• Episode 19 of Cointelegraph’s Hashing It Out podcast featured Ivo Georgiev, CEO of Ethereum smart contract wallet Ambire.
• Georgiev discussed account abstraction and how wallets can bring more people to the network.
• He believes that account abstraction could enable features like two-factor authentication and boost crypto adoption.
Account Abstraction Could Bring New Users to Ethereum
Ivo Georgiev, CEO of Ethereum smart contract wallet Ambire, recently appeared on Episode 19 of Cointelegraph’s Hashing It Out podcast to discuss account abstraction and how wallets can bring more people to the network.
What is Account Abstraction?
Georgiev explained that account abstraction makes crypto wallets programmable, giving them multiple keys and allowing features like two-factor authentication. He also stated that it could provide a solution for the issue of self-custody. According to him, this technology has the potential to enable new tools such as embedding wallets on websites which could help increase crypto adoption.
Suggested Wallet Features
When asked about what new features wallets should provide, Georgiev suggested starting with improving user onboarding processes for existing ones like MetaMask by removing unnecessary features like swapping services which are now provided by decentralized exchanges (DEXs).
Regulations Around Wallets
Regarding regulations, Georgiev said that he was not happy with the current landscape but does not think that wallets will be a major target for regulators in the near future.
Overall, account abstraction has the potential to increase flexibility and security in the Ethereum network while bringing more users into cryptocurrency through enabling new tools such as embedding wallets on websites. In addition, improved user onboarding processes and removal of unnecessary features may further enhance adoption rates of blockchain-based services.