Multisig wallet Gnosis Safe launches Google Account one-click login, seizing the mainstream user market

The well-known multi-signature wallet Safe has introduced a one-click login feature using Google accounts, allowing users to quickly establish their self-custody wallets while retaining existing smart contract wallet functionalities such as multi-signature and batch transactions. However, will security-conscious users such as protocol developers be willing to adopt this new feature?

What is Safe Wallet

Safe Originated from Gnosis

Safe Wallet is one of the most renowned smart contract wallets in the Web3 ecosystem, originally developed by the GnosisDAO team. In 2021, it became independent after being spun off by the Gnosis team. Gnosis is a key contributor to various infrastructures in Web3, including products like Gnosis Chain xDAI chain, Cow Protocol, Zodiac, and other well-known protocols and tools.

Safe operates with its own SafeDAO system and legal entity, along with its token model. At present, Safe Wallet supports 12 networks, all of which are EVM compatible public chains and Layer 2 solutions.

Safe Provides Multi-Signature Functionality for Most Protocols

Safe is currently the largest market share holder and the most trusted smart contract wallet in the market. Many protocols and DAOs utilize its multi-signature wallet technology for smart contract management, including AAVE, 1inch, ENS, and other prominent protocols. Even Ethereum's founder, Vitalik, has stated that he believes Safe is currently the safest wallet available.

Safe's multi-signature function is convenient and supports authorization for both hot and cold wallets. The majority of protocols use Safe's technology for multi-signature functionality, and currently, assets protected through the Safe Wallet protocol exceed $40 billion. This is significant considering the total value locked (TVL) in the entire Web3 ecosystem is only around $46 billion, showcasing its influence.

Why is Safe considered the safest wallet? Apart from the support and technical capabilities of the Gnosis team, smart contract wallets are currently regarded as a safer wallet mechanism in the industry.

Introduction to Smart Contract Wallets

Compared to traditional EOA wallets like Metamask, smart contract wallets, as the name suggests, utilize smart contracts to implement wallet functions, enabling functionalities that traditional EOA accounts cannot achieve, such as multi-signature, batch transactions, and the recent highly discussed EIP-4337 account abstraction.

For multi-signature functionality, in addition to using smart contracts for execution, mainstream methods have also employed MPC (Multi-Party Computation) technology in the past. However, developers, including Vitalik, believe that its design flaws cannot guarantee asset security. Therefore, the mainstream approach currently involves using smart contract wallets for multi-signature operations, with Gnosis Safe being the leading smart contract wallet in this regard.

Safe Wallet Introduces Google Login Feature

Control Your Wallet with Google Account

According to the official announcement from Safe here, Safe has introduced a third-party Google login feature. Users can now link their Google accounts to create accounts and wallets without the need to record mnemonic phrases or private keys. Safe automatically generates an address for this account, which can also serve as one of the addresses for a multi-signature wallet, allowing for joint signatures with other addresses.

However, this feature currently only supports the Gnosis network as part of a small-scale test. To attract users, Gnosis Chain will absorb the costs of user account creation and the first five transactions per hour. Therefore, users can experience this feature for free at the moment.

Convenience

For Safe users, the process of setting up a wallet has become:

• Go to app.safe.global and select Google account login
• By default, it's a single address, but if you want to create a multi-signature wallet, you can click "back" to configure it.
• Confirm the information and cost of wallet creation, currently free, click "next," and wait for confirmation to complete.

Future Development Strategy of Safe

However, does adding Google login and other convenience-oriented features to a wallet that emphasizes security create a contradiction?

User Experience

Some community members believe that this feature will attract more users to use Safe. By allowing open authorization login, similar to the experience in Web2, the entry barrier for users is lowered, potentially increasing the user base.

It is evident that whether Safe integrates various protocols within the wallet for users to complete tasks in one place or the team is developing tools related to account abstraction, the focus is on enhancing user experience. This underscores the importance of user experience for the Safe team.

Decentralization

Some community members believe that open third-party login may become a vulnerability in terms of centralization. If a user cannot access their Google account, they will be unable to access the wallet. Google, along with other future third-party apps, can also scrutinize these actions, reducing the decentralized nature of the wallet.

Safe Segments Its Customer Base Further

The author believes that for a multi-signature wallet positioned for security, the user base consists of protocol developers and cautious users with higher security demands. Introducing this feature may not necessarily attract existing customers.

However, Safe's future strategy involves managing different customer segments separately while maintaining the highest level of security and providing more convenient features. Security-conscious users will not use Google login, ensuring their asset security remains unaffected. However, for the target audience focused on convenience, this feature may be appealing. Safe is currently enhancing its business to attract a broader user market.

Intense Competition in the Wallet Industry

There is still a distance to go for truly convenient wallet designs. Safe and other wallet providers face both competition and opportunities. Whether it's Blocto or Argent, they are continuously optimizing user experience. The future of how the market will change with a complete account abstraction technology remains uncertain. We can expect wallet providers to introduce more features emphasizing "convenience" rather than "security" in the near future, as the narrative in the wallet industry shifts from emphasizing functionality to focusing on usage scenarios.