Richard Meissner of Safe, the co-founder and CEO said Ethereum’s account abstraction is going to set new standards for security in blockchains. This will help everyone improve their self-custody.
Experts support a proposal by EthereumETHVitalik Buterin co-creator and other developers. upgrade A concept hailed as the frontrunner in mass adoption is account abstraction.
Ethereum’s account abstraction Smart contracts can be created using standard wallet addresses. Some industry supporters have claimed that account abstraction could offer a better user experience for traditional internet users pivoting into crypto. financial freedom.
Safe’s solution with multiple signatories, which allows both individuals and organisations to pre-set a wallet’s limits of spending is an example. It works similarly to the way bank account holders set withdrawal caps.
Meissner said to crypto.news account abstraction will also improve the self-custody system by providing much needed flexibility and delivering highly requested features such as account recovery, social login.
“These improvements to defi user experience are necessary to attract mainstream users,” Meissner explained.
“Account abstraction is the only way forward to achieve mass adoption. Currently, most blockchains are quite static when it comes to the account. You have an all-or-nothing access logic, with fixed ownership that prevents account recovery and no way to properly integrate modern key management solutions like passkeys or other common secure enclaves that are not crypto-optimized.”
Richard MeissnerSafe Co-founder
Account abstraction spreads beyond Ethereum
Meissner mentioned that a KeyStore Rollup is being developed by the Ethereum ecosystem. The approach would allow users to control their accounts from one terminal, and extend this to other chains.
This thesis suggests account abstraction will be a common concept across multiple blockchains, as the crypto industry targets mass adoption.
“I believe, long term, that the accounts of all chains will be more flexible. Some chains already have this in place, e.g. zkSync, StarkNet. The account abstraction adds complexity to transaction flows that must be taken into consideration.
To maintain a sustainable growth, it’s important to not underestimate the complexity of blockchains. Not all blockchains are as flexible with smart contracts as Ethereum, so they may not need a full-featured account abstraction.
Richard Meissner, Safe co-founder
Safe’s cofounder is convinced that the benefits of account abstraction will encourage blockchain builders to actively develop and consider it. Meissner emphasized that the concept is more of a tool than a solution.
“It is important to understand that account abstraction is not the silver bullet for all UX problems in Blockchain. Rather, it is a framework that allows us to build better solutions catering to the different needs of the users. It will require a lot of work and research to build all the required tooling and building blocks for this. Furthermore, we have to guarantee the security of assets, as lost user funds mean lost trust in account abstraction.”
Richard Meissner, Safe co-founder
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Source: crypto.news