Vitalik Buterin Talks About Account Abstraction in Paris
- Vitalik Buterin claimed account abstraction would make Ethereum more flexible.
- Part of the new upgrade will allow people to pay for gas fees with the token they are transacting with.
- Account abstraction seeks to replace externally owned wallets with wallets based on smart contracts.
Ethereum co-founder Vitalik Buterin shared new insight into account abstraction while speaking at the Ethereum Community Conference (ETHCC) in Paris. Buterin noted that modern account abstraction works differently from previous upgrades, as it doesn’t require modifications to the underlying protocol.
Account abstraction seeks to make Ethereum more flexible and easy to use. It provides users with the ability to customize the security architecture of their accounts, which makes Ethereum more flexible for a variety of use cases.
Account abstraction will enable users to specify their own transaction validation rules, including spending limits. In addition, users can modify their accounts to be compatible with upcoming cryptographic algorithms.
Account abstraction has been a concept among developers since 2015. The goal is to replace externally owned wallets, or EOAs, with wallets based on smart contracts. If successfully implemented, this feature will make it easier to manage a crypto wallet. Users will be able to easily retrieve their seed phrase.
The latest proposal for account abstraction is Ethereum Improvement Proposal 4337. The proposal seeks to introduce new features to Ethereum, such as single transactions, which would result in decreased transaction fees and multi-signature wallets.
Vitalik Buterin expressed delight at how much progress had been accomplished over the past months. He said,
Account abstraction has made a lot of progress, and I’m excited about all of the progress that we’ll continue making in the future.
Buterin noted that these improvements could attract more people to Web3. In addition, the new account abstraction upgrade will support the use of “paymasters,” which will allow users to pay gas fees with the token they are transacting with and not necessarily ETH. Also, the upgrade will allow decentralized applications to sponsor transactions for their users.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
