Safe co-founder Richard Meissner said Ethereum's account abstraction sets a new security standard for blockchain and enhances self-custody capabilities for everyone.
Experts are backing a proposal by Ethereum (ETH) co-creator Vitalik Buterin and other developers to upgrade account abstraction, which has been touted as a prime candidate for mass adoption.
Ethereum's account abstraction allows standard wallet addresses to act as smart contracts that can be programmed in several ways. Industry proponents say account abstraction could provide a more familiar user experience for traditional internet users who have pivoted to cryptocurrencies, with the added benefit of financial freedom. claims.
One example is Safe's multi-signature solution that allows individual users and organizations to preset spending limits for their wallets, just as bank account holders can automate withdrawal limits.
Meissner told crypto.news that account abstraction provides much-needed flexibility with in-demand features such as account recovery and social login, and also significantly improves self-custody infrastructure. Told.
“These defi user experience improvements are needed to attract mainstream users,” Meissner explained.
“Account abstraction is the only way to achieve mass adoption. Currently, most blockchains are very static when it comes to accounts. Account recovery is not possible due to fixed ownership. There is no way to properly integrate modern key management solutions such as passkeys or other common secure enclaves that are not optimized for encryption, and there is an all-or-nothing access logic.”
Richard MeisnerSafe Co-Founder
Account abstraction extends beyond Ethereum
Meissner pointed to the KeyStore Rollup approach currently under development within the Ethereum ecosystem. This approach allows users to manage account ownership from a single terminal and extend such control to all chains.
The paper suggests that account abstraction is a concept that will see the proliferation of multiple blockchains as cryptocurrencies aim for mass adoption.
“I believe that in the long term, accounts will become more flexible on all chains. There are already several chains where this is the case, such as zkSync and StarkNet. Account abstraction will make transaction flows more complex. and must be taken into account.
Blockchain is still evolving rapidly and it is important not to underestimate this complexity to achieve sustainable growth. Also, not all blockchains are as flexible as Ethereum when it comes to smart contracts, so full-fledged account abstraction may not be necessary either. ”
Richard Meissner, Safe Co-Founder
Safe's co-founders believe that the benefits of account abstraction should encourage active development and consideration by all blockchain builders. But Meissner stressed that the idea is a means to an end, not a comprehensive solution.
“It is important to understand that account abstraction is not a silver bullet for all UX problems in blockchain. Rather, it is a framework that allows us to build better solutions that serve different user needs. Building all the necessary tools and components for this will require a lot of work and research. Additionally, the loss of user funds means a loss of confidence in the account abstraction, so the safety of your assets. We need to guarantee sex.”
Richard Meissner, Safe Co-Founder
