Biconomy SDK

Smart Contract Wallets

A smart contract wallet is an Ethereum wallet managed by a smart contract instead of a private key. In this paradigm the object holding your tokens (the account) from the object authorized to move these tokens (the signer) are decoupled.
This enables users to enjoy advanced features such as multi-sig transactions, daily transfer limits, emergency account freezing, and more secure account recovery.
EIP-4337 for Account Abstraction presents the standard for creating smart contract wallets. The smart contract wallets created by using Biconomy's SDK are compliant with this EIP.
Most Ethereum wallets manage EOA accounts and, therefore, have limited functionality. Smart wallets, however, take advantage of Contract Account functionality—they manage funds via coded instructions that establish who can access them, under what conditions, and more.
Thanks to the versatility of smart contracts, in addition to breaking user reliance on private keys, smart wallets offer advantageous new features and provide a seamless user experience similar to traditional web2 apps.