Base

Software engineer. I explain crypto topics in simple terms.

today i learnt: how Coinbase's new smart wallet works
my summary from the info provided by @cygaar 🙏 

1) Convenience: No more Chrome extensions or seed phrases. You create and use the wallet with just your fingerprint (Touch ID) for a smooth experience.
...more 👇

2) Security: Passkeys use public-key cryptography, considered more secure than passwords. Touch ID adds another layer of protection.

3) Account Abstraction (AA): This is the secret ingredient! It allows creating smart wallets on the blockchain instead of regular accounts, enabling features like:

Conclusion https://x.com/0xCygaar/status/1796668207027409060
"All the magic here is made possible by AA. Coinbase’s smart wallet is 1 of the first to leverage account ownership via passkeys. In the future, it’ll also be possible to control wallets through traditional Web2 signin flows like Google SSO."

i/ Multiple Owners: A single wallet can have multiple owners, including those verified by passkeys.

ii/ Paymaster Services: Transactions can be sponsored by others (like Base in this case), removing the need for users to have funds for gas fees initially.