30s Summary

Lukas Schor, co-founder of Safe, predicts that an Ethereum upgrade, EIP-7702, can facilitate the use of ‘smart accounts’. These offer users more control, convenience, and security, and allow for synchronisation across different chains and networks like Ethereum, Bitcoin, and Solana. Schor anticipates that the upgrade will make smart accounts commonplace within five years. He added that they will operate like traditional bank accounts but with added blockchain benefits.

Full Article

Lukas Schor, co-founder of Safe, predicts that a planned upgrade to Ethereum – known as EIP-7702 – could make it easier for everyone to use ‘smart accounts’. He made this comment at a recent event in Bangkok, Thailand.

So far, the widespread take-up of smart accounts has been slow, mainly because it’s hard to convince people to switch over their existing wallets or accounts. However, with this new improvement proposal, users will be able to effortlessly convert their current accounts into smart ones.

“I think within the next five years – or maybe even sooner – all Ethereum accounts will be smart,” Schor remarked.

Smart accounts come with their own advantages, including more control, convenience, and security for users. Additionally, they can also sync up across different chains, work with regular financial systems, and even interact between different networks like Ethereum, Bitcoin, and Solana.

This upgrade process would start with optional settings in existing wallets, but will eventually encourage upgrades. Schor anticipates that within five years, smart accounts will be totally common.

He further explained that these smart accounts would function like traditional bank accounts but with added blockchain benefits, like the lack of centralized control and an “exit strategy” for when you want to pull out your funds.

According to Schor, Safe Wallet (previously known as Gnosis Wallet) currently holds $60 billion in total value and has 10 million accounts.