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Ethereum co-founder Vitalik Buterin highlighted a crucial model that might revolutionize crypto wallet utility and access within the Ether blockchain. He highlighted the account abstraction concept, which means concealing technical information about interactions between ETH accounts.

Ethereum co-founder Vitalik Buterin explains how account abstraction could revolutionize crypto wallets. By switching from Externally Owned Wallets (EOAs) to smart contract-based wallets, managing a crypto wallet would become as simple as managing an email account.

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Speaking in Paris during the Ethereum Community Conference, Buterin highlighted some vital innovations that account abstraction brings and the challenges users encounter when navigating the concept.

The Ethereum co-founder revealed how the ‘paymasters’ account abstraction extension could allow investors to pay gas with whichever token they are transacting.

Currently, Ethereum users should hold ETH to pay for fees when transacting ERC-20 coins within the blockchain. Besides paymasters allowing individuals to pay gas charges seamlessly, decentralized applications (Dapps) can sponsor user transactions with the extension.

Also, Buterin commented on signature aggregation, a feature allowing developers to save money on data and gas.

While experts believe account abstraction might attract billions of users, the co-founder revealed some challenges Ethereum faces when integrating the new functionality. They include the need for an EIP (Ethereum Improvement Proposal) to make the current Externally Owned Wallets smart contract-based.

That could make managing cryptocurrency wallets as smooth as handling email accounts. Also, Buterin highlighted hurdles when integrating the new functionalities with existing technology.

Despite the challenges the account abstraction notion has encountered, the co-founder remains excited about its progress.

“I’m excited about all of the progress that we will continue making in the future,” he stated.

Moreover, Buterin emphasized that Ethereum developers should overcome the hurdles and ensure users benefit from account abstraction. While this upgrade improves wallet design & user experience, it alleviates the complexity of interacting with web3 applications with Ether wallets.

The post Ethereum’s Vitalik Buterin explains how account abstraction may revolutionize crypto wallets appeared first on Invezz.

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