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Account Abstraction is a way to enable users to use smart contracts as their accounts.
Currently, most users are using Externally Owned Accounts (EOAs) like Metamask. These accounts use a (private and public key) pair derived from an elliptical curve. The private key controls everything in EOA. It generates the signature and holds the funds. EOAs generate transactions on most Ethereum Virtual Machine (EVM) compatible chains. Onboarding new users over here are very difficult; the users need to know much prior information regarding blockchain.
Some things which are not possible with traditional EOA but are possible with Smart Contract Wallets (SCWs):
- 🔑 Arbitrary verification logic: Support single and multi-sig verification and any arbitrary signature scheme.
- 💱 Sponsored transactions: Allow users to pay transaction fees in ERC-20 tokens or build their fee logic, including sponsoring transaction fees on your app.
- 🔒 Account security: Enable social recovery and security features like time locks and withdrawal limits.
- ⚛️ Atomic multi-operations: Build flows that better align with your user's intent, such as trading in one click rather than approving and swapping separately.