Blockchain can be complicated, even for those who know what they are doing. Account Abstraction is here to help by making transactions easier.
Prom is a platform working to make Web3 simpler and easier to use by building account abstraction into their products to make blockchain technology more accessible and efficient for everyone.
What is account abstraction?
Account abstraction is a new way to simplify user account management on the blockchain. There are two types of accounts: externally owned accounts (EOAs), which are controlled by private keys, and contract accounts (CAs), which are smart contracts. EOAs are used by individuals for transactions and managing digital assets, CAs are used for automated agreements encoded in them.
Managing private keys for EOAs is difficult and risky, and the traditional model is inflexible and complicated. Account abstraction helps by allowing smart contracts to manage accounts, combining private key management and transaction logic.
This means accounts can have features such as multi-signature authorization, automated transactions, and key recovery. Account abstraction makes blockchain accounts more flexible, secure and user-friendly. Less complexity and risk, more people using blockchain.
How account abstraction works
Account abstraction changes the way user accounts work on the blockchain by using smart contracts instead of the rules of the blockchain. This makes account management much more flexible and customizable.
Traditionally, blockchain accounts are bound by the rules of the blockchain, making them difficult to change and manage. Account abstraction allows smart contracts to manage accounts and have personalized security and transaction rules. For example, a smart contract can require multiple signatures for large transactions, automate recurring payments, or provide recovery options if a private key is lost.
An example of this is Ethereum’s EIP-4337, which proposes using smart contracts to manage user activities. These contracts can manage transaction fees, group multiple operations into a single transaction, and add additional security such as social recovery.
In simpler terms, when you initiate a trade, a smart contract first checks it against the rules of your account. Once everything is good, the smart contract sends the transaction to the blockchain. This extra step allows for more customization and security without touching the core functionality of the blockchain.
Prom’s approach to account abstraction
Prom uses a clever setup called Modular ZkEVM Layer 2 to allow different blockchain networks to work together. This means it can connect systems that don’t work with Ethereum’s technology, share transaction data across multiple chains to make them work better together, and make the entire system more decentralized.
The goal is to make blockchain easier for users. With account abstraction, Prom hides the complex parts of transactions so it’s easier for people to use. This is especially good for Ethereum users, as Prom simply plugs into the existing Ethereum setup.
To keep transactions fast, secure and private, Prom uses advanced technology such as Zero-Knowledge (ZK) proofs, including zkSNARKs and recursive STARKs. These make transactions safe and efficient.
Prom also uses multichain and Zero Knowledge technology to enable blockchain to work across different networks. This makes the blockchain world more open and connected, so that different systems can work together seamlessly.
A practical example of Prom’s approach is their NFT platform Prom.io. Users can create, sell, rent, and share NFTs. Prom’s Layer 2 solutions make these transactions scalable, secure and private, delivering a better user experience. Prom wants to make blockchain simpler and more user-friendly with Modular ZkEVM Layer 2, advanced security technology and multichain.
Advantages and disadvantages of account abstraction
Account abstraction makes blockchain much easier to use by removing the need to manage complex private keys and have simple account recovery options. That means blockchain for everyone.
It also makes it safer. Smart contracts process account operations, so features such as multi-signature authorization and automated transaction checks are introduced, reducing errors and security breaches.
For developers, account abstraction gives more freedom. They can create custom rules for account management, making dApps more advanced and easier to use. That means automated compliance checks, customizable transaction fees, and stronger user authentication.
Scalability is a bonus. By moving complex transaction logic to smart contracts, the main blockchain network has less processing to do, making it more efficient and able to process more transactions.
But there are some disadvantages. It can be tricky for developers and requires a deep understanding of blockchain and smart contracts that can slow down progress. Smart contracts also come with risks: any bugs can be exploited and lead to financial losses or security issues. To prevent this, thorough testing and audits are needed.
The move to account abstraction can also be difficult for existing users who are used to traditional systems. They may find it confusing and existing applications will need to be updated to work with the new installation. Good education and support are the key to a smooth transition.
How Account Abstraction Benefits the Blockchain Space
Account abstraction can solve some of the blockchain’s biggest problems. By using smart contracts for account management instead of the core rules of the blockchain, account abstraction makes blockchain interactions simpler and more flexible.
One of the biggest benefits of account abstraction is that it makes blockchain technology more accessible to regular users. Managing private keys and handling transactions can be complex and scary. account abstraction simplifies these processes and makes them more intuitive and secure. Features such as automated key recovery and multi-signature authorization reduce risks and make blockchain more suitable for mainstream use cases such as financial transactions and identity verification.
For developers, account abstraction opens up new possibilities to create more advanced and user-friendly decentralized apps (dApps). Flexible account management allows developers to build dApps with greater security, customizable transaction flows, and easy-to-use interfaces. This leads to more innovation and more applications that can meet different needs.
Account abstraction also allows developers to collaborate and experiment with new features such as subscription models, automated compliance checks, and dynamic pricing structures. These innovations make dApps more efficient and attractive and push the boundaries of what blockchain can do.
Account abstraction also makes it easier for companies and institutions to adopt blockchain solutions. This could lead to major improvements in the fields of finance, healthcare and supply chain management, where the transparency, security and efficiency of blockchain could be super useful.
Account abstraction helps developers create better apps and companies integrate blockchain into their workflow. Account abstraction is therefore the key to the future of the blockchain.
Conclusion
Account abstraction is a big deal in the blockchain world, making accounts simpler and more secure. That is important for blockchain. Join their community to stay informed, especially from Prom.
Get involved, try beta features, follow their updates. This way you stay informed and help spread the message.