Everything About Account Abstraction: Alchemy Starknet support, BSC, OKC & KCC join in, Polkadot AA, LBank + zkSync, and Consensus 2023

Everything About Account Abstraction: Alchemy Starknet support, BSC, OKC & KCC join in, Polkadot AA, LBank + zkSync, and Consensus 2023

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May 11, 2023

We are welcoming you to our weekly digest! Here we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.

Please fasten your belts!

The 8th ERC4337 Core Devs call

On May 4th, the Ethereum ERC4337 core developers had their 8th meeting online. There the Etherspot team presented the work-in-progress version of the libp2p interface of the Skandha bundler. The meeting participants included representatives from Ethereum Foundation, Open GSN, and Alchemy.

During the call, our team demonstrated the latest stable release of Skandha. Also, the guys discussed various topics such as exchanging metadata, the ENR record implementation issues, and implementing a peer-to-peer protocol.

The team talked about supporting sequential nonces in the future and updating tests to use separate nodes. Etherspot also discussed the progress it has made with closed beta testing.

Intrigued to see the whole convo? Watch it below 👇

Also, if you’re planning to implement an ERC4337 bundler, feel free to reach out to Etherspot’s CTO — Partha, to be included in the call about the implementation of the p2p protocol.

Alchemy launches public support for Starknet

Alchemy, a platform that offers tools for software developers to build blockchain applications, has released its public version for Starknet. This project is seen as a significant development because it combines two hot technologies:

  1. zero-knowledge cryptography;
  2. account abstraction.

The company currently lists 39 blockchains in its dapp store. However, Alchemy highlighted that the Starknet integration is vital because of its fast-growing developer community and its pioneering approach to zero-knowledge rollups.

Starknet is a ZK rollup that scales a main blockchain by bundling transactions and processing them on a separate blockchain for faster and cheaper processing.

Zero-knowledge proofs cryptography ensures that a transaction is valid by only showing a small amount of information about that transaction before posting it back to the main blockchain (in this case, Ethereum). Additionally, Starknet offers native account abstraction, which makes accessing blockchains via smart-contract wallets easier.

The integration of Starknet into Alchemy’s suite could be a sign of growing demand from developers to build more applications with account abstraction. This development offers flexibility and room for innovation for wallet UX, empowering developers to build for a world where smart-contract wallets represent end users and businesses.

BSC vs. OKC vs. KCC?

BlockChain Observer, an author on Publish0x, recently shared an article that delves into the differences between Binance Smart Chain, OKEx Chain, and KuCoin Community Chain with regards to their AA wallets. The piece also looks at the development of ERC-4337, a new Ethereum standard that allows account abstraction without changing the consensus layer.

While the core contract of ERC-4337 has passed the audit by Open Zeppelin and is compatible with every Ethereum Virtual Machine (EVM), there is little attention from public chain projects toward the development of AA. However, BSC and KCC have taken a proactive strategy in addressing the issues with AA, while OKC has adopted a wait-and-see approach.

Among the six core components of ERC-4337, accounts, UserOperations, Bundlers, and EntryPoint Contracts are essential, but smart contract wallets are inherently more expensive than EOA wallets.

Recent AA developments allow these costs to be offloaded from end-users, but ultimately, someone still has to pay. The potential security risks that may exist with this new form of wallet are also a concern for many projects, which is why they have not rushed to expand the ERC-4337 protocol.

LBank + zkSync = fostered Layer-2

LBank, one of the leading cryptocurrency exchanges, has announced its partnership with zkSync, a Layer-2 protocol that uses zero-knowledge (ZK) technology to scale Ethereum.

The collaboration, which makes LBank one of the first exchanges to publicly support zkSync, aims to support the long-term development of the ecosystem while preserving Ethereum’s core values of self-sovereignty, decentralization, and freedom. As part of the collaboration, LBank and zkSync hosted a Twitter Space event.

LBank’s partnership with zkSync involves:

  • monitoring early-stage projects;
  • providing collaboration recommendations;
  • participating in high-quality project investments;
  • supporting developer community hackathons;
  • potentially listing high-quality projects directly.

By supporting zkSync, LBank is taking a significant step towards a more efficient, secure, and user-friendly decentralized future. Through this collaboration, both the exchange and the ZK rollup are poised to empower developers, investors, and users alike, fostering innovation and growth within the cryptocurrency and blockchain industries.

Account Abstraction on Polkadot

Polkadot is a platform that provides a solution to the issues of key management and security risks associated with the Web3 ecosystem. While Ethereum has implemented Account Abstraction, a smart contract that allows the account to be recovered, change the way transactions are signed, and more, Polkadot has a different approach that avoids these issues from the start.

Its codebase is built on Substrate and Rust, and accounts are defined as whatever the protocol deems valid. This allows developers to choose exactly how accounts should behave and look like, and certain primitives and types are intentionally left vague to provide this flexibility.

Polkadot serves as a relay chain for other chains, called parachains, to connect to, which allows parachains to achieve interoperability and shared security while increasing scalability with each added chain.

Pallets comprise a runtime representing the state transition function of a particular chain in Substrate-based chains. Runtimes can be upgraded to include new signature types, schemes, or block authoring methods.

Therefore, while most of the concepts of ERC-4337 are baked into Polkadot in the form of various pallets, the implementation of Account Abstraction is not needed in Polkadot, as its core architecture avoids the problems faced by Ethereum.

The importance of key management and the associated security risks should not be underestimated, and Account Abstraction provides a useful layer of on-chain logic in Ethereum to control an account.

Consensus 2023: recap of the annual conference

The annual Consensus crypto and blockchain conference in Austin, Texas, attracted over 15,000 attendees, 220 sponsors, and 410 speakers for its 2023 edition.

Despite recent regulatory struggles around cryptocurrency adoption in the United States, the turnout at Consensus 2023 demonstrated that U.S.-based companies and international organizations are still very much interested in implementing Web3 technology into their business models.

Several large organizations, including Mastercard, Google, Robinhood, and Coinbase, gathered at the conference to discuss their Web3 strategies.

While 10 dedicated stages for 285 panels allowed important conversations, side events hosted by Ripple, Algorand, and Mina Protocol also presented an opportunity for attendees to better understand specific blockchain offerings while networking with community members.

However, some industry experts highlighted that the conference lacked an international presence, with regions in Asia like Japan and Hong Kong offering a progressive and welcoming regulatory environment for crypto adoption.

Despite this, Consensus 2023 was a well-attended, high-energy conference, with executives discussing deals and recognizing the maturation of the industry.

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