Typically, in order to interact with Ethereum, participants have to use the so-called Externally Owned Accounts (EOAs). Today, EOAs are the only way to initiate a transaction or execute a smart contract. Naturally, this puts certain limitations on the way users can interact with the network. A simple example would be that it makes it challenging to do batches of transactions. A way to tackle the above issue is through account abstraction. The term itself carries specific implications, but it surely needs a bit of a breakdown. What is Account Abstraction? Account abstraction is the process of simplifying the user interaction with blockchain by allowing customization of various aspects of smart contract accounts. As mentioned above, account abstraction presents a way to
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Typically, in order to interact with Ethereum, participants have to use the so-called Externally Owned Accounts (EOAs).
Today, EOAs are the only way to initiate a transaction or execute a smart contract. Naturally, this puts certain limitations on the way users can interact with the network. A simple example would be that it makes it challenging to do batches of transactions.
A way to tackle the above issue is through account abstraction. The term itself carries specific implications, but it surely needs a bit of a breakdown.
What is Account Abstraction?
Account abstraction is the process of simplifying the user interaction with blockchain by allowing customization of various aspects of smart contract accounts.
As mentioned above, account abstraction presents a way to solve the issues by solely using externally owned accounts. It allows developers to program additional security and/or better user experience into their accounts.
There are multiple ways this can happen:
- Upgrading EOAs as outlined in EIP-3074
- Upgrading smart contracts in a way they can initiate transactions (EIP-2938)
- Adding a second separate transaction system to run in parallel (EIP-4337)
To better understand the implications of adopting EIP-4337, CryptoPotato reached out to Tom Teman, a PM at the Ethereum Foundation, who clarified:
“The adoption of ERC-4337 will allow people to start using a decentralized and unstoppable blockchain ecosystem while still maintaining the friendly, secure, and forgiving UX that they already know. The power of Web3 with the familiarity of Web2.
With ERC-4337, you can use a smart contract as your account instead of a single key pair, which provides significantly better UX. “
Teman also outlined that it decouples the account from the private keys, which allows the use of arbitrary transaction verification logic. These include:
- Multi-signature
- Sponsored transactions
- Account recovery
- Transaction batching
To assist and fuel the innovation that account abstraction, alongside many other initiatives, can bring, Consensys is launching a Web3 initiative called Builder Nights.
In simple words, Account Abstraction allows use cases such as social recovery, alternative logins (not tied to a 12-24 seed phrase), spending limits, and others in a completely native Web3 way.
This will allow developers to build robust use cases and focus on UI and better onboarding, allowing the development of new dApps to support the arrival of the next billion users.
Powering the Next Foray of Web3
In a bid to empower a shift toward a more equitable online landscape, facilitated by both crypto and Web3, Consensys is unveiling Builder Nights.
It’s a series of initiatives designed to facilitate discussion between like-minded builders who will shape the Web3 industry in the future. It’s presented alongside key names like MetaMask, 1inch, Ledger, the Ethereum Foundation, Biconomy, Blockfence, and others.
In essence, each event will consist of between 50 and 300 builders who are eager to network with peers in the Web3 space in thought-provoking conversations centered around account abstraction, layer 2s, EIP-4337, infrastructure, and more.
There’s a distinctive focus on technological advancements rather than product endorsements, putting a stop to sales-drive agendas and paving the way for builders to build.
But Builder Nights will focus on more than just Account Abstraction with featured topics including:
- 4337: Unveiling the Next Wave of Decentralization
- Wallets: Safeguarding Digital Assets in Web3
- Layer 2 Solutions: Scaling Web3 for Mass Adoption
- Gaming: Revolutionizing Interactive Experiences
- Infrastructure: The Backbone of Web3 Evolution
- Mobile: Web3 on the Go
- Security: Fortifying Trust in a Decentralized World
- You Decide: Crowd-Sourced Innovation
The tour will be spread across Southeast Asia, and the next Builder Night will take place on September 13th in Singapore.