Account abstraction could attract 1 billion users to Web3 – ConsenSys

Founder of Ethereum Vitalik Buterin has repeatedly stressed the importance of this concept. Specifically, he covered the topic of social recovery as part of EDCON-2023, a review:

In a conversation with Cointelegraph, Laura Shea noted that more and more projects are betting on the Asian region and local users:

“Decentralized protocols seek to improve UX (user experience) for customers from here. For example, adding support for new languages.”

It’s an immense market.. And the abstraction of accounts, which makes cryptocurrency wallets look like banking applications, could increase interest in the segment among local audiences.

The said standard significantly lowers the entry threshold. Makes wallets more convenient and safer. Ultimately, this could attract up to a billion additional users to the Web3 sector.

Shea considers zkEVM packages to solve the scalability problem and game projects to be equally important. She cited South Korea and China, where the segment is developing by leaps and bounds, as the effectiveness of the latter tool.