According to a report by “The Block,” Vitalik Buterin, co-founder of Ethereum, spoke at the blockchain event “BUIDL Asia” in South Korea on Wednesday (27th). He stated 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 with ERC-20 tokens and enabling automated payments. The concept of account abstraction refers to hiding more technical details of interaction on the chain to improve accessibility and user-friendliness. The goal of Ethereum’s account abstraction is to make user wallets function like smart contracts without needing to manage externally owned accounts (EOAs) and their private keys. Currently, Ethereum users interact with the network using EOAs and need to maintain private keys and additional accounts with extra funds, which is a major obstacle for both users and developers.
Regarding the concept of 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 defined extremely vaguely.” The metaverse received widespread attention during the previous bull market cycle, but since then, its hype seems to have faded due to a lack of significant progress by related companies.
