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

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.

Cumulative number of Safes created over time, per network

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 Worldcoin, ENS, Aave,  Punk6529, Autonolas, Parallel, Immutable,  UNICEF, Casa, 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: Smart Accounts unlock a range of UX and security benefits

The End Game: A universal and secure network

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.

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