11 Advantages of Smart Contract wallets

11 Advantages of Smart Contract wallets

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Smart Contract wallets are Ethereum accounts controlled by a Smart Contract instead of a private key. These wallets can solve some of the problems associated with Externally Owned Account (EOA) wallets. There are different wallet types out there and smart contract wallet is one of them.

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Secure Storage

You can store cryptos and NFTs securely with Smart Contract Wallets. The use of smart contracts instead of private keys provides additional security features such as multi-signature approval and daily limits on transfers.

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Recurring payments 🔄

It makes it easy to set recurring payments with spend limits, which will make subscriptions as common in web3 as they are in web2.

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SIP your tokens 🙌

You can invest in tokens just like a SIP in traditional finance. This allows users to automate the process of buying tokens at regular intervals, providing a disciplined approach to investing in the volatile crypto market.

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Set up your own 2FA 🤓

SCWs enable two-factor authentication - you can sign transactions on your phone using a fingerprint or face scan.

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Shared accounts 🤝

Smart contract wallets can be used to create a shared account or joint accounts or shared accounts that allow a trusted person to spend money from your wallet within spending limits.

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Account Inheritance 👥

One can create a secondary account with delegated access to their assets, but only after some conditions have been met. If the parent account is inactive for a specified period of time, the secondary account gains access to user funds.

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Pay gas with any token 👀

Smart Contract Wallet allows users to pay gas fees with any ERC-20 token. This makes it more convenient for users who hold a variety of tokens and want to use them for transactions.

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Batch Transactions 🎛️

One can send multiple transactions at once instead of having to send them one by one.

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Seedless Recovery 💪

Smart contract wallets offer recovery options without seed phrases. This means that if a user loses their private key or seed phrase, they can still recover their funds through other means such as social recovery or guardian services.

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Triggered Transactions 📲

You can trigger transactions in a wallet when a specific condition is met.

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Session Keys for games 👾

With blockchain games, users have 2 options: to manually approve every action, or give the game complete control over the digital wallet.

SCWs can allow automatic transactions for a limited period of time and only within the dApp. This provides the minimum amount of access to the dApp and increases security. All the assets belonging to the main account stay protected.

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