Vitalik highlights the importance of account abstraction security and convenience, deeming the definition of metaverse still ambiguous.

Vitalik highlights the importance of account abstraction security and convenience, deeming the definition of metaverse still ambiguous.

Vitalik highlights the importance of account abstraction security and convenience, deeming the definition of metaverse still ambiguous.

According to a report from The Block, Vitalik Buterin, co-founder of Ethereum, 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 additional 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 and automate payments with ERC-20 tokens.

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 account abstraction is to allow user wallets to operate like smart contracts without having to manage externally owned accounts (EOAs) 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 users and developers.

Thoughts on the Metaverse

During the Q&A session after the speech, Vitalik was asked about his views on the concept of the metaverse. He believes that the metaverse is “one of those things with extremely vague definitions.” The metaverse gained widespread attention during the previous bull market cycle, but since then, its hype seems to have faded due to the lack of significant progress by related companies.