Account abstractions, known as “Smart Accounts,” will eventually bring more than a billion users from Asia to Web3, according to an executive report from Ethereum software solutions provider ConsenSys.
Laura Shi, Director of Strategic Initiatives at ConsenSys, said that the Ethereum and Web3 ecosystems have seen strong expansion in Asia this year.
“Many dApps are improving their UX for the Asian market. including introducing support for Asian languages,” she said.
Shi added that the expansion was driven by the launch of zero knowledge Ethereum Virtual Machine (zkEVM) rollups and adoption of Optimistic rollups.
Shi believes that developing features that “Bank-like” rather than conventional digital wallets will increase adoption in the region.
Account abstraction is proposed by Vitalik Buterin and other developers in EIP-4337 to “avoid protocol changes in The consensus-layer instead of using the infrastructure at higher layers”, September 2021.
indexChainalysis Global Crypto Adoption 2022 states that the top two crypto adopters in the world are in Asia — Vietnam and the Philippines, while Thailand, China, and India are in the top 10. their own
Shi believes mass adoption in Asia is also driven by social games and Web3 game citing South Korea and China as examples.
“South Korean game developers continually focus on publishing Web3 RPG games. by trying to optimize the sustainability of the online economic model,” Shi said.
“At the same time The Chinese developer ecosystem is also focused on welcoming Web2 users to Web3 gaming through the implementation of account abstraction solutions.”
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