Account Abstraction

Users engage with Ethereum through externally owned accounts (EOAs), which are essential for initiating transactions or executing smart contracts. This method restricts the ways users can interact with the platform, complicating processes such as batch transactions and necessitating a constant ETH balance for gas fees.

Account abstraction proposes a solution to these issues by enabling more flexible account programming for enhanced security and user experiences. This could involve modifying EOAs to be governed by smart contracts, or allowing smart contracts to start transactions themselves. Implementing these changes requires modifications to the Ethereum protocol. Another approach is to introduce a secondary transaction system that operates alongside the current protocol. Whichever method is chosen, the goal is to facilitate access to Ethereum through smart contract wallets, either as a direct feature of the existing protocol or through an additional transaction network.

Smart contract wallets offer users numerous advantages, including:

• Customizable security measures

• Account recovery options in case of lost keys

• The ability to spread account security among trusted devices or people

• Options for paying gas fees for others or having them paid on your behalf

• Consolidating transactions into a single action (for example, combining approval and execution of a swap)

• Expanded possibilities for dapps and wallet developers to create innovative user experiences.