Founder of Ethereum Vitalik Buterin provided an update on account abstraction plans. Given the progress made so far on this feature, he said it could go live within a year as part of the Hegota upgrade.
Vitalik Buterin Provides Update on Ethereum Account Abstraction
In a MessageVitalik Buterin reported that they have made progress with the account abstraction proposal, which they have been working on since early 2016. Now there is the EIP-8141 proposal, which the co-founder of Ethereum This solves all the remaining problems that account abstraction is supposed to solve.
Account abstraction allows smart contracts to initiate and validate transactions. This upgrade will allow users to automate payments from their wallet while maintaining control of their funds. Vitalik Buterin drew attention to “Frame Transactions”, which enable native abstraction of accounts. A key part of this Ethereum functionality is that users can now pay gas fees in tokens other than ETH via the payer contract.
Vitalik Buterin gave the example of users wishing to pay for gasoline at RAI, a Asset backed by Ethereum. He said that one can use a payer contract, which is a special purpose DEX that provides ETH in real time. The Ethereum co-founder broke down the transaction frameworks, which include deployment, validation, payer validation, then the user sends the RAI to payment, after which execution takes place. The payer then refunds the unused RAI and converts it to ETH.
The founder’s comments come in the middle Ethereum Foundation release of the “Strawmap”, which outlines the network’s plans through 2029 as developers work on aspects such as the finality and speed of transactions. The Strawmap also showed that native account abstraction could happen by the second half of this year.
How this aligns with the Cypherpunk ETH vision
Vitalik Buterin said that accounting abstraction minimizes intermediaries, a fundamental principle of “not ugly” cypherpunk Ethereum“, which maximizes what users can do even if the entire global infrastructure except Ethereum goes down. This happened when the co-founder of Ethereum noted that the account abstraction mechanism is the same as in existing sponsored transaction mechanisms, but without any intermediaries required.
The Ethereum co-founder also discussed how account abstraction would work for privacy protocols, noting that two strategies were in focus. The first consists of creating a payer contract which verifies a Valid ZK-SNARK and pays for gas if he finds one. The second strategy is to add 2D nonces, which would allow an individual account to function as a privacy protocol and receive transactions in parallel for many users.
Vitalik Buterin said that for Privacy Protocol users, this strategy means they can completely remove “public broadcasters” that are causing “massive UX pain” and replace them with a general-purpose public memory pool.
At the time of writing, the ETH price is trading at around $2,000, up over the past 24 hours, according to data from CoinMarketCap.
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