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- On July 18, Buterin delivered a speech at the Ethereum Community Conference (EthCC) in Paris.
- Buterin also addressed another enhancement, signature aggregation.
Vitalik Buterin, co-founder of Ethereum, has highlighted several challenges that have emerged during the implementation of account abstraction on the blockchain, even though this new feature is regarded as a catalyst that could attract one billion users to Ethereum.
During his talk on July 18 at the Ethereum Community Conference (EthCC) in Paris, Buterin elaborated on the advantages of modern account abstraction and the difficulties the community is currently facing with this concept.
At present, users who wish to send or receive ERC-20 tokens on the Ethereum network must also possess Ether to cover the costs of internal transactions. Buterin asserts that “paymasters,” which are extensions of the account abstraction concept, could enable users to pay transaction fees using “any coins that they are transferring.” Furthermore, this feature may allow users to sponsor transactions through decentralized applications (DApps).
Optimistic Despite Challenges
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Buterin also discussed another enhancement, signature aggregation. This functionality allows developers to reduce expenses related to gas and data by consolidating signatures. He acknowledged that, despite the benefits of account abstraction for users, developers continue to encounter challenges.
To transform existing Ethereum externally-owned accounts (standard user accounts) into smart contracts and ensure compatibility with layer-2 solutions, an Ethereum Improvement Proposal (EIP) is necessary.
Buterin remarked:
“I’m excited about all the progress that we’ll continue making in account abstraction in the future.”
As Buterin noted, integration with other technologies, such as biometrics and existing wallets, poses additional challenges. The Ethereum co-founder recognized the difficulties faced by the project but conveyed a sense of optimism regarding its future.
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