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BlockTheory presents

ACCOUNT
ABSTRACTION

Recovering web3 accounts have a fundamental flaw that we have simply accepted.

Once the private key is lost, they are unrecoverable, along with your entire wealth, by design.

This violates the first law of human centred design.

Humans are humans because we are flawed, we tend to lose things, misplace things and forget things. This is also by design.

When systems are designed to simplify our lives, they need to account for our behaviours and always have a margin for error.This is where accounts fail.

But what if this DUMBaccount of yours...

BecameSMART!

What if this account, let you create fallbacks that would make it easy to recover your wealth or simply...

just disappear altogether whilst unlocking the same doors!

Your wealth in your control with recovery mechanisms of your choice.OTP? Fingerprint? FaceID? You pick
what best suits you!

This is where

AccountAbstraction

comes into play

It is a concept that will make using crypto feel natural and similar to the payments experience we are already used to in web2.

By using a complex set of technologies with a simplified interface on top, it aims to bridge the gap between what currently feels alien to users.

recovery phrase

Let’s imagine you’ve lost your recovery phrase to a malware attack

Your wallet is now a sitting duck for the hackers In this helpless scenario your only way to login is via the recovery phrase or the actual private key which you no longer have...

social recovery

With account abstraction you can generate new keys using social recovery or your preferred backup methods.

guardian access

You can even add trusted guardians who can freeze your wallet too!

Here’s another scenario

You’re in a heated NFT auction eyeing for 3 NFT’s. During the purchase, you’re asked to sign 3 smart contracts, 3 transactions approvals all whilst using the same dApp.

By the time you’ve approved, some gamer kid with his 0 latency mouse has already bought it...

Why does a dApp need your approval every single time???

dapp approval

With account abstraction, you can create trusted sessions requiring only 1 approval.

trusted session
trusted session

So many features unlock with account abstraction which make web3 feel human

trusted session

So, how does this work?

In short, account abstraction will boost the capabilities of Externally Owned Accounts (EOA) by enabling developers to write programmable smart logic or boost smart contracts wallets by having their own EOAs.