In a recent talk at the EthereumCommunity Conference (EthCC) in Paris, Ethereum founder Vitalik Buterin detailed how the account abstraction upgrade will allow users to pay for gas with tokens used for transactions, attracting billions of people Use Ethereum.
Account abstraction enables users to switch from externally owned wallets (EOA) to smart contract-based wallets.
If this upgrade is successful, wallet management will be more efficient and easier than it is now.
Buterin and the community believe this can lead to widespread adoption of crypto.
Additionally, the cryptocurrency space is littered with users who have lost or had their seed phrases stolen. With account abstraction, users can create non-custodial wallets that act as programmable smart contracts.
Wallet recovery is reportedly just one of many features brought to the table with this new upgrade.
Buterin believes the upgrade could bring billions of dollars in benefits to Ethereum.