Cointime

Download App
iOS & Android

The Safe Case #1: Redefining ownership in the digital age

From Safe by deb©hia.eth, selva.eth

Leading the transition from EOAs to Smart Accounts

Welcome to The Safe Case, a new series where we lay out Safe’s position in the web3 ecosystem, and make the case for the future outlook of Safe Smart Accounts as the bedrock of onchain ownership.

For this first post, we are going to take a look at current crypto wallet limitations, and why Safe Smart Accounts are the answer to powering web3 use cases to the next level of adoption. In the next posts, we will take further deep dives into exploring different use cases in depth, showcasing the transformative power of Safe Smart Accounts — from finance, to social media, DAOs, and beyond!

Join us and follow along over the next few weeks as we make The Safe Case, while hosting live conversations with industry experts to discuss unleashing the true potential of Smart Accounts.

The desire: A world of secure, flexible digital asset and identity ownership

The landscape of digital assets has rapidly evolved. However, the vision has always been clear: to move from merely reading and writing in the digital realm to fully owning our digital identities, financial assets, digital art, and more.

This is the future we've been promised: a future where every individual has complete control and flexibility over their digital possessions. A promise that web2 failed to deliver.

The obstacle: The limitations of EOAs

However, there's a significant hurdle in realizing this dream: the limitations of External Owned Accounts (EOAs). While they have been the cornerstone of digital asset management thus far, EOAs fall short in today's needs to onboard mainstream users.

Not only are seed phrases cumbersome to secure, the lack of flexibility and the limited security of EOAs hinders our progress towards true digital ownership.

The solution: Enter Safe and Smart Accounts

To bridge this gap was the birth of Safe Smart Accounts aka smart contract accounts. Smart Accounts by their very nature, offer unparalleled flexibility and customisability thanks to their inherent programmability.

Unlike EOAs, Smart Accounts are not just static entities; they are dynamic, capable of executing complex and personalised granular operations, providing enhanced security, and adapting to the ever-changing demands of the web3 ecosystem.

To date, with over $90 billion in assets stored on over 6 million accounts, it’s safe to say that there is clear demand for Smart Accounts in the ecosystem, and that Smart Account adoption is here.

Safe{Wallet} and Safe{Core}: Pioneering the Smart Account Revolution

Our approach to making Smart Accounts the standard in web3 has developed across two primary areas of focus:

  • Safe{Wallet}Focused on delivering the most secure way to store digital assets, Safe{Wallet} builds on the robust foundation of Safe{Core} contracts. It's designed for everyone from individual users to industries spanning various sectors, ensuring a seamless and secure digital asset management experience.
  • Safe{Core}This is where the magic happens for developers and builders. Safe{Core} provides the essential tooling to integrate Smart Accounts into any digital platform, enabling more innovative and secure applications. Over 200 projects are currently building on top of Safe, and this number will only continue to grow.

From Vitalik Buterin to WorldcoinENSAavePunk6529AutonolasParallelImmutableUNICEFCasa, and many more, the wide-range of uses for Safe and Smart Accounts more broadly is only beginning to emerge. And we are just at the tip of the iceberg of the upcoming web3 revolution.

The tip of the iceberg: Safe is so much more than a multisig.

The End Game: A universal and secure ownership stack

Looking forward, our goal is clear: to establish Smart Accounts as the default method for interacting in the web3 space. This vision is anchored in two critical transitions:

  • Network Abstraction: Achieving network abstraction to create a unified communication layer between Safes and different blockchain networks, simplifying complexities for end-users.
  • Persistent Security: Establishing a robust security framework, including audits, governance standards, and more to oversee the Safe Smart Accounts ecosystem.

The end user is our end game. Whether developer or degen, we put our end-user front and centre. This means focusing on what is necessary, and choosing the right tradeoffs that create an effortless onchain experience with top security as our compass.

Join the conversation and shape the future

The potential of Smart Accounts is vast, impacting various sectors from social media to finance and DAOs. We invite you to discover the transformative power of Safe Smart Accounts with us! Be sure to join us in our upcoming live conversations with industry experts to discuss the current state and the future of Smart Account adoption.Stay in the loop with all our latest insights and updates! Click Subscribe and never miss a beat from our team.

Comments

All Comments

Recommended for you

  • BTC halving countdown only 1 day left

    According to Ouke Cloud Chain data, there is only 1 day and 17 hours left until the BTC halving countdown, which is expected to occur on 2024/04/20. The current block reward is 6.25 BTC, and after the halving, the block reward will be 3.125 BTC. There are currently 253 remaining blocks, the current network hashrate is 587.96 EH/s, the network mining difficulty is 83.95 T, and the average block time is 9.94 min.

  • The total open interest of BTC options is $21.24 billion, and the open interest of ETH options is $9.42 billion.

    According to Coinglass data, the nominal value of open BTC option positions on the entire network is $21.24 billion, and the nominal value of open ETH option positions is $9.42 billion.

  • CZ launches testnet course on Giggle Academy

    CZ, the former CEO of Binance, announced the test network course of the recently launched education project Giggle Academy. CZ shared a video clip on his X account, which involved a course in an installable Android software package (Apk).

  • After the Bitcoin halving, new mining output will be reduced from 900 to 450 per day

    According to HODL15Capital's monitoring, after the halving of Bitcoin, its newly mined output will be reduced from 900 coins per day to 450 coins per day. Based on the current price, purchasing all of these new outputs would cost approximately $28 million.

  • BTC breaks through $62,000, and the intraday decline narrows to 2.96%

    According to market data, BTC has broken through $62,000 and is currently trading at $62,008.36. The intraday decline has narrowed to 2.96%, and the market is experiencing large fluctuations, so please be prepared for risk control.

  • Tether issued USDT worth $437 million yesterday

    Tether issued $437 million worth of USDT on April 17 and redeemed $142 million worth of USDT (a net increase of 295 million USDT in circulation). Approximately $100 million worth of USDT was issued to an address starting with 0x5c (suspected to be a Bitfinex forwarding address), and approximately $81 million worth of USDT was issued to an address starting with 0x77 (suspected to be Bitfinex wallet address 1).

  • Ordinals founder confirms that the Runes protocol only hard-codes rune number 0

    On April 18th, Casey Rodarmor, the founder of Ordinals, stated during a Discord community meeting that the Runes protocol only hardcodes the 0th rune, which is "UNCOMMON•GOODS". The other nine token names are not hardcoded into the Runes protocol due to a lack of good ideas. According to Casey's previous plan, the Runes protocol will hardcode the first 10 runes, which are numbered 0-9.

  • The number of Ordinals inscriptions exceeds 70 million

    The Bitcoin Ordinals browser Ord.io posted on X platform, stating that the number of Ordinals inscriptions has exceeded 70 million.

  • Grayscale GBTC assets under management fell to $18.82 billion

    On April 18th, according to official data from Grayscale, as of April 17th local time, GBTC held 308,593.8819 BTC, a decrease of 1277.5014 compared to the previous trading day. In addition, GBTC's assets under management (non-GAAP) were $18,823,819,454.54, with circulating shares of 346,460,100.

  • There are only about 2 days left until the Bitcoin block reward is halved

    Data shows there are still 298 blocks left until the Bitcoin block reward is halved, which is approximately 1 day, 23 hours and 10 minutes.