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Neeraj Choubisa
Neeraj Choubisa

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Account Abstraction && Smart Wallet

Account Abstraction :

  • The idea behind account abstraction is to let users use smart contract wallets rather than externally owned accounts (EOAs). As a result, users are no longer required to conduct transactions using EOAs.
  • Through EOAs, users can communicate with the blockchain in conventional Ethereum. EOAs are nothing more than ETH and ERC-20 token holding addresses. Private keys, which are lengthy strings of hexadecimal digits, are used to control them. To access their money, users must safeguard their private keys.
  • Contracts known as smart contracts have the capacity to store both ETH and ERC-20 tokens. They can also be configured to carry out complicated operations including conditional transfers, time-locked transactions, and multi-signature approvals.

Smart Contract Wallet :

Wallets that use smart contracts to manage user accounts are referred to as "smart wallets," "smart contract wallets," or "account abstracted wallets." This indicates that the user's funds are kept in a blockchain-based smart contract rather than a conventional wallet.

Advantages over EOA :

  • Enhanced security: Since smart wallets are not as vulnerable to theft or loss as regular wallets, they are more secure than those latter.

  • Greater adaptability: Complex activities like multi-signature approvals, time-locked transactions, and conditional transfers can be incorporated into smart wallets.

  • Smart wallets make it simpler for users to engage with the blockchain, improving the user experience. Users are not required to handle transaction costs or private key management.

Examples : Gelato , Zero Dev , Biconomy etc you can checkout them for gas-less transaction , batch transactions and many more .

blockchain #gas-less

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