Speaking July 18 at the Ethereum Community Conference (EthCC) in Paris, Vitalik Buterin outlined some of the key innovations in Account Abstraction and the current hurdles facing the community when it comes to this concept.
When Ethereum users are about to transfer their ERC-20 tokens, they need to have Ether on hand to pay transaction fees within the network. According to Buterin, account abstraction extensions, commonly referred to as “paymasters,” will allow users to pay fees. “Any coins as they are about to transfer.”
Buterin also talked about another extension called “signature aggregation” that helps collect signatures. This allows developers to save money on gas and data.
In addition to the potential benefits of account abstraction for users, Buterin realized that Developers still have to overcome challenges. This includes the need for an Ethereum Improvement Proposal (EIP) to upgrade external Ethereum accounts – or regular user accounts – into smart contracts and ensure that the protocol works similarly in layer 2 solutions.
Buterin also highlighted additional challenges when integrating existing technologies such as biometrics with existing wallets.
refer : Cointelegraph
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