Vitalik Buterin, the founder of Ethereum, talked about the challenges of account abstraction at the EthCC conference.
The Ethereum Community Conference (EthCC) of Ethereum, the most popular altcoin, took place recently. Speaking at EthCC, Vitalik Buterin talked about the account abstraction challenges in Ethereum.
Vitalik Buterin speaks at the Ethereum Community Conference
Vitalik Buterin discussed the challenges of account abstraction by speaking at the Ethereum Community Conference (EthCC) event in Paris. He explained that an account abstraction extension called “Paymasters” could allow users to pay gas fees “regardless of the funds they transfer.”
While account abstraction is seen as a catalyst that could involve billions of users on Ethereum, Vitalik Buterin, co-founder of Ethereum, shared some of the challenges associated with implementing the new feature. In his talk at EthCC, he explained the important innovations brought by modern account abstraction and the current barriers facing the community.
Buterin also mentioned another extension called “signature collection”. He stated that this feature allows developers to save gas and data by compiling signatures. He stated that signatures constitute a large part of its size, which is a big problem especially for aggregates.
Besides the potential benefits of account abstraction, Buterin was also aware that developers still had to overcome some challenges. This indicated the need for an Ethereum Improvement Proposal (EIP) to upgrade existing externally owned Ethereum accounts (regular user accounts) to smart contracts and make the protocol work similarly in layer-2 solutions.
Buterin also stressed that integration with existing technologies such as biometrics and integration with existing wallets presents additional challenges.
Despite the challenges the account abstraction venture faced, Ethereum’s founder expressed excitement at its progress. “Account abstraction has made a lot of progress and I am excited by all the progress we will make in the future,” he said.
