Vitalik Buterin unveils the future of Ethereum wallets

At the Ethereum Conference (ETHCC) in Paris, Vitalik Buterin presented a bold vision of crypto wallets. According to the Ethereum co-founder, account abstraction could make managing Ethereum wallets as easy as sending an e-mail.

Vitalik Buterin Explains How Ethereum Plans to Make Crypto Wallets as Simple as Email
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— Decrypt (@decryptmedia) July 18, 2023

Ethereum wallets on the move: towards unprecedented simplicity

Since 2015, Ethereum developers have been working on account abstraction. This is an innovative concept aimed at replacing external wallets with contract-based smart wallets. This development would enable users to store their starting phrases in smart contracts, making it easier to retrieve private keys.

In his speech, Vitalik Buterin focused on the latest version, which would represent a major step forward. This is EIP-4337, or Account Abstraction Using Alt Mempool.

A promising future for smart wallets

According to Vitalik Buterin, EIP-4337 would open up new possibilities for Ethereum users. In particular, it would enable the creation of non-depository crypto wallets as programmable smart contracts. Naturally, the wallets would then feature advanced functionalities:

• easy wallet recovery

• signature-free transactions,

• team wallets.

This upgrade could be an essential catalyst for Web3 adoption. It would enable blockchains to distribute funds to users prior to registration.

Versatile wallets for a better user experience

According to Vitalik Buterin, account abstraction would introduce “paymasters”. These would enable Ethereum users to pay transaction fees with any token used in transactions.

Decryption: no need to convert to ETH. The result: a smoother user experience!

And that’s not all! The integration of signature aggregators would also enable data compression, reducing transaction costs by up to 86 times.

For Ethereum, account abstraction is a giant step towards mass adoption of blockchain technology. By making crypto wallets as simple as an e-mail, Ethereum is opening the door to new users. This simplification would also enable Ethereum to become the basis for many Web3 projects, reinforcing its leading role in the crypto ecosystem. To be continued…