Account Abstraction – Crypto

Last Updated on August 19, 2023

Account abstraction is a blockchain technology that allows users to use smart contracts (SCAs) instead of EOAs (externally owned accounts) as their primary accounts.

With a single seed phrase controlling full access to an EOA, users can share different levels of access to their wallet with multiple users. SCAs are fully programmable accounts with built-in security and functionality benefits compared to EOAs. 

Account abstraction moves crypto from the current approach of one-account-fits-all, where someone can lose everything with a small mistake, to a future where an account can be tailored to someone’s needs and built a safety net for self-custody.