EVM originally adopted an account-based model with two types of accounts: externally owned accounts (EOAs) controlled by private and public keys, and contract accounts governed by smart contract code. Users interact with Ethereum via EOAs, initiating transactions and paying gas fees with their private keys.
However, EOAs, like MetaMask, come with drawbacks. Every transaction requires users to sign and pay gas fees, which were introduced to incentivize validators for processing transactions. This process is complex, requiring multiple confirmations, and can be confusing for new users. Additionally, losing private keys means losing access to funds, resulting in a fragmented and intimidating Web3 experience.
Account abstraction (AA) separates user account control enabling more flexible and user-friendly wallet features. It removes the need for seed phrases by offering alternative security methods like two-factor authentication or biometrics. With account abstraction, private keys don’t directly control assets, but instead, authorize smart contract execution, enhancing security and making it harder for attackers to steal funds.
Smart wallets, linked to account abstraction, use smart contracts instead of traditional EOAs, offering enhanced security and usability.
They reduce human error in transactions, improving accuracy and ensuring users don’t lose access to funds due to mistakes like sending tokens to the wrong address.
This approach prioritizes user data privacy — SwapX does not have access to users' private keys, ensuring that users retain full control and security over their crypto assets.
By integrating Web3Auth with social login and AA, users can easily sign up using Google or their email, automatically creating a smart wallet.
Users can also connect using traditional EOA wallets like Metamask, Rabby, or OKX Web3 if they prefer.
