On Cointelegraph episode 19 hacking it out podcast, Elisha Owusu Akyaw talks with Ivo Georgiev, CEO of Ethereum smart contract portfolio Ambire. Georgiev explained account abstraction and how wallets can bring more people to the network.
Georgiev believes that 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 enabling features like two-factor authentication.
The CEO claimed that account abstraction could drive crypto adoption through new tools, such as wallet integration into websites. “I think the account abstraction will onboard the next billion users on Ethereum,” he added.
Beyond what needs to be added to wallets to make them easier to use, 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 features as they currently exist. However, removing the exchange feature may be something that wallets do, as multiple decentralized exchanges provide such services, and there is a growing need to adopt a minimalist design. To conclude, Georgiev highlights that the most important improvement for wallets is to change the user onboarding process.
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As for regulations, the Ambire CEO says they are not happy with the current landscape, but he doesn’t think wallets will be a major target for regulators in the near future.
Listen to the latest episode of hacking it out with Ivo Georgiev in Apple Podcasts, Spotify, Google Podcastseither Tune in. You can also explore Cointelegraph’s full list of informational podcasts on the Cointelegraph Podcasts page.
