Everything About Account Abstraction: zkSync’s AA dominates EIP-4337, Optimism wallet, Chainlink Hackathon, Cardano’s AA

Everything About Account Abstraction: zkSync’s AA dominates EIP-4337, Optimism wallet, Chainlink Hackathon, Cardano’s AA

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April 5, 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!

zkSync’s Account Abstraction to revolutionize Ethereum

zkSync Era Mainnet demonstrates the potential of account abstraction to revolutionize the Ethereum ecosystem. To remind you, account abstraction overcomes the limitations of externally owned accounts (EOAs) by allowing for the development of smart contract accounts (CAs). This leads to a better user experience and greater security due to full flexibility when developing any logic.

Smart contract accounts enable new features like using different authentication methods, paying gas in ERC20s with Paymasters, integrating allowlists and scam blocklists, scheduling one-time and recurring transactions, and creating infinite account customizations.

The implementation of AA has faced some challenges, and EIP-4337 had to make compromises to avoid a hard fork. However, zkSync Era integrated account abstraction at the protocol level, resulting in a single transaction flow, mempool, and validator/bundler role. This allows externally owned accounts to use Paymasters, a significant improvement over EIP-4337 and enabling a more seamless and efficient user experience.

At ETHDenver, thousands of attendees claimed and spent over 26k BUIDLBux tokens without paying any gas, demonstrating the first real-world use of native account abstraction on zkSync Era Mainnet. This significant milestone highlights the potential of account abstraction to revolutionize the Ethereum ecosystem.

Ethereum hackathon project could lead to Optimism wallet with AA

Opclave (an Ethereum hackathon project) allows users to turn their iPhones into Ethereum hardware wallets that are compatible with account abstraction and do not require seed phrases.

The Opclave wallet uses Ethereum account abstraction, Apple Enclave security processor, and OP Stack technology solutions from Optimism.

The wallet enables users to create a hardware wallet on an iPhone or MacBook with security features such as face ID and touch ID. It also implements various features, including:

  • social recovery;
  • batch transactions;
  • daily spending limits;
  • fee payments with any ERC-20 token.

In the future, Opclave plans to add more account abstraction features, such as two-factor authentication and email login.

They also aim to support other chains beyond Ethereum and Optimism, including Starknet, zkSync, and Fuel.

Opclave’s development is significant as it gives users more control over their assets by offering a non-custodial wallet that can be accessed through their Apple devices.

Chainlink Spring 2023 Hackathon

The Chainlink Spring 2023 Hackathon is just around the corner and promises to be bigger and better than ever. Last fall, more than 10,000 Web3 developers participated in the 2022 event to enhance their knowledge, meet like-minded peers, and compete for various prizes. This time, the prize pool is even larger, with more than $350K up for grabs.

The hackathon will take place from April 28 to June 9, 2023, and registration is now officially open. There is no cost to participate, and developers of all levels are encouraged to join.

The Chainlink Spring 2023 Hackathon is an unparalleled opportunity for talented Web3 startups to showcase their innovative ideas, win prizes, and bootstrap their vision. It aims to empower developers with the freedom to build applications they’re passionate about and push the boundaries of what’s possible with the technological and infrastructural advancements that have taken Web3 this far.

Cryptopolitan: the future of Ethereum is bright with AA

A renowned crypto website Cryptopolitan has taken its turn to talk about AA. According to the publisher, account abstraction can benefit decentralized finance (DeFi), gaming, supply chain management, and identity management. It can improve the scalability and security of the network while enabling the creation of more flexible smart contracts.

Also, Ethereum’s account abstraction will positively impact the network by improving scalability, enhancing security, enabling more flexible smart contracts, and potentially increasing adoption by developers and users.

These benefits could expand the use cases for the Ethereum network and improve its overall performance.

Experts believe Ethereum will succeed in the long term due to its ecosystem, recognition, and real-world use cases. Developers continue to prioritize making the network more user-friendly and secure, and account abstraction helps with that.

dcSpark proposes Smart Contract Wallets with Account Abstraction for the Cardano ecosystem

dcSpark, a cryptocurrency ecosystem builder, proposes bringing account abstraction to the Cardano ecosystem.

The company has presented a Cardano Improvement Proposal (CIP) dubbed CIP-0038, which aims to treat smart contracts like regular user wallets.

As explained by dcSpark’s Chief Technology Officer Sebastien Guillemot, the concept of account abstraction simplifies coding on the blockchain and allows for the creation of smart contract wallets. This technology could give users more flexibility in managing their private keys and transactions. With smart contract wallets, users could create multiple wallet recovery options besides storing a seed phrase.

One of the advantages of account abstraction is that it allows users to set security restrictions on wallet spending, which may involve requesting additional verification before specific transactions are approved.

The proposal has received significant support from the Cardano community.

Cardano is entering a new era of governance, referred to as the Age of Voltaire, which marks a significant stage in its development. This stage is the final phase of Input Output’s roadmap for Cardano, with the potential to revolutionize decentralized governance.

By introducing account abstraction to the Cardano ecosystem, dcSpark could help the network to achieve its full potential and offer greater self-custody options for users.

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