Account abstraction will drive one billion users from Asia to Web3: Consensys executive

Account abstraction, also known as “smart accounts,” could eventually cover the one billion users in the Asia region on Web3, according to an executive at Ethereum software solutions provider ConsenSys.

Speaking to Cointelegraph, Laura Shea, director of strategic initiatives at ConsenSys, said that the Ethereum and Web3 ecosystems have seen a strong expansion in Asia this year.

“More dApps are making UX improvements for the Asian market, including Asian language support,” he added.

Shi said that this expansion was primarily driven by the introduction of the Zero Knowledge Ethereum Virtual Machine (zkEVM) Rollup and the mass adoption of the Optimistic Rollup.

The two rollups are layer-2 scaling solutions with zkEVM that provide developers with security, scaling, and direct compatibility with Ethereum smart contracts.

Shi believes that the development of account abstraction, which provides more programmable functionality and more “bank-like” features than regular crypto wallets, will increase adoption in this area.

“Evolution of account abstraction will facilitate user engagement at the billion level from APAC to Web3”

Account abstraction was proposed by Vitalik Buterin and other developers EIP-4337 “Avoid consensus-layer protocol changes altogether, instead relying on higher-layer infrastructure” in September 2021. However, the concept goes back a long way in the timeline of Ethereum.

2022 According to Chainalysis Global Crypto Adoption indexThe top two countries with crypto adoption in the world were in Asia – Vietnam and the Philippines. Thailand, China and India were in the top 10 despite anti-crypto sentiments from their respective governments.

Citing South Korea and China as examples, Shi believes that social gaming and Web3 gaming are also the reason for the mass adoption in Asia.

“Gaming publishers in South Korea are increasingly focusing on web3 RPG game publishing, striving to optimize the sustainability of the on-chain economic model,” Shi said.

“Meanwhile, the Chinese-speaking developer ecosystem is focusing on engaging Web 2 users in Web 3 gaming through the adoption of account abstraction solutions.”

He added that both use cases will largely depend on zkEVM roll up and account abstraction development.

“From a use-case perspective, we see the biggest potential in Web3 social and gaming content for years to come. It is powered by (a) zkEVM rollup solution and (a) account abstraction solution that enables gas duty subsidy and social recovery.

Connected: Asia’s current gaming dominance is ‘crucial’ for Web3 games

When asked whether the current US industry action could spur the development of the Ethereum and Web3 ecosystems in Asia, Xi said he does not see a correlation.

“So far we haven’t seen any direct correlation between these and regulatory dynamics in the United States.”

Leaning towards Asia has been a hot topic lately as US crypto and Web3 companies are looking for friendlier jurisdictions in the Far East.

However, the Ethereum ecosystem is doing fine on its own in Asia without the catalyst of Uncle Sam’s war on crypto.

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