More crypto is lost to bad backups than to hackers. Argent replaces the seed phrase with a smart contract account: a set of guardians — other devices, trusted people or third-party services — can collectively authorise recovery, while having no ability to spend your funds.
What the account can do that a keypair cannot
Daily transfer limits that cap what a compromised session can move. Address whitelists that let approved destinations bypass delays. Time-locked recovery so an attempted takeover gives you a window to cancel. Session keys for applications. These are properties of contract accounts, unavailable to an ordinary externally owned address, and they change the practical security of everyday use.
The costs
Contract accounts consume more gas than simple addresses, deploying an account has a cost, and some applications still assume an EOA and handle contract wallets poorly. Argent's focus has narrowed toward Starknet and a small set of chains, so it is not a general-purpose multi-chain wallet.
Security record
Audited contracts with a clean multi-year record and no exploit. Guardians cannot initiate transfers, only recovery, which is the design detail that makes the model safe to use with people you trust moderately rather than absolutely.
Who should use it
Users who want self-custody without a phrase to lose, particularly those helping less technical family members hold crypto. Anyone needing broad chain coverage should use a conventional wallet with a hardware device.