A smart contract is a wallet that can give users more options such as buying or selling tokens, token exchange, dapp interaction, trade, borrow or lend, and so on. There are different types of coin wallets and each is designed with different function. There are “Hot” crypto wallets, such as MetaMask (browser-based) and the Coinbase Wallet mobile app (not to be confused with the Coinbase.com app), which are always connected to the web, that allow users to conduct transactions fast and easily. “Cold” hardware wallets, like Ledger and Trezor, are only useable when they are connected to the Internet. Despite the fact that cold wallets provide improved security since their private keys are off line, they cannot be considered as user friendly as the other wallet. Smart contract wallets, or “smart wallets,” have been introduced for some time and aren’t supported by all exchanges and dapps, yet they are beginning to attract more attention thanks to their unique combination of security, flexibility, and convenience in comparison with more conventional wallet solutions. Smart contract gives users the chance to enjoy advanced features such as multi-sig transactions, daily transfer limits, emergency account freezing, and more secure account recovery.
How Do Smart Contract Wallets Work?
You can have access and control to your digital assets in smart wallets through smart contract code, which allows almost unlimited functionality, gives users more control over their funds, and spurs greater confidence in DeFi.
What can you do with a smart contract wallet?
There are quite a lot of functions that are applicable via smart contracts, since they are feasible through the code:
- Multisig Security
- Two factor authentication
- Social recovery through family or friends
- Rate-limited withdraws like an ATM
- Personal whitelists and blacklists
- Fraud alerts and emergency lockdown
In Walliro, smart contracts are not only applied on Ethereum, but also on other network blockchains. Walliro will enable users to take care of their digital assets securely and the greatest feature that makes it unique rather than other smart contract wallets is the feasibility of working on different blockchains.