Ethereum launch Abstraction account
The Ethereum blockchain has just introduced a new feature known as the Abstraction Account (AC), which should bring a key improvement for users. This enhancement will allow users to more easily regain access to their cryptocurrencies if they lose their private keys to their software wallets.
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At the ETHDenver WalletCon event, developers introduced a new token standard called ERC-4337, which allows for "account abstraction" and makes it easier for users to recover lost private keys. ERC-4337 was deployed as a smart contract "EntryPoint", so no major changes to the Ethereum protocol core were needed to introduce the new token standard, which is available on all blockchain networks that are EVM-compatible. Security audits have shown that the standard's code is secure.
Wallets such as MetaMask or Coinbase provide externally-owned accounts, to which only the user that owns the private keys has access.
Wallets with Abstraction Account are programmed through smart contracts, providing greater flexibility in managing private keys.
Impact
Instead of paper backups, users can utilize new technologies such as two-factor authentication via biometric data, or they can program wallets to have multiple signatures, which allows shared access to a single account.
This smart contract and its supported wallets could create a more user-friendly environment for new users, which would be a good step towards increasing the adoption of cryptocurrencies worldwide. While storing seeds offline provides better protection, it is also more complex for end-users and a major obstacle to the mass adoption of cryptocurrencies. If AC has a more simplified and intuitive user interface, it could significantly help with the expansion of cryptocurrencies among ordinary users and their security.
Ondřej Tittl
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