• 24 June, 2024
Market News

VeChain’s Account Abstraction Aims to Bridge the Gap Between Web2 and Web3

In a recent development, VeChain, a Layer 1 smart contract platform, has announced the launch of Account Abstraction (AA) on its platform. VeChain, in addition, has hinted at the platform’s potential advancements, leveraging blockchain and web3 technologies.

VeChain, in a recent X post, announced the live availability of AA on the platform. The development intends to bring programmable smart contract wallets to VeChain for “a better user experience and improved security.”

Notably, VeChain is embracing the advanced methods of blockchain operations, moving away from the traditional external-owned accounts (EOA). While VeChain adopts a more flexible approach other than EOAs, which require manual operations and management through a public-private key pair, it intends to reshape the ecosystem. The platform added,

By abstracting the transaction signing process, smart contract wallets improve user experience, making blockchain interactions smoother and more intuitive. There are security benefits, too – multisig authorization, account recovery methods, and transaction whitelists.

While the AA launch represents a “crucial step in bridging the gap between Web2 and Web3,” VeChain looks forward to further enhancing its blockchain and web3 facilities. In a subsequent X post, VeChain shared insights on a potential development in the ecosystem to “showcase a new generation of products with sustainability at their core.”

According to the post, VeChain intends to share a major announcement at the MWC Barcelona Conference, “the world’s largest and most influential connectivity event,” about the platform’s potential advancements with blockchain technology.

In response to the major developments in the ecosystem, VeChain’s VET token has seen an impressive hike of 19.42%, reaching $0.04217. The current price shows a massive surge of 45.51% increase in one week and 36.80% in one month. With a market cap of $3,132,102,407, VET secures the 35th place on CoinMarketCap.

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