Safe is launching its open-source stack for developers to accelerate account abstraction, part of the Ethereum upgrade. The famous crypto wallet maker unveiling of Core (Safe) will ensure that developers on the Ethereum network can implement the account recovery process seamlessly.
Introducing Account Abstraction
Account Abstraction is a process that turns Ethereum accounts into smart contract accounts by providing users with a crypto-friendly experience. In addition, Account Abstraction also aids users in regaining access to their accounts if they lose their access keys.
Furthermore, the Safe (Core) launch will help developers build Web3 applications using the Account Abstraction features in a Web2-level experience for users, Safe revealed in a statement. As part of the latest project release, Safe will partner with Stripe, the digital payment giant, Gelato, and Web3Auth, two Web3 solution providers, to enhance aspects like fiat on-ramping, authentication, and transaction fees.
Recently in the Ethereum ecosystem, Account Abstraction has started gaining traction. Top developers believe it is a critical upgrade that would improve user experience and make it easier for token holders to retain their assets.
Last December, card payment giant VISA announced that it is considering exploring Account Abstraction on StarkNet, an Ethereum Layer 2 protocol to facilitate crypto payment. Moreover, the news about Safe’s latest tool comes days after it was reported that the platform’s Account Abstraction and Software Developer Kit (SDK) was launched on Coinbase’s Layer-2 network, Base.
With this, developers can build applications using smart contract wallets via Safe’s SDK on the Base Georli mainnet. Richard Meissner, Safe’s co-founder, revealed that Account Abstraction makes it easier for users to not worry anymore about their Web3 logins.
Account Abstraction And Prevention Of Crypto Losses
With the rising rate of screw-ups in the crypto industry coupled with the cost of losing access to one’s crypto accounts, it is easier to lose crypto assets than fiat in the traditional banking system. Hence, Ethereum developers are making moves to ensure that the frequency with which crypto asset holders lose their accounts is a thing of the past.
Accordingly, they developed the concept of Account Abstraction. With smart contracts, Account Abstraction aims to create validity features by allowing users to access their accounts even after losing their private keys.
With this technology, users are not required to sign off on all transactions with their private keys. Commenting on the efficiency of Account Abstraction, Kristof Gazso, an Ethereum expert, stated that the time is almost near when users can use Ethereum accounts as simply as using a bank.
With Account Abstraction, developers want to make Ethereum easily accessible as a traditional bank account. Users can transact as quickly on their Ethereum accounts as with conventional banks.
Understanding the new technology would change how transactions are done on the Ethereum blockchain. Meanwhile, Account Abstraction is expected to allow the creation of different accounts on the Ethereum network.
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