During the Ethereum conference (ETHCC) in Paris, Vitalik Buterin presented a bold vision of crypto wallets. According to the Ethereum co-founder, account abstraction could make managing Ethereum wallets as easy as an email.
Changing Ethereum wallets: towards unprecedented simplicity
Since 2015, Ethereum developers have been working on account abstraction. This is an innovative concept aimed at replacing external wallets with contract-based smart wallets. This development would allow users to store their seed phrases in smart contracts, making it easier to retrieve private keys.
In his intervention, Vitalik Buterin mainly puts the accident on the latest version which would represent a major advance. This is EIP-4337 or Account Abstraction Using Alt Mempool.
A promising future for smart wallets
According to Vitalik Buterin, EIP-4337 would open new possibilities for Ethereum users. In particular, it would allow create non-custodial crypto wallets as programmable smart contracts. Naturally, the wallets will then have advanced features:
- easy recovery of wallets,
- transactions without signature,
- team portfolios.
This upgrade could be a critical enabler for Web3 adoption. It would allow blockchains to distribute funds to users before they sign up.
Versatile wallets for a better user experience
always according to the explanations of Vitalik Buterin, the account abstraction would introduce “paymasters”. These would allow Ethereum users to pay transaction fees with any token used in transactions.
Decryption: no need to convert to ETH anymore. Enough to offer users a smoother experience!
That’s not all ! The integration of signature aggregators would also make it possible to compress data and therefore reduce transaction costs up to 86 times.
For Ethereum, account abstraction is a giant leap towards mass adoption of blockchain technology. By making crypto wallets as simple as an email, Ethereum opens the door to new users. This simplification would also allow Ethereum to become the basis of many Web3 projects, thus reinforcing its leading role in the crypto ecosystem. File to follow…
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