The account abstraction is seen as a catalyst that could bring a billion users to the Ethereum network, but there are some challenges in implementing the feature. This was stated by the co-founder of the blockchain Vitalik Buterin.
According to the developer, the integration of the technology will make it possible to pay fees not only with ETH, but also with other coins that the user transfers.
In addition, the extension will allow decentralized applications to “sponsor” transactions for their customers, Buterin added.
The co-founder of Ethereum also talked about another development – “signature abstraction”. Thanks to the technology, rollup developers will be able to compile signatures, which will significantly reduce gas costs.
Despite all the benefits, integrating the account abstraction has many challenges to overcome, Buterin notes. To begin with, it is necessary to develop and adopt an appropriate EIP.
After that, it is necessary to turn all user accounts into smart contracts, while the function should work properly in second-level networks. Buterin also emphasized that there will be a problem of integration with biometric technologies and wallets.
Previously, the Ethereum team activated the standard ERC-4337which implements the concept of an account abstraction.
In June, Buterin published a roadmap in which he noted the main directions for the sustainable development of the blockchain – L2 scaling, strengthening the security of wallets and data privacy.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
