wallets new security integrations will change digital crypto wallets as we know them.
Developers can now build social logins into blockchain applications thanks to a partnership between Safe and Web3Auth.
SafeAuth combines Web3Auth's social login technology with Safe's Account Abstraction SDK. This collaboration creates a convenient way for users to log in to blockchain apps.
"ERC-4337" is a new standard that allows the creation of smart accounts on Ethereum, which are designed to enhance the user experience.
These smart accounts are more accessible and customizable than traditional crypto wallets, and they offer interoperability, enabling users to interact with various apps through a single smart account.
With SafeAuth's crypto wallet, users can create smart wallets using their email addresses. The process is more convenient and accessible. It also eliminates the need to go through long seed phrases, which could be a major barrier for users.
What is the future of Smart Accounts?
According to Tobias Schubotz, a product lead for Safe, smart accounts are meant for widespread adoption.
In a nutshell, Safe has seen a 201% increase in its monthly average users over the past year, which is equivalent to more than 376,000. This is enough evidence that smart accounts have the potential to play a significant role in the blockchain ecosystem.
The key to this solution is flexibility. Users can choose additional authentication methods, like multiple email addresses, depending on their needs.
It's more like using a social login or email to access various online platforms but apart from seed phrase crypto, SafeAuth offers a single method for accessing all your accounts.
While the ERC-4337 standard was launched on the Ethereum mainnet in March, its adoption has been slow.
Only 1% of smart wallets using ERC-4337 were retained after five weeks. This suggests there's room for improvement in usability and user experience.
Lukas Schor, co-founder of Safe, explained that the slow adoption of the ERC-4337 standard is not unusual. It often takes longer than we want for new technologies to be adopted.
Schor also noted that ERC-4337 introduces additional smart contract risk, which may explain why larger applications and wallets are slow to opt in.
Currently, the primary use of ERC-4337 is to enable sponsored transactions for things like free NFT drops. There are other potential uses, like account recovery and session keys, that are still waiting to be explored.
Final Thoughts
From Schubotz's perspective, the SafeAuth crypto wallet would be able to increase the adoption of smart account standards.
ERC-4337 is a perfect example. Using a Software Development Kit(SDK) that makes it easy for developers to add a social login feature to their platform, Safe is making it more straightforward for users to adopt smart accounts.
With this put in place, users will be able to log in to a platform using their smart account instead of having to create a new account for each platform they use.
This streamlines the user experience and makes it easier to keep track of different accounts. The ERC-4337 standard is still a work in progress and developers need to be sure that the standard is final before they can build solutions that rely on it.