Adoption of smart wallets

Unlike Bitcoin, there are two fundamentally different types of accounts on Ethereum - externally owned (EOA) and contracts. The difference between the two is that EOA is controlled by a private key, while contracts are controlled by code. In fact, contracts are autonomous agents that execute code when someone interacts with them. At the moment, 28% of all Ethereum addresses with which interactions took place are smart contracts.

Since EOAs are controlled by only one private key, it is impossible to natively create a multisig that requires m-of-n private keys for a valid transaction. Bitcoin uses script hash addresses (P2SH and Bech32 formats) to generate such multisigs. As a last resort, it is still possible to use EOA as a multisig using the Multiparty Computation (MPC) technology used in RenVM.