Safe co-founder Richard Meissner said that Ethereum’s account abstraction will set a new security standard for blockchains and bolster self-custody capabilities for everyone.
Experts are backing a proposal from Ethereum (ETH) co-creator Vitalik Buterin and other developers to upgrade account abstraction, a concept touted as a frontrunner for mass adoption.
Ethereum’s account abstraction allows standard wallet addresses to function as smart contracts that can be programmed in several ways. Industry proponents have argued that account abstraction may offer a more familiar user experience for the traditional internet user pivoting to crypto, with the added benefit of financial freedom.
An example is Safe’s multi-signatory solution that allows individual users and organizations to preset a wallet’s spending limits, much like bank account holders can automate withdrawal caps.
Meissner told crypto.news that account abstraction would also massively improve self-custody infrastructure by delivering much-needed flexibility with highly demanded features like account recovery and social login.
“These improvements to defi user experience are necessary to attract mainstream users,” Meissner explained.
“Account abstraction is the only way forward to achieve mass adoption. Currently, most blockchains are quite static when it comes to the account. You have an all-or-nothing access logic, with fixed ownership that prevents account recovery and no way to properly integrate modern key management solutions like passkeys or other common secure enclaves that are not crypto-optimized.”
Richard Meissner, Safe co-founder
Account abstraction to spread beyond Ethereum
Meissner pointed to a KeyStore Rollup approach currently in development within the Ethereum ecosystem. This approach could enable users to manage account ownership from a single terminal and expand such control to all chains.
The thesis suggests that account abstraction is a concept bound to proliferate multiple blockchains as crypto targets mass adoption.
“Long term, I believe that accounts will become more flexible on all chains. There are already some chains where this is the case i.e. zkSync and StarkNet. Account abstraction brings additional complexity to the transaction flow that needs to be considered.
Blockchains are still fast evolving and to have sustainable growth it is important not to underestimate this complexity. Also, not all blockchains will be as flexible as Ethereum when it comes to smart contracts, and therefore might also not require full-fledged account abstraction.”
Richard Meissner, Safe co-founder
Safe’s co-founder believes the merits of account abstraction incentivize active development and consideration by all blockchain builders. However, Meissner stressed that the idea is a means to an end rather than an all-encompassing solution.
“It is important to understand that account abstraction is not the silver bullet for all UX problems in Blockchain. Rather, it is a framework that allows us to build better solutions catering to the different needs of the users. It will require a lot of work and research to build all the required tooling and building blocks for this. Furthermore, we have to guarantee the security of assets, as lost user funds mean lost trust in account abstraction.”
Richard Meissner, Safe co-founder