Vitalik Emphasizes the Security and Convenience of Account Abstraction, Believing that the Definition of Metaverse Remains Ambiguous.

According to a report from The Block, Vitalik Buterin, co-founder of Ethereum, stated during a 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 to security and convenience that Ethereum currently does not support. 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 interactions on the chain to improve accessibility and user-friendliness. The goal of Ethereum’s account abstraction is to allow user wallets to function like smart contracts without the need to manage externally owned accounts (EOAs) and their private keys. Currently, Ethereum users interact with the network through the use of EOAs, requiring 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 defined extremely vaguely.” The metaverse gained widespread attention during the previous bull market cycle, but since then, its popularity seems to have waned due to the lack of significant progress made by related companies.