Vitalik Buterin detailed how “payment managers” will allow users to pay gas fees using the cryptocurrencies they use to transact. Account abstraction enables users to switch from externally owned wallets (EOAs) to smart contract-based wallets. Buterin says this upgrade will save Ethereum billions of dollars.
Vitalik Buterin: Account abstraction will bring billions to EthereumCheck!
Vitalik Buterin, the founder of Ethereum, gave a speech at the Ethereum Community Conference (EthCC) in Paris. In this talk, he detailed how he would attract billions of people to Ethereum. cryptocoin.com As we reported, Buterin talked about an account abstraction upgrade that would allow users to pay gas fees with the coins used for transactions.
In terms of context, account abstraction allows users to switch from externally owned wallets (EOAs) to smart contract-based wallets. If this upgrade is successful, it will make wallet management much more efficient and easier than it is today. Buterin and the community believe this can drive widespread adoption of crypto.
Moreover, the crypto world is full of users who have lost or stolen the seed phrase. With account abstraction, it is possible for users to create non-custodial wallets that function as smart contracts. According to the descriptions, wallet recovery is just one of the many features that come with this new upgrade. The latest upgrade also makes it possible to use “Paymaster”. Users opting for ERC-20 tokens currently have to pay for transaction fees in ETH. However, with Paymasters, transaction fees can be paid regardless of which token is used in the transaction.
What will Buterin’s Ethereum upgrade bring?
Colin Wu of Wu Blockchain posted about this development on Twitter earlier yesterday. “His (Buterin’s) idea is that in the future everyone will switch from their current EOA wallet to a smart contract-based wallet,” Wu said. If successful, managing a crypto wallet will become as easy as managing an email account.” said.
Meanwhile, the price of the leading altcoin ETH fell slightly by 0.33% on a daily basis. However, the altcoin managed to record an increase of 1.13% in the past week. As a result, the leading altcoin was trading at around $1,892 at press time. However, despite the price drop, ETH managed to strengthen by 0.6% against BTC. Because, the leading crypto Bitcoin is in the red zone on a weekly basis. Also, BTC slumped below $30,000, which is an important support level.
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