An Ethereum wallet is as simple as an email account.

Ethereum relies on abstraction of computation to improve user experience

when Ethereum Community Conference (ETHCC) In Paris, Vitalik Buterin explained the idea of ​​computational abstraction, a long-running project of the Ethereum community. According to the founder of Ether, account withdrawal aims to change wallets held by third parties (EOA) into wallets based on smart contracts. A concept that could simplify the management of users’ cryptocurrency wallets, such as managing an email account.

Unlike previous updates, the account abstraction has been modified in EIP-4337 (Calc extraction using Alt Mempool), does not require any change in the underlying protocol. This update allows creating non-custodial wallets in the form of programmable smart contracts. It offers several advantages, such as easy wallet redemption and the ability to create team wallets, also called multi-signature wallets.

To make these wallets and transactions easier to use, the account abstraction update is integrating “Payment Hunters”. Paymasters allows users to pay gas fees using the token used in the transaction, not just Ethereum. Another novelty is the addition of signature pools, which allow multiple people to sign a transaction together using just one signature.

Vitalik sees the future of his blockchain in a big way

Vitalik Buterin, founder of Ethereum, highlighted the importance of signature aggregation, particularly in the context of pools. Backlog is a Layer 2 scaling solution that aggregates and verifies transactions outside the Ethereum mainnet. Thus, signature aggregation through computation abstraction reduces the space occupied by signatures on Layer 2 solutions, allowing for a more cost-effective implementation.

According to Buterin, this improvement has the potential to cut costs impressively, up to 86 times. This means that users can pay much lower transaction fees when using Layer 2 solutions.

However, account abstraction is not the only upgrade being developed in the Ethereum ecosystem. Another important hack, known as Proto-danksharding or EIP-4884, is also in the works. This upgrade aims to introduce a new type of data that drastically reduces costs and improves data efficiency, generating huge interest within the Ethereum development community.

Moral of the story: If you want your crypto wallet to be as easy to use as an email account, you need to start with account mining.