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) and 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 to 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. 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 externally owned accounts (EOA) and their private keys. Currently, Ethereum users interact with the network by using externally owned accounts (EOA), which requires them to maintain private keys and additional accounts with extra 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 is extremely ill-defined.” The metaverse gained widespread attention during the previous bull market cycle, but since then, its hype seems to have faded as related companies have failed to make significant progress.
