Account Abstraction is a significant development in web3 that has the potential to revolutionize the way we interact with blockchain applications. Currently, the user experience and onboarding process for web3 applications can be difficult, hindering the mass adoption of this technology. However, Account Abstraction offers a solution to this problem.
Account Abstraction promises to enable users to recover their funds if they lose their private keys, interact with web3 applications without purchasing cryptocurrency or paying for gas, and allow others to manage their funds based on user-defined rules. As a result, many people believe that Account Abstraction will be the next big thing for ethereum and make web3 apps more accessible to mainstream users.
What is the reason behind the lack of adoption of Account Abstraction in today’s wallets?
Despite its potential, Account Abstraction has not yet been widely adopted by wallets. To understand why, it is essential to distinguish between two types of accounts on Ethereum: (1) Externally Owned Accounts (EOAs) and (2) Smart Contract Accounts (SCs).
Externally Owned Accounts: EOAs are commonly used to interact with blockchains and are controlled by a private key linked to a specific address. However, losing the private key to an EOA can result in the permanent loss of funds, making it difficult to delegate transaction execution to third parties. Moreover, EOAs have poor user experiences that can be challenging for most users.
Smart Contract Accounts: SCs, on the other hand, are controlled by code instead of a private key and offer more flexibility, enabling social recovery and delegation of transaction execution to third parties. However, SCs require external entities to run computation and EOAs to initiate transactions from off-chain, limiting their full potential.
To fully leverage the potential of SCs, they need access to an off-chain network that will run computations and execute transactions on behalf of the user. This will enable web3 applications to abstract away the complexities of interacting with blockchains, making them more accessible to mainstream users.
How is Plena implementing Account Abstraction?
Plena Smart Wallet = Account Abstraction
Plena leverages AA to offer a centralised user experience throughout its smart contract wallet. With AA, Plena users can:
-Pay transaction fees with ANY token
-Execute complex blockchain actions with just 1 Transaction
-Get an extra layer of security
-Easily get onboarded with the help of social login
-Have complete control over their funds
Learn more about Account Abstraction
To gain further understanding of Account Abstraction and its implementation, refer to Vitalik Buterin guide to Account Abstraction and EIP-4337, which discusses this concept as an ethereum Improvement Proposal.
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