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‘Account abstraction’ to drive a billion adoptions to Web3 in Asia, spurred on by gaming

July 6, 2023 Asia Emerging Markets

‘Account abstraction’ is an Ethereum (ETH)-ecosystem protocol that transforms externally-owned ETH accounts into automated Smart Contracts. The latter kind are generally seen as an upgrade over the former and as it is less complicated to use and more user-experience (UX) friendly. Further developments on this are seen to drive more users in Asia to Web3–in the billions

Original story by Martin Young for Cointelegraph

Because the UX is friendlier with little compromise on its security measures, account abstraction can increase scalability of  ETH crypto transactions to be used in devices as small as smartphones where it can be accessed with ‘bank-like’ features. 

Cointelegraph outlines the development of this technology in a separate article here

On top of enabling a friendlier UX, account abstraction enables users to define their own security protocols for transactions.

According to Consensys’s director for strategic initiatives Laura Shi, Ethereum has been on a roll in Asia as it is pushed by strong expansion this year. Shi believes that account abstraction will further this adoption to Web3.

Asked by Cointelegraph, Shi said that social gaming, increased language support for Asian languages, and zkEVM rollups will increase adoption of billions in Asia.

“The development of account abstraction will facilitate the onboarding of thebillion-level users in APAC to Web3,” Shi said to Cointelegraph.

“While the Chinese-speaking developer ecosystem is focusing on onboarding Web2 users to Web3 gaming through adopting account abstraction solutions, we see Web3 social and gaming content has the largest potential in the coming years,” Shi added.

A zero-knowledge Ethereum Virtual Machine or zkEVM is a kind of a virtual computer that validates and generates the authenticity of an activity made on the ethereum blockchain. 

Imagine two people agreeing to exchange money based on the rules they have set for themselves. 

A zkEVM is like a virtual auditor who checks on them if they have followed their own rules after the transaction. zKEVM technology was pivotal in the development of automations in account abstraction.

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