2025 Account Abstraction Trends: Trust Wallet Engineer Weighs In

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As a seasoned crypto investor with roots deeply embedded in this digital frontier since its inception, I can confidently say that Devcon was a game-changer for me and my portfolio. The insights shared by David Kim, our Senior Smart Contract Engineer, resonated profoundly as he dissected the latest advancements in Account Abstraction (AA) and smart wallet protocols.

At Trust Wallet, we’re always working to improve things so our users can have a secure, smooth, and leading-edge experience. Our Senior Smart Contract Engineer, David Kim, delved into the latest developments and popular topics in wallets, smart wallet procedures, and chain abstraction technologies at Devcon, which is known as “the Ethereum conference for developers, researchers, innovators, and creators”.

In the following text, David offers insights and predictions based on analyzing industry advancements in ERC standards, as well as identifying trends expected to define 2025. Below, you’ll find his thoughts from Devcon, along with some clarification about the current situation and a glimpse into the future for Trust Wallet:

Thoughts and Findings from Devcon

At Devcon, we seized the ideal moment to interact with influential figures in both the digital wallet and blockchain realm. Our main aim was to delve into advancements related to Account Abstraction (AA) and intelligent wallets, particularly EIP 7702, since these aspects are pivotal for Trust Wallet’s upcoming progress. Additionally, we invested time conversing with everyday wallet users to collect their insights on requirements and challenges they face.

At Devcon, one of the major breakthroughs that caught attention was Account Abstraction (AA). This technology is fundamentally changing the way wallets function by converting conventional external accounts into intelligent wallets. This transformation not only boosts functionality and security but also makes wallets more adaptable and user-friendly.

Since the Pectra merge, the framework behind AA has been undergoing swift changes. Businesses are carefully readying themselves, with some even setting up specialized EIP 7702 task forces to guide this transformation. The methods for incorporating EIP 7702 differ among digital wallet providers. Furthermore, the Ethereum Foundation, alongside Etherspot, Fastlane, and Candide, have launched a decentralized peer-to-peer mempool for ERC 4337. This is a substantial leap for the AA ecosystem, as all previous UserOperations were created through a private mempool.

Although there’s a lot of excitement surrounding AA, many wallets are still figuring out the best way to adapt their current offerings to meet the new standards. At Trust Wallet, we’re working closely with key players in the industry to make this transition as seamless as possible. Our goal is to provide our users with improved features without sacrificing security or user-friendliness.

Chain Abstraction: Bridging Multiple Blockchains Seamlessly

Chain abstraction, a significant development in the evolution of Web3, enables interactions across various blockchains. This facilitates easier user experiences and broadens the possibilities for decentralized applications (DApps). Recognizing its significance, key wallet teams anticipate that widespread adoption will increase as leading wallet providers adopt these solutions.

For example, Safe recently unveiled their network launch called “SafeNet”. This is a transaction processing network that allows for preliminary verification of transactions within its system, distinctly separating confirmation from execution – while actual settlement occurs on the primary chain. They intend to incorporate it into their main Multi-sig solution and their payment solution Gnosis, leveraging its rapid block confirmation time of 500ms.

From our perspective, we found this method intriguing due to its straightforward utility and application. Yet, given that it’s just beginning to grow, we’ll keep a close eye on its progress as numerous uncertainties remain.

In other words, at Trust Wallet, we’re committed to incorporating chain abstraction technologies to deliver a seamless and consistent experience for our users, irrespective of the blockchain they’re using. This way, our wallet remains adaptable and easy-to-use, catering to the varied needs of our international user community.

In February 2024, we introduced Trust Wallet SWIFT – an intelligent wallet for smart contracts based on Account Abstraction. SWIFT streamlines Web3 navigation by offering benefits such as abstracted gas fees, easy one-click transactions, and biometric-secured Passkeys. Furthermore, in May 2024, we made our smart wallet solution, Barzan (compatible with ERC 4337), publicly available. Barzan emphasizes user security and smarter interactions by prioritizing modular, upgradable, and secure designs.

Leading the Way with ERC 7779: Trust Wallet’s Commitment to Standards

We held an extensive workshop centering around creating EIP 7702 delegated accounts compatible with ERC 7779, piquing curiosity from various community members. Furthermore, partnerships with prominent wallet providers are boosting the popularity of ERC 7779, ensuring a standardized and secure methodology for developing smart wallets.

The team behind Trust Wallet’s Smart Contract Wallet (SCW) takes pride in being at the forefront, having collaborated with the Ethereum Foundation and key partners to develop the ERC-7779: Interoperable Delegated Accounts standard. This innovative standard plays a crucial role in fostering interoperability and security for delegated accounts, thereby improving the functionality and safety of smart wallets.

In the future, we intend to make available the initial code for implementing ERC 7779 and our GitHub platform. This move aims to empower developers by providing them with tools that facilitate the incorporation of these standards into their own projects.

Looking Ahead to 2025: Consumer-Facing Innovations on the Horizon

By 2025, it’s our conviction that numerous groundbreaking consumer-focused advancements and foundational upgrades will revolutionize the Web3 terrain.

Flawless Interaction with Web2 Platforms: Intelligent digital wallets will smoothly link up with established online services such as shopping, insurance, and banking, ensuring that using cryptocurrencies is just as instinctive as utilizing traditional financial instruments.

Simplified Cross-Chain Crypto Transactions and Decentralized Finance (DeFi): Users can seamlessly perform various cryptocurrency transactions, exchanges, and DeFi activities spanning numerous blockchains, all without requiring intricate setup processes.

● Automated Defi Transactions and Payments: These automated processes streamline user experiences and boost efficiency.

Improved DApp and DeFi Experience through Advanced Features: Innovations such as ‘fee coverage’ (gas sponsorship) and ‘multiple transactions in one go’ (batch transaction execution) will significantly enhance the user experience.

● Enhanced DApp Interactions: Smart wallets will offer superior DApp interactions through sponsorship, automation, and batch execution capabilities.

1) These advancements are backed by strong systems and technology, making it possible to create consistent products that bring tangible benefits to users. Trust Wallet is leading this charge, continually updating our system to match the ever-changing needs of the Web3 community.

Wrapping Up:

Keep an eye on our official platforms for further information about our progress and the thrilling advancements we’re planning ahead!

Note: The information provided serves an educational purpose, not as investment guidance. Using Web3 technologies and cryptocurrencies involves certain risks. It is crucial that you independently verify and investigate any interactions with Web3 applications or digital currencies. Please review our terms of use for further details.

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2024-12-18 20:38