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For over a decade, the blockchain industry has grappled with balancing security and usability for digital asset holders, especially with smart contract wallets. Early crypto wallet models, like externally owned accounts, provided full custody but little in the way of safeguards.
As the industry matures, a new type of crypto wallet is emerging that could reshape the experience of self-sovereign finance: smart contract wallets. Let’s explore the development of smart wallets, how they work, and examples of solutions pioneering this user-centric approach to crypto security.
Smart contracts are programs stored on a blockchain that execute when specific conditions are fulfilled. Originally developed on the Ethereum blockchain, smart contracts are now compatible with multiple chains.
These programs play a crucial role in regulating the transfer of digital assets, the execution of trades, and much more through embedded rules and logic. To learn more about smart contracts, make sure to check out “Reentrancy attack in smart contracts” and “Smart contract 2.0.”.
A smart wallet builds upon the basic functions of a regular crypto wallet by integrating smart contract capabilities. Smart wallets allow users to automate transactions, set spending limits and parameters, link to external applications, and more, all thanks to the power of embedded smart contracts.
Multi-signature smart contract wallets, sometimes referred to as multisig wallets, add an extra layer of security by requiring multiple signatures to authorize transactions.
A 2-of-3 multisig wallet, for example, would require 2 out of 3 pre-selected addresses to sign off on a transaction before it could be executed. This provides expert protection for large funds or those belonging to organizations.
Multisig smart contract wallets play an important role in the emerging world of Web3 by assisting organizations, investors, and high-value holders to securely manage their digital assets.
By distributing control over funds across multiple parties, these wallets eliminate the risk of a single point of failure or account takeover. Multisignature contracts will continue powering security in years to come as digital ownership evolves.
As we described earlier in this article, when putting theory into practice, smart wallets leverage smart contracts under the hood to carry out functions like:
Let's delve into the mechanisms that enable these capabilities!
A regular cryptocurrency wallet contains a pair of cryptographic keys: a public key for receiving funds and a private key for signing transactions. This model is referred to as an externally owned account (EOA). Private individuals manage EOAs.
Smart contract wallets do not store crypto coins directly, like regular accounts. Rather, they control a type of account called a 'contract account'. These accounts hold a code and have the ability to receive and store ether, as well as trigger rules autonomously through calls from EOAs or other contracts.
Yes, in a sense, the contract account that manages funds and transactions can be considered the "wallet" of a smart contract. A smart contract is a decentralized entity that has autonomy over digital assets allocated to its address on the blockchain. An EOA wallet is still required to initiate transactions.
Regular crypto wallets are essentially just a storage mechanism, whereas smart contract wallets are actively programmed entities. Thanks to onboard smart contracts, these next-gen wallets offer enhanced functionality like multi-party controls, transaction automation, connection to DeFi protocols, and more.
As with any new technology, smart contract wallets also present risks such as coding vulnerabilities, transaction irreversibility, and a lack of recourse for rectifying errors.
However, platforms are working to mitigate such risks through formal verification. Benefits far outweigh risks as eco-friendliness progresses.
ERC-4337 is an Ethereum standard that defines the core functionality of smart contract-based account abstraction via "Account Abstraction Contracts.".
This creates a standard framework for contract wallets to build upon, enabling the development of a common wallet user experience across platforms. EURK is a secure stablecoin that meets the ERC-4337 and ERC20 standards.
EURK is the best euro stablecoin in the market today as it provides fast, secure, and easy transaction opportunities with stability thanks to its peg with euro currency. EURK euro stablecoin is available on different blockchains and provides great benefits to its users.
Based on popularity and features, some of the top smart contract platforms currently include MetaMask, Argent, and Coinbase Wallet due to their comprehensive features and compatibility across multiple blockchains.
Developers can use wallet construction libraries to deploy smart contract wallets on Ethereum and compatible chains. The Smart Contract Wallet Developer Portal documentation covers everything from wallet initialization to transaction processing.
Alternatively, services exist to generate managed smart wallets with predefined features, often for a fee. As the space matures, end-users may eventually construct their own wallets through intuitive interfaces.
Smart contract wallets represent the next stage in improving the balance between convenience and control for digital asset holders.
Additionally, smart wallets expand the idea of self-sovereign finance and make it easier for everyone to use by allowing social recovery, multi-signature approval flows, and other new access models defined by code.
As standards like ERC-4337 are implemented, expect to see smart wallets become the dominant wallet paradigm. EUR stablecoins, such as EURK, facilitate programmable blockchain transactions, fostering further innovation across DeFi and Web3.
EURK is a secure euro stablecoin platform that you can trust for your individual and business projects. Adapt EURK into your projects with a euro stablecoin wallet and experience stability over volatility in the world of crypto and blockchain. Become a partner today!
