Vitalik Emphasizes Account Abstraction Security and Convenience, Believes Definition of Metaverse Remains Ambiguous

According to a report by The Block, Ethereum co-founder Vitalik Buterin stated during his speech at the blockchain event “BUIDL Asia” in South Korea on Wednesday, the 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 are currently not supported by Ethereum. 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 and automate payments using ERC-20 tokens.

The concept of account abstraction refers to hiding more technical details of the interactions on the chain to enhance 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 externally owned accounts (EOA) and their private keys. Currently, Ethereum users interact with the network through EOAs, requiring them 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. He believes that the metaverse is “one of those things that is defined extremely vaguely.” The metaverse gained widespread attention during the previous bull market cycle, but its enthusiasm seems to have faded since then, as related companies have not made significant progress.