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Vitalik Buterin: Account Abstraction a “Pretty Big Deal” To Drive Web3 Adoption
Ethereum co-founder Vitalik Buterin acknowledged that the account abstraction upgrades is “really elegant.”
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The Account Abstraction Upgrades Is “Really Elegant” Acknowledged Vitalik Buterin
Ethereum co-founder Vitalik Buterin acknowledged that the account abstraction upgrades, which would enable users to establish non-custodial wallets as programmable smart contracts, is “really elegant.”
At the Ethereum Community Conference in Paris, Buterin stated that the upgrade would allow for simple wallet recovery, signless transactions, and team wallets, and could be one of the major catalysts for Web3 adoption globally.
Users would also be able to receive any token, such as a stablecoin, with their smart contract wallet and pay gas fees without having to convert ETH thanks to the upgrade, which has been in development since before Ethereum launched.
This would convert Externally Owned Accounts (EOAs) to smart contract wallets, making it as manageable as using an email account.
Account Abstraction Using Alt Mempool, commonly known as the most recent version, is EIP-4337. According to Buterin, it would allow “paymasters” to utilize whatever token users are trading with to pay for gas fees and signature aggregators to cut costs by 86 times.
The improvement isn’t the only one being worked on right now; Proto-danksharding, or EIP-4884, is also in the works. This would lay the groundwork for a new data format that will significantly lower prices and improve the efficiency of data utilization.
