If ‘web3’ was college, evolution would be ‘lectures’ because it is inevitable.
If you’re not sure what Account Abstraction is about, here’s an article for you.
Account abstraction is a vital upgrade proposed for the Ethereum network that promises to improve the UX and security of smart contracts significantly.
The erc-4337 upgrade offers a more flexible account system where users can choose the level of security they want for their accounts and delegate specific tasks to other contracts.
The features of Account Abstraction, ERC-4337 are:
ග. Wallet recovery - with AA, you can recover your key through ‘social recovery’ when you lose it.
ග. Multi-sign transactions
ග. Bundle Transaction
ග. Custom functions - you can set extra functions such as 2FA, auto-approve for certain dApps, spending limits, etc
ග. Gasless & Sponsored transaction - Route tx fees to your other wallets while you transact with the other.
These solutions from AA, are stretched out to massively adopt the next 1 billion users into the web3 space seamlessly.
Below are some protocols that are already making use of this update.
All on Twitter
Account Abstraction is bound to make interaction with smart contracts more accessible and minimize the dangers posed in web3.
Let me know what you think about Account Abstraction in the comments.
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