STARK-based scaling solutions developer, StarkWare, has announced its much-awaited ‘Account Abstraction’ technology is live. Based in Israel, StarkWare’s Account Abstraction is poised to transform the crypto space.
Bid an adieu to the phase of seed phrases to welcome multi-factor authentication, plug-ins, and fee payment across tokens. The new era of simple and secure transactions is now a reality with StarkWare’s Account Abstraction.
Announcing the Account Abstraction news, StarkWare tweeted:
Account Abstraction is transforming crypto!— StarkWare (@StarkWareLtd) December 21, 2022
Say goodbye to seed phrases & hello to multi-factor authentication, plug-ins, fee payment in any token & more. 🔐
Welcome to the new era of simple & secure transactions.
An absolute revolution, Account Abstraction enables total control over cryptocurrency for the users. At the same time, it also makes transactions secure and easy to initiate.
Instead of using the existing seed phrases features, Account Abstraction lets apps develop such authentication features. Examples of these solutions include face ID, pincodes, and multi-factor authentication.
To initiate a series of transactions, users can simply set conditions needed to be completed at predefined times. Moreover, users can also enlist scam addresses that would be blocked automatically.
“Plug-ins” are also included in the Account Abstraction feature, to act as an accounts app store. Via the Plug-ins feature, users could select features of vital utility.
While bettering usability, Account Abstraction would also enable using a number of devices for transactional approval. Thanks to Account Abstraction, users can also expect to pay the gas fees in any cryptocurrency.
Third-party developers can use Account Abstraction to develop extra features in the Plug-ins they create. This possibility would appeal to developers of such projects which intend to pay fees for their users.
Account Abstraction is a step-forward in bettering the old-age EOAs (Externally Owned Accounts) used by many.
In EOAs, even one instance of losing or compromising a seed phrase can result in a disastrous outcome of total asset loss.
Brace for a world of simplified web2, with web3’s power, courtesy of Account Abstraction by StarkWare.