• 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 boost crypto adoption through new tools like embedding wallets on websites and improving user onboarding process.
Account Abstraction Could Bring More People To The Ethereum Network
On Episode 19 of Cointelegraph’s Hashing It Out podcast, Elisha Owusu Akyaw talks to Ivo Georgiev, CEO of Ethereum smart contract wallet Ambire. Georgiev explained account abstraction and how wallets can bring more users to the network.
What Is Account Abstraction?
Georgiev believes self-custody is an “extremely difficult” problem that can be solved with account abstraction. He explained that account abstraction makes crypto wallets programmable, giving them multiple keys and allowing features like two-factor authentication.
Boosting Crypto Adoption With Embeddable Wallets
The CEO claimed that account abstraction could boost crypto adoption through new tools like embedding wallets on websites. “I think account abstraction will onboard the next one billion users on Ethereum,” he added.
Suggested Features For Wallets
Beyond what needs to be added to wallets to make them more user-friendly, Georgiev was asked to suggest new features that wallets could provide. Using MetaMask as a case study, he explained that there is very little need to remove any features as they currently exist. However, removing the swapping feature may be something wallets will do since multiple decentralized exchanges provide such services, and there is a growing need to adopt a minimalistic design.
Improving User Onboarding Process
To conclude, Georgiev highlights that the most important improvement for wallets is changing the user onboarding process.