Vitalik Shares Account Abstraction Challenges | Crypto Daily Digest July. 19
Account abstraction is perceived to be a catalyst that could onboard a billion users to Ethereum
During the EthCC (Ethereum Community Conference) event in Paris, Vitalik Buterin discussed some of the key innovations that account abstraction brings and the current hurdles it faces.
Currently, most Web3 applications require users to download a wallet to get started. On the other hand, account abstraction allows for a range of onboarding options. Applications can integrate with existing wallets, or users can log in with their familiar username and password.
With account abstraction, users no longer need to download wallets and sign transactions every time they want to complete an action. Instead, transactions can be bundled and approved all at once.
However, there are challenges that must be overcome for Ethereum to adopt account abstraction. This includes developing an EIP to upgrade the current externally-owned Ethereum account, i.e. the normal user account, into smart contracts, and ensuring the protocol works similarly in Layer 2 solutions.
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