Thread by @hotnewcrypto

Story Monday 🧑‍🍼

If you read our last week' story then you should be familiar with ZKP and how the tech can potentially drive a new crypto narrative

Now is the time to learn about Account Abstraction, an upcoming paradigm that most hope will definitely bring crypto adoption

Here is our precedent story if you missed it, Starring Sam, the FBI and a Corolla.😈

https://twitter.com/hotnewcrypto/status/1620106080125653001

Here again, we will make things as simple as possible🤝

Once upon a time in the world of blockchain, there lived two types of accounts - Contract Accounts and Externally Owned Accounts (EOAs)

Contract Accounts were like the castles of the blockchain world, controlled by code, that could be triggered by transactions initiated by EOAs.

EOAs were like the average Joe's of the #blockchain world, just regular users who initiated transactions and paid for them with their private key.

But this setup had a major flaw 😱

🗝️This private key was the key to the kingdom, but it also made them vulnerable.

If they ever lost it, they'd lose access to their account and all their funds.💸

It was like the keys to their castle were gone, and all their riches were lost.🤧

And then, there were the custodial accounts, like @binance.

These were like hiring a #wizard to keep all your riches safe.🧙‍♂️

But, like with all wizards, they too had their own issues

@binance If the wizard was hacked, poof! ☠️

All your riches disappeared in a single transaction. 💨

And let's not forget that these wizards could be ordered by the king (aka government) to freeze or seize all your riches.💰

@binance Enter Account Abstraction, the hero of this tale. It brought together Contract Accounts and EOAs, making the user accounts more "programmable"🦸

Joe no longer had to worry about the rigid and hard-coded system where the only way to control his account was through his #privatekey

@binance He could now code his account for multi-signature, #twofactorauthentication , withdrawal limits, and expiration on keys.🤯

It was like upgrading from a regular castle to a castle with a moat, drawbridge, and a dragon for added security.🐉

@binance No longer did Joe have to worry about losing his private key and all his riches. 🎉

The security risk of managing one's private key was greatly reduced, making it easier for even the not-so-tech-savvy to manage their digital assets.🔐

@binance And what about the storage of the keys in this new "Account Abstraction"(or AA) system?🛅

Well, the smart contract could be set up so that if Joe didn't interact with it for a certain period of time, another key could take over.⌛

@binance And if Joe didn't want to worry about keys at all, he could even have a keyless wallet.🗝️

It was like having a magic wand that could create new wallets with just a single #seedphrase 🪄

@binance By improving the current system and making it more accessible and user-friendly, Account Abstraction brought mass adoption to the world of crypto🎊

It saved the day and opened up a world of possibilities for the future of blockchain technology and how people interacted with it

@binance The kingdom rejoiced and lived happily ever after.🤴
The End.

Congratulations, You now understand the basic principles behind #AccountAbstraction

You'll probably hear more in 2023, especially with the rise of @Starknet & @zksync, two leading AA-native layers 2💻

@binance @Starknet @zksync Even @VitalikButerin has been considering it for a long time for Ethereum. ✊

Besides security, efficiency, or simplicity, AA is expected to substantially help to onboard billions of non-crypto native users to the Blockchain. 🔥

@binance @Starknet @zksync @VitalikButerin For a more in-depth look at Account Abstraction specificities, we found this great blog by @jniset, founder of @argentHQ, a wallet for the Starknet ecosystem.☺️

argent.xyz/blog/wtf-is-ac…

@binance @Starknet @zksync @VitalikButerin @jniset @argentHQ If you appreciated the thread.

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Have a lovely Week 🫡