Account Abstraction via Singleton Entrypoint Contract and Verifying Paymaster

Ethereum, a leading cryptocurrency, is advancing the way we handle digital transactions. One important concept in Ethereum is “account abstraction,” which could play a crucial role in making it accessible to a wider audience. Currently, Ethereum has two types of accounts: externally owned accounts (EOAs) and contract accounts (CAs). EOAs are controlled by a public address and private key, allowing users to initiate transactions and interact with smart contracts. However, losing the private key can result in the loss of funds, and EOAs are not quantum safe. On the other hand, CAs are controlled by the code written on the Ethereum Virtual Machine (EVM) and do not possess private keys. They rely on network storage, and their creation incurs a cost. To enhance the existing technology and make it more user-friendly, there is a proposal for “account abstraction” in the Ethereum protocol. This change would enable users to interact with smart contracts using smart contract wallets instead of externally owned accounts. This would bring greater flexibility and security to the management of user accounts, as well as open doors for new and innovative user experiences.