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.
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 (27th) that account abstraction is a way to provide security and convenience for blockchain developers and users.
According to Vitalik, modern account abstraction includes features that Ethereum currently does not support, which can improve security and convenience. 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 enabling automated 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 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 and they need 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, to which he said that the Metaverse is “one of those things with extremely fuzzy definitions”. The Metaverse received widespread attention during the previous bull market cycle, but its popularity seems to have faded since then due to a lack of significant progress by related companies.
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