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Ape Wallet vs. Other Wallets
We can separate accounts on EVM-compatible chains into two main categories. One is Externally Owned Account (EOA) and another is Contract Account (CA). The biggest difference between EOA and CA is that EOA is controlled by private key while smart contract account is controlled by smart contract code, thus able to implement much more sophisticated logics of control.
Most of the accounts we use today is an EOA. You need to take care of the private key or the relatively more human-readable equivalent that is the seed phrase. When the private key or the seed phrase is lost, there will be no way for you to regain the control of the account.
In contrast, smart contract wallet uses CA, which enables us to create a secure and user-friendly control logic in smart contract code. In smart contract wallet, users can enjoy a wide variety of features designed to enhance user experience, including key replacement, social recovery of account, gas fee payment in arbitrary token, and expenditure limit on the account.
Ape Wallet is a solution for an on-chain contract account, realized through smart contracts. It provides unique and robust capabilities, offering users an experience close to internet user processes, enhanced security, email social recovery, asset segregation, account limits, and other rich features.