According to a report from “The Block,” Ethereum co-founder Vitalik Buterin said during a speech at the “BUIDL Asia” blockchain event in South Korea on Wednesday (27th) that account abstraction is a way to provide security and convenience for blockchain developers and users.
According to Vitalik, modern account abstraction includes additional improvements to security and convenience that Ethereum currently does not support. Security goals include allowing users to change and revoke private keys, as well as better account recovery methods. Convenience goals include allowing users to pay gas fees with ERC-20 tokens and automating payments.
The concept of account abstraction refers to hiding more technical details of interactions on the chain to improve accessibility and user-friendliness. The goal of Ethereum’s account abstraction is to enable user wallets to operate like smart contracts without the need to manage external owned accounts (EOAs) and their private keys. Currently, Ethereum users interact with the network through the use of EOAs, and they need to maintain private keys and additional accounts with additional funds, which is a major obstacle for users and developers.
Thoughts on the Metaverse
During the Q&A session after the speech, Vitalik was asked about his thoughts on the concept of the metaverse. He believes that the metaverse is “one of those things that is defined extremely vaguely.” The metaverse received widespread attention during the previous bull market cycle, but since then, its popularity seems to have faded due to a lack of significant progress by related companies.
