Safe (formerly known as Gnosis Safe) is working on a new standard to transition the Web3 area into modular smart accounts.
In a blogpost published in June, Ethereum’s co-founder argued that smart accounts were crucial to getting more people interested in blockchain Web3. Smart accounts are essentially a way to improve how users manage their digital assets through the use of smart contract.
Richard Meissner (co-founder Safe) told Blockworks when his team started its work they sought to find ways of extending smart account functionality.
“The challenge was that these modules bring an inherent risk because the more powerful it is, the more you expose your underlying logic and your account could be abused,” Meissner claimed.
Meissner noted that the Web3 community has shown a growing interest in smart contracts wallets and account abstraction over the past few months. This was an excellent opportunity to start delving deeper into these issues.
Safe, along with its co-founder Lukas Schoor, released a Whitepaper to help a “Safe Core Protocol” The whitepaper examines various ways to simplify smart accounts. The whitepaper also addresses possible solutions for ecosystem fragmentation.
Today there are many ecosystems based on smart contracts, smart accounts, and wallets. Each of these initiatives has slight differences. Instadapp, MetaMask and other companies are looking for ways to integrate the technology in their infrastructure stacks.
Meissner informed Blockworks “over the next couple of months, it will be an important task to look at where we can further line up to prevent fragmentation.
Seeking a solution
The whitepaper introduces the concept of a “Manager” which is responsible for managing “Accounts”, “Registers” and “Modules.”
An abstraction layer — a separation layer between different components of a system — is used to navigate the complexities between fragmentation, interoperability and security.
Per the paper, smart account users can choose to opt into a protocol by enabling the Manager, which will then give it access to functionalities enabled through Modules. To ensure the security of these Modules, Registries exist to enforce standards.
Schor told Blockworks that the Safe Core Protocol aims to address issues around interoperability and security.
“In the long run, we want you to be able to plug your different smart accounts into the same protocol, it’s all interoperable, and it all leverages the same security properties,” said Schor.
Over the next few months, the team will seek community feedback on the proposed protocol.
“We wanted to get the white paper out early even though we’re still working on the actual implementation to get early community feedback,” Schor said. “It gets harder to change things as we go along, so we want to get feedback as early as possible when things are still very flexible.”
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