@VitalikButerin says that account abstraction (AA) is "something that we've always wanted but have not managed to actually have".
But what is account abstraction, and what are its benefits?
A thread based on the @argentHQ blog series - WTF is account abstraction.
🧵 1/11
But what is account abstraction, and what are its benefits?
A thread based on the @argentHQ blog series - WTF is account abstraction.
🧵 1/11
Right now, Ethereum has two types of accounts: Externally Owned Accounts (EOAs) and Contract Accounts (CAs).
AA essentially narrows it down to Contract Accounts only, allowing these contracts to initiate txs, to pay for tx fees and to be customized to users' needs.
🧵 2/11
AA essentially narrows it down to Contract Accounts only, allowing these contracts to initiate txs, to pay for tx fees and to be customized to users' needs.
🧵 2/11
However, what benefits does AA carry?
In this thread, we will take a dive into the following features:
>Multicall
>Session keys
>Social recovery
>Multi-factor authentication
🧵 3/11
In this thread, we will take a dive into the following features:
>Multicall
>Session keys
>Social recovery
>Multi-factor authentication
🧵 3/11
>Multicall
Makes it possible to group txs and execute these at once; consumes less time + optimizes gas
It wouldn't be necessary to approve a token before swapping or adding liquidity. These different approvals, together with the action itself, would be merged into 1.
🧵 4/11
Makes it possible to group txs and execute these at once; consumes less time + optimizes gas
It wouldn't be necessary to approve a token before swapping or adding liquidity. These different approvals, together with the action itself, would be merged into 1.
🧵 4/11
>Session keys
Session keys allow users to set pre-approve rules for any dApp. This creates a better UX.
In these dApps, users would be able to interact without having to sign every tx (save gas + time).
Also, users could restrict actions that a dApp could take with their assets
Session keys allow users to set pre-approve rules for any dApp. This creates a better UX.
In these dApps, users would be able to interact without having to sign every tx (save gas + time).
Also, users could restrict actions that a dApp could take with their assets
>Social recovery (SR)
SR gives us the option to change the key that is used to sign txs by asking trusted contacts to perform a key recovery mechanism.
SR eliminates the need for seed phrases:
when a private key gets lost, users can set a new one through their trusted contacts
SR gives us the option to change the key that is used to sign txs by asking trusted contacts to perform a key recovery mechanism.
SR eliminates the need for seed phrases:
when a private key gets lost, users can set a new one through their trusted contacts
>Multi-factor auth
In modern applications, 2FA has become the standard. It's been missing in crypto, but with AA accounts could require signatures from multiple keys (e.g. an email or sms code).
Among other benefits, this would make 2FA or setting daily transfer limits possible.
In modern applications, 2FA has become the standard. It's been missing in crypto, but with AA accounts could require signatures from multiple keys (e.g. an email or sms code).
Among other benefits, this would make 2FA or setting daily transfer limits possible.
Some additional advantages of AA:
> Create plug-ins for accounts
> Pay fees in any token
> Projects to cover fees on behalf of users
> Create additional signing schemes to ECDSA
> Make every phone a hardware wallet
> Achieve quantum resistance
> Improve upgradability
🧵 8/11
> Create plug-ins for accounts
> Pay fees in any token
> Projects to cover fees on behalf of users
> Create additional signing schemes to ECDSA
> Make every phone a hardware wallet
> Achieve quantum resistance
> Improve upgradability
🧵 8/11
Account abstraction will be a game-changer is simplifying UX. StarkNet was created to have account abstraction by default.
JediSwap, too, benefits from AA. For example, we use multicall to enable swap, add liquidity or zap with one click.
🧵 9/11
JediSwap, too, benefits from AA. For example, we use multicall to enable swap, add liquidity or zap with one click.
🧵 9/11
Huge thanks to our friends over at @argentHQ for simplifying this complicated topic. We highly recommend anyone interested in AA to check out their blog or watch @jniset give a talk about it at the Bogotá Devcon.
argent.xyz/blog/wtf-is-ac…
#accountabstraction #starknet #Ethereum
argent.xyz/blog/wtf-is-ac…
#accountabstraction #starknet #Ethereum
Special thanks to JediSwap core contributor @64xchesse for writing this thread and helping us learn about account abstraction.
🧵 11/11
🧵 11/11
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