- Vitalik Buterin detailed how “paymasters” will allow users to pay for gas fees using whichever coins they are using to make the transaction.
- Account abstraction enables users to switch from externally owned wallets (EOAs) to smart contract-based wallets.
- Buterin believes that the upgrade can bring billions to Ethereum.
In a recent talk at the Ethereum Community Conference (EthCC) in Paris, Ethereum founder Vitalik Buterin detailed how an account abstraction upgrade that allows users to pay for gas fees with coins used for transactions, can bring in billions of people to Ethereum.
For context, account abstraction enables users to switch from externally owned wallets (EOAs) to smart contract-based wallets. If this upgrade is successful, it could make managing wallets far more efficient and easier than it is today. This, Buterin and the community believes, could enable widespread adoption of crypto.
Moreover, the crypto space is rife with users who have either lost their seed phrase or have had it stolen from them. With account abstraction, users can create non-custodial wallets that function as programmable smart contracts. Wallet recovery is, reportedly, just one of the many features that come with this new upgrade.
The recent upgrade also enables the use of “Paymasters.” Users who opt for ERC-20 tokens are forced to pay with ETH for the transaction fees currently. However, with Paymasters, the transaction fees can be paid in whichever token is used in the transaction.
Colin Wu of Wu Blockchain took to Twitter earlier today to talk about this development. “His [Buterin’s] idea is that in the future, everyone will switch from the current EOA wallet to a smart contract-based wallet. If successful, managing a crypto wallet will become as easy as managing an email account.”
In related news, ETH saw its price drop slightly by 0.01% over the past day but saw a minor surge of 1.3% over the past week. As a result, the altcoin leader was worth approximately $1,908.57 at press time. However, despite the price drop, ETH was able to strengthen against BTC by 0.6%.
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