Smart contract wallets with greater flexibility could be coming to Cardano.
dcSpark – a crypto ecosystem builder focusing on Cardano, Algorand and Mina – is working to bring account abstraction to the Cardano ecosystem, per a tweet from the company on Monday.
“Exciting news for Cardano!” dcSpark’s tweet read.
“dcSpark is working on account abstraction, which aims to treat smart contracts the same as regular user wallets.”
? Exciting news for #Cardano!
dcSpark is working on account abstraction, which aims to treat smart contracts the same as regular user wallets.
This could revolutionize the way we interact with the blockchain (improves collateral UX)
Help us moving forward with a thumbs-up ?
— dcSpark (@dcspark_io) March 27, 2023
To this end, the company has submitted a Cardano Improvement Proposal (CIP) dubbed CIP-0038. As explained by dcSpark’s Chief Technology Officer Sebastien Guillemot, account abstraction promises to simplify coding on the blockchain and allow for the creation of smart contract wallets.
The idea of account abstraction is popular because it addresses one of the pain points of crypto self-custody – wallet recovery. Traditionally, to recover a crypto wallet, users have to securely store a 12 or 24-word recovery phrase, as in the case of Cardano. However, this is easier said than done, as online storage can be prone to hacks, and physical storage can be lost or damaged. Consequently, this challenge has pushed many to hold crypto on central exchanges for easy account recovery.
With smart contract wallets, users would have more flexibility in managing their private keys and transactions. One of the possibilities includes creating multiple wallet recovery options aside from storing a seed phrase.
Meanwhile, the benefits of account abstraction do not end there. It can also allow users to place desired security restrictions on wallet spending, including requesting special verification before certain transactions can be processed.
Consequently, dcSpark’s proposal has received significant support.
This has been my take since I learned about SC. It would be a game changer if this is implemented. Also, anyone knows why it was not done like this from the beginning? ? https://t.co/cEivzCOpbm
— Mahmoud Nimer (@MahmoudNimer) March 27, 2023
It is worth noting that the concept has dominated discussions in the Ethereum community in recent weeks with the introduction of the ERC-4337 standard at ETHDenver. The standard first proposed by leading Ethereum researchers, including Vitalik Buterin, in September 2021 introduces the concept as a smart contract for Ethereum and all Ethereum Virtual Machine (EVM) compatible chains.
The Cardano network is at a significant stage of its development as it enters a new era of governance – the Age of Voltaire. It is the final stage in Input Output’s Cardano roadmap and promises to revolutionize decentralized governance.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
