Obvious, a mobile-based, multichain smart contract wallet is pleased to announce the launch of an Account Abstraction-based Smart Contract wallet powered by Biconomy Account Abstraction Stack.
Smart contract wallets are blockchain wallets that use the functionalities of Smart contracts on the blockchain. Traditional wallets or EOA wallets use private keys, allowing users to access and manage their funds. In contrast, smart contract wallets add an additional layer of functionality by integrating programmable logic. This logic allows for the automation of transactions, the implementation of customized rules, and the facilitation of complex financial interactions. Obvious is one of the first wallets to use the new technology made possible by EIP-4337 and bring a smart contract wallet to multiple chains on the Ethereum ecosystem. Since the launch of its wallet in May, more than 10,000 wallets have been created on the Obvious app.
What is EIP-4337 and its significance? EIP-4337 is an improvement proposal passed by the Ethereum community that enables the benefits of Account Abstraction without changing the consensus layer. This enables anyone to create contract accounts on Ethereum. Accounts created using Account Abstraction are called smart Contract wallets. They provide greater security and flexibility to users as they are based on a smart contract rather than a private key and are made possible by the ERC-4337 protocol. This provides enhanced security and customizations, as the risk of private key exposure reduces. With its new smart contract wallet, Obvious has enabled ‘Pay Any’ as a core feature.
This enables users to pay blockchain transaction fees known as ‘gas fees’ in a token of their choice. This eliminates the inconvenience faced by many users when transacting on crypto wallets as transactions often get blocked due to insufficient balance of tokens needed to complete the transaction. Obvious is committing to several consumer focussed features for its smart contract roadmap in 2023. Pradeep BV, CPO and Co-founder of Obvious said, “Smart contract wallets bring us close to modern bank accounts, in fact, a step ahead. The ability to customize the wallet based on user needs is really exciting. Some of the features that are expected to be released include setting spending limits, 2FA on transactions, the ability to batch transactions, and support for more chains in the EVM ecosystem.”
Himanshu Retarekar, CEO and Co-founder of Obvious added, “At Obvious we are committed to bringing the best user experience for everyone on the blockchain. Account Abstraction has the potential to massively simplify the user experience for people in crypto and blockchain and help onboard millions to the ecosystem. We are excited to be one of the first ones to power this movement, especially on mobile. We are just getting started, and there is a lot more to come from Obvious in the future.Biconomy has been a really great partner for us in this endeavor. ”