Ethereum recently celebrated its 10th birthday - and for that time, we've built a fantastic ecosystem that we all love using, but it's also on the verge of being mainstream - all the foundations are there.
So how does "mainstream" look like and is it bad for us cyberpunks? Absolutely not! The unique property of Ethereum is that we, the community, have worked to set the technical foundations of something that has no compromises - a wallet experience that can be self-custodial, private, but also easy to use at the same time!
How will this wallet experience look in practice? Here's my moonshot vision...
In the future, wallets will be close to invisible but they won't be embedded: users will get an account auto-magically the first time they interact with a new web3 app, onboarding them seamlessly.
But! Then they'll be given the option to upgrade this account (thanks to the magic of account abstraction) to a full-on main identity in a browser wallet (extension or part of the browser). They'd be able to use this for single sign-on, replacing Google and Apple with a self-sovereign privacy-friendly alternative, but also for un-banking their financial lives as they get more comfortable with the ecosystem.
An in-browser wallet will be like magic for users, letting them accomplish tasks more effectively than ever before. All of the apps would be able to cross-interact with the users' financial identity, opening composable use cases never possible before:
- mortgage your house in 2 mins on Aave
- swap the borrowed amount for ETH
- stake it on Lido
TradFi could never!
The unified account doesn't have to leave an on-chain footprint like it does today. The account would be privacy-enabled. From the users' POV they have a single financial identity (account), but it wouldn't be traced on-chain thanks to auto address rotation and privacy pools employed in the background.
For most of this, we're already on the right track.
The roll-out of EIP-7702 was nothing short of spectacular, the ERC-4337 ecosystem is going strong, some of us are building better browser wallets (👋) and there's solid research efforts on privacy (Kohaku). And obviously, none of this would be important without the amazing dapp builders like Aave, Uniswap, Fluid, Polymarket, Railgun, Bungee, Gearbox and much more!
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