Introduction before Account Abstraction
The Problem with Externally-Owned Accounts (EOA)
EOA wallets are not easy to use for normal people who are not in the Cryptocurrency and Cryptography world. In order to use and control your asset safely users need to have a basic knowledge about Private key, Publickey, etc. Which is different from web2 world where you have username and password and the option “forget password” enabling users to restore the ownership through social verification and other methods. Moreover, when you do the transactions using EOAs you need to manually sign the transaction twice or sometimes even more to approve, sign and send the transactions. On top of that you need native token to pay gas fees.
The solution from EIP-4337 (Account Abstraction)
Account Abstraction, introduced by ERC-4337, aims to simplify user experience and enhance security. Instead of EOAs, users interact with smart contracts called "account abstraction" that manage their funds and transactions. Basically, users use smart contracts as a wallet. With this approach, AA wallet will be more user friendly. No need to sign, approve, etc. Users can do a “single click” transaction and AA will batch those transactions into one. No need to manage a seed phrase. Instead, users can use other wallet protection methods like biometrics, two-factor authentication, etc.
The video by a developing Account Abstraction wallet, Clave has a great visualization of how easy it is to onboard normie users into the crypto world while still retaining all of the permission to control over their assets.
- Easier onboarding for new users with Account Abstraction.
- Reduced human error and improved security through 2FA, biometrics.
- More flexible and customizable control over funds.
- Potential for wider blockchain adoption.
Account Abstraction will play a crucial role in making the process of on-chain transactions easier, on-boarding billions of people to interact with a blockchain ecosystem especially Ethereum and EVM blockchain. It aims to make it more user-friendly, safer and provide more functionality on blockchain. Account Abstraction is still under development and more implementations can be made, improving and opening a huge gateway for adoption by merging web2 ease of use with web3 innovation.
Did you enjoy this article?
Subscribe to UnlocksInsights for enlightening articles and in-depth research. Visit TokenUnlocks to discover the premier token analytics dashboard, monitoring vested tokens, upcoming unlock events, and providing comprehensive tokenomics data. Experience the best in on and off-chain information with us.