Account abstraction (AA) enables wallets to function like smart contracts, removing complicated wallet requirements like seed phrases and enabling features like batching complex actions or automatic payments. Account abstraction enables personal wallets to function similarly to smart contracts.
What is account abstraction in blockchain?
Account abstraction within blockchain systems allows for assets to be exclusively held by smart contracts rather than being controlled by externally-owned accounts (EOAs). The ERC-4337 standard is the account abstraction token standard that unlocks the power of smart contract crypto wallets on the Ethereum blockchain.
What is 'account abstraction'?
The great novelty ushered in by the concept of ‘Account Abstraction’ is the use of on-chain smart contracts to implement the wallet and the governance rules around it. These ideas have already been implemented in multiple smart contract accounts, including Argent, or with minimal governance with on-chain multisig such as Safe.
