With account abstraction, you can put a stop to your wallet being botted. Ans if someone you didn’t authorize gets access to your seed phrase, you can gain control over your wallet.
What is account abstraction anyways, and why should you be concerned?
What Really Is Account Abstraction?
Account abstraction in is a way of separating the control of a user’s funds from the execution of smart contracts.
In simpler terms, it is the ability to use smart contracts to manage funds without requiring users to transfer control of their funds to the smart contract.
Think of it as a bank account. When you open a bank account, you give the bank your money and they give you a debit card that allows you to access your money. However, the bank still controls your money. They can freeze your account, or even take your money if they need to.
With account abstraction, the smart contract would be like the bank, and your funds would be like the money in your account.
However, you would have complete control over your funds. You could decide which smart contracts you want to give access to your funds, and you could revoke access at any time.
Importance Of Account Abstraction
It ensures more security for users, and it’s a much better user experience compared to what is currently available. It is no wonder people like Vitalik Buterin have a very positive opinion on it.
Today, anyone with your seed phrase or private key has full access to your wallet and can drain your funds. Also, there is no way to change your seed phrase.
And if someone bots your wallet, whereby funds are automatically transfered out, there’s almost nothing you can do at the moment. Except you’re a dev who can write a contract to bot your wallet. Then you have to pay higher gas to get funds out of the wallet whenever it comes in.
Conclusion
With account abstraction, all of this can end. You have greater security and more confidence to self custody your crypto assets.
It’s not a 100% solution, and the technology is still being worked on. But it’s the best we have so far.
This advancement is a key ingredient in onboarding the next millions and the first billion into Web3.
