According to a report by “The Block,” Ethereum co-founder Vitalik Buterin stated during a blockchain event in South Korea called “BUIDL Asia” 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 other improvements in security and convenience that Ethereum currently does not support. The security goals include allowing users to change and revoke private keys, as well as better account recovery methods. The convenience goals include allowing users to pay gas fees and automate payments using ERC-20 tokens.
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 allow user wallets to operate like smart contracts without the need to manage external owned accounts (EOA) and their private keys. Currently, Ethereum users interact with the network using EOAs and need to maintain private keys and additional accounts with additional funds, which is a major obstacle for both 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 are very loosely defined.” The Metaverse gained widespread attention during the previous bull market cycle but seems to have lost its momentum since then, as related companies have not made significant progress.
