Decentral Block Post

For years, Bitcoiners have repeated the mantra “be your own bank.” But in truth, storing any type of crypto in a wallet has been a lot closer to stuffing cash under your mattress than to a complex financial institution like a bank.

Admittedly, it’s an improvement in that crypto can be transferred across the globe in minutes and it’s secured with cryptography — but it’s also a lot less user-friendly than a bank and doesn’t offer anywhere near as many features. 

Your crypto could be stolen in a $5 wrench attack. You could lose the seed phrase and your funds forever. And that’s if you were technically minded enough to even figure out the complicated process of setting up a wallet in the first place.

That’s all set to change with the surprise announcement at WalletCon in Denver this week of “smart accounts,” also known as “account abstraction,” on Ethereum — and every other chain compatible with the Ethereum Virtual Machine (the EVM is the software responsible for executing Ethereum-based smart contracts).

Chains that can now take advantage of smart accounts include Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain.

For years, Bitcoiners have repeated the mantra “be your own bank.” But in truth, storing any type of crypto in a wallet has been a lot closer to stuffing cash under your mattress than to a complex financial institution like a bank.

Admittedly, it’s an improvement in that crypto can be transferred across the globe in minutes and it’s secured with cryptography — but it’s also a lot less user-friendly than a bank and doesn’t offer anywhere near as many features. 

Your crypto could be stolen in a $5 wrench attack. You could lose the seed phrase and your funds forever. And that’s if you were technically minded enough to even figure out the complicated process of setting up a wallet in the first place.

That’s all set to change with the surprise announcement at WalletCon in Denver this week of “smart accounts,” also known as “account abstraction,” on Ethereum — and every other chain compatible with the Ethereum Virtual Machine (the EVM is the software responsible for executing Ethereum-based smart contracts).

Chains that can now take advantage of smart accounts include Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain.

For years, Bitcoiners have repeated the mantra “be your own bank.” But in truth, storing any type of crypto in a wallet has been a lot closer to stuffing cash under your mattress than to a complex financial institution like a bank.

Admittedly, it’s an improvement in that crypto can be transferred across the globe in minutes and it’s secured with cryptography — but it’s also a lot less user-friendly than a bank and doesn’t offer anywhere near as many features. 

Your crypto could be stolen in a $5 wrench attack. You could lose the seed phrase and your funds forever. And that’s if you were technically minded enough to even figure out the complicated process of setting up a wallet in the first place.

That’s all set to change with the surprise announcement at WalletCon in Denver this week of “smart accounts,” also known as “account abstraction,” on Ethereum — and every other chain compatible with the Ethereum Virtual Machine (the EVM is the software responsible for executing Ethereum-based smart contracts).

Chains that can now take advantage of smart accounts include Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain.