Everything About Account Abstraction: Vitalik on AA, ERC-4337 compatible wallet by Blocto, EthCC recap, L0 on Base, zkSync Era’s Boojum, Etherspot’s TransactionKit

Everything About Account Abstraction: Vitalik on AA, ERC-4337 compatible wallet by Blocto, EthCC recap, L0 on Base, zkSync Era’s Boojum, Etherspot’s TransactionKit

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July 26, 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!

Vitalik Buterin discusses challenges in Account Abstraction at EthCC

Ethereum co-founder Vitalik Buterin, speaking at the Ethereum Community Conference (EthCC) in Paris, shed light on the challenges of implementing account abstraction on the Ethereum blockchain.

Account abstraction, seen as a key driver for Ethereum’s mass adoption, allows users to pay gas fees with the coins they are transferring using an extension known as ‘paymasters.’ This feature also enables decentralized applications (DApps) to sponsor transactions for their users.

Buterin also highlighted another extension, signature aggregation, which can help developers save on gas and data.

However, he acknowledged the hurdles that developers face, including the need for an Ethereum Improvement Proposal (EIP) to upgrade current Ethereum externally-owned accounts into smart contracts and ensuring the protocol works similarly in layer-2 solutions.

Integration with existing technologies, such as biometrics and existing wallets, also presents challenges. Despite these, Buterin expressed optimism about the progress made in the AA field.

Blocto announced ERC-4337 compatible wallet

Blocto, a leading player in the cross-chain wallet application and multi-chain Web3 ecosystem, has launched its ERC-4337 compatible wallet at the Ethereum Community Conference (EthCC).

This marks a significant milestone in the industry’s push toward AA innovation. The launch took place at AAvolution: Account Abstraction Village at the heart of EthCC, where Blocto convened discussions amongst key ecosystem players such as the Ethereum Foundation, Polygon, zkSync, Stackup, Etherspot, Gelato, and Fuse Labs.

By the way, our CEO, Michael, also participated in the panel discussion, contributing to the dialogue on the future of account abstraction and its potential to bring Ethereum to the next billion users.

The new Blocto wallet is fully compatible with ERC-4337. This standard enhances the functionality, security, and overall UX of wallets within the Ethereum ecosystem.

Highlights from the Ethereum Community Conference (EthCC) in Paris

The Ethereum Community Conference (EthCC), the largest annual European Ethereum event, recently concluded in Paris.

The conference, with over 350 speakers and 5,000 attendees, showcased the progress and potential of the Ethereum ecosystem.

Apart from above mentioned Vitalik Buterin, notable speakers included Sriram Krishnan from a16z crypto, Mirela Spasova from Reddit, Sergey Nazarov from Chainlink, Jesse Pollak from Coinbase, and Stani Kulechov from Aave Companies.

Sriram Krishnan, general partner of a16z crypto, emphasized the potential of web3 to revolutionize social media and consumer applications. Meanwhile, Mirela Spasova, Reddit’s senior engineer manager for collectible avatars, shared Reddit’s mission to onboard millions of users into digital collectibles.

Sergey Nazarov, Chainlink co-founder, discussed the recently launched Chainlink Cross-Chain Interoperability Protocol (CCIP), aiming to create a secure and reliable internet of contracts.

Jesse Pollak, lead for Base and head of protocols at Coinbase, talked about the plan to decentralize the layer-2 blockchain. Stani Kulechov, CEO of Aave Companies, announced the launch of Lens Protocol V2, aimed at creating a decentralized social networking ecosystem.

Basically, EthCC serves as a knowledge-sharing platform, fostering collaboration and innovation in the Ethereum community. The insights and announcements provide a glimpse into the future of Ethereum and the broader blockchain industry.

LayerZero protocol goes live on Base mainnet

LayerZero Labs has announced the launch of its network on the Base mainnet.

The protocol will facilitate the movement of tokens between Base and Ethereum. This development allows other projects to leverage the mechanisms of the mainnet and extend the utilities of their applications to the LayerZero network.

LayerZero’s launch on the Base mainnet is expected to lower gas fees and provide access to new chains with attractive yields and access to DeFi protocols, including Ethereum.

The launch also benefits NFT launchpads. Omnisea, for instance, has integrated with LayerZero ONFT standard into their V2, allowing creators to launch their omnichain non-fungible tokens and convert them from a no-code interface to ONFTs.

The integration supports nine chains, including Arbitrum, Ethereum, and zkSync.

zkSync Era launches new STARK-powered proof system, Boojum

zkSync Era, developed by Matter Labs, has introduced Boojum, a STARK-powered proof system that can operate on consumer-grade GPU hardware.

This system promises superior performance and is based on a new Rust-based cryptographic library from zkSync that powers the prover’s upgraded Zero-Knowledge (ZK) circuits.

Until now, zkSync Era has relied on a proof system leveraging a type of zero-knowledge proof called SNARKs, which helps its Layer 2 sequencer process more than 100 transactions per second (TPS). Boojum, based on STARKs, promises several times more throughput.

A key feature of Boojum is its ability to run on consumer-grade GPUs, requiring only 16 GB of GPU RAM.

This promotes accessibility and inclusivity by enabling users with regular hardware to participate in the network.

The Boojum upgrade is currently live on the mainnet in an experimental phase.

Etherspot’s TransactionKit

We recently shared an article about the complex challenges of Web3 development and our solution to them — the TransactionKit.

This product allows developers to effortlessly incorporate Account Abstraction features such as transaction batching, social logins, sponsored user transactions, and stablecoin gas payments into their dApps.

You can read the whole article here.

Subscribe to Etherspot’s Everything About Account Abstraction Newsletter!

Start exploring Account Abstraction with Etherspot!

  • Learn more about account abstraction here.
  • Head to our docs and read all about the Etherspot SDK.
  • Skandha  - a  developer-friendly Typescript ERC4337 Bundler.
  • Explore our TransactionKit, a React library for fast & simple Web3 development.
  • For a plug & play integration, review the BUIDLer react component.
  • Follow us on Twitter and join our Discord.

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