According to a report from “The Block,” Ethereum co-founder Vitalik Buterin stated during a speech at the blockchain event “BUIDL Asia” in South Korea on Wednesday (27th) that Account Abstraction is a way to provide security and convenience for blockchain developers and users.
According to Vitalik, modern Account Abstraction includes other improvements in security and convenience that Ethereum currently does not support. Security goals include allowing users to change and revoke private keys, as well as better account recovery methods, while convenience goals include allowing users to pay gas fees with ERC-20 tokens and automated payments.
The concept of Account Abstraction refers to hiding more technical details of interactions on the chain to improve accessibility and user-friendliness. The goal of Ethereum’s Account Abstraction is to allow user wallets to operate like smart contracts without managing externally owned accounts (EOA) and their private keys. Ethereum users currently interact with the network through externally owned accounts (EOA), requiring them to maintain private keys and additional accounts with extra funds, which is a major obstacle for users and developers.
Regarding thoughts on the metaverse
During the Q&A session after the speech, Vitalik was asked about his views on the concept of the metaverse. He believes that the metaverse is “one of those extremely vague things.” The metaverse gained widespread attention during the last bull market cycle, but its popularity seems to have waned since then due to the lack of significant progress by related companies.