Your grandma will soon use crypto with account abstraction

By Ticktalker | ticktalker'sblog | 16 Nov 2023


Everyone in the crypto industry is now buzzing around the words "account abstraction" and how it is set to revolutionize the way people interact with smartcontracts and Dapps, especially those built on Ethereum.

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Account abstraction is bringing a paradigm shift to how flexible people interact with wallets. Account abstraction is a major steps towards making more user friendly wallets and Dapps in blockchain. 

 

Account abstraction is just a way to separate the control of a user's funds from the execution of a smartcontract. This is possible through a complicated process which I will try my best to explain below.

 

With account abstraction, smartcontracts can manage a user's funds, execute transactions, without requiring permission from the user. They can help users run gasless( not actually gasless transactions). They are crypto wallets built on smartcontracts that do no require private key or key phrase they run entirely on smartcontracts.

Account abstraction allows users to customize certain aspects of their accounts, such as how they pay fees, how they approve transactions, and how they secure their funds. Account abstraction also enables smart contracts to initiate transactions, which makes it easier to create and use smart contract wallets.

Smart contract wallets are special types of accounts that are controlled by code and can have various features, such as batch transactions, account recovery, gasless transactions, and more.

 

You may be wondering how do you secure something that can work automous and you don't have a private key to. Well with account abstraction,users can recover their wallet  creating smart contract wallets that can implement custom logic and rules for accessing and securing their funds.

For example, a smart contract wallet can enable social recovery, which means that the user can recover their wallet with the help of whitelisted accounts instead of seed phrases. This way, the user does not have to worry about losing their private key or memorizing a long string of words.

The user can also set up multi-signature security, which requires multiple approvals from different devices or parties before executing a transaction. This adds an extra layer of protection against unauthorized access or theft.

 

With this, even your 80year old grandma can now own a crypto wallet and perform transactions.

With so much promises, account abstraction is still a novel term and can only be deployed on Ethereum network in the near future.

Hope you learnt something today, I am ticktalker and I always post crypto/educative contents.

Making each day count in the world of crypto is crucial for success. Plan, research, and learn to stay ahead. Keep pushing, legends! 💪💯

Until next time, stay SAFU.

Please whatever is written in the article above is for educative purposes only. I am not a financial advisor.

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Ticktalker
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I am a comic relief content creator and web3 enthusiast, I write contents to share things I learn and research about.


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