- Ethereum creator Vitalik Buterin explained key innovations that could tackle the challenges facing the ETH blockchain.
- Account abstraction is one such catalyst that could entice a billion users to Ethereum.
- Buterin’s announcement at the EthCC conference in Paris could catalyze Ethereum price recovery in the long term.
Ethereum founder Vitalik Buterin discussed a key concept that could revolutionize access and utility of wallets on the ETH blockchain. Buterin spoke about “account abstraction” – a technical concept that has been under development in some form or another since 2015.
Additionally, Buterin discussed the challenges in implementing new features on the Ethereum blockchain.
Also read: Arbitrum unlocks Layer 3 chains as Ethereum Layer 2 wars intensify
Ethereum account abstraction could act as a bullish catalyst
For an Ethereum user, account abstraction means that technical details of interaction between ETH accounts are concealed, improving wallet design and user experience. Moreover, it reduces the complexity of using web3 applications with an Ethereum wallet.
Creator Vitalik Buterin acknowledges this as a key feature that could catalyze Ethereum’s mass adoption. His view is that the Ethereum blockchain is likely to onboard a billion users in the long term with the account abstraction feature.
Buterin announced the details of account abstraction at the EthCC conference in Paris. Buterin said account abstraction extensions, generally called “paymasters,” allow users to pay their fees with “whatever coins that they are transferring.” These abstraction extensions can also allow dApps to sponsor transactions for users.
Developers need to overcome challenges for Ethereum’s mass adoption
Buterin recognized that ETH developers need to overcome challenges alongside potential benefits of account abstraction for users. Ethereum Improvement Proposals (EIP) could be used to upgrade the externally-owned ETH accounts and turn them into smart contracts. This would ensure ETH wallets work similarly to Layer-2 solutions.
Ethereum price is $1,909.91 on Binance at the time of writing. The altcoin has yielded a 10.5% gain over the past month for ETH holders.
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