Account abstraction aims to make Web3 more usable and safe

Let’s explore how Sapphire unlocks new use-cases for account abstraction: 🧵

On many chains, contracts can't have secrets

This often requires external infrastructure

For instance, controlling a Bitcoin wallet might involve setting up a committee to manage keys, leading to extra complexities and security concerns

Solutions often lean on custodial systems like wrapped BTC or the NPC approach of @renprotocol

With confidential contracts signing their own transactions, the need for additional infrastructure diminishes significantly

A chunk of the 4337 ecosystem is built to counteract the limitations of transparent EVMs like Ethereum

A pivotal aspect of Sapphire is its ability to generate secure randomness within a smart contract

Historically, this has been a challenge, especially for Solidity devs

Sapphire also facilitates the creation of private and public key pairs for both encryption and signing, adding layers of confidentiality

This ensures that even the contract developer cannot access specific keys

Picture this: Smart contracts that generate outcomes based on Solidity logic, where data or transactions can be securely signed

Sapphire extends beyond a typical blockchain environment; it's a verifiable, secure enclave for computation

For example, Sapphire can be used to create fine-grained controls over account grants

This means users can give specific permissions to accounts, allowing actions on their behalf—whether it's trading, copy trading, or more—all without revealing their private key

The @EmpyrealArb team has been exploring this, hinting at future applications where users can delegate flexible trading to different accounts

This balance of privacy and delegation can redefine trust and control dynamics in the blockchain space

Another use-case: Say you wish to copy a prolific trader or follow a specific algorithm

With the SDK being developed, you can grant a smart contract that authority

And when you wish to withdraw that privilege? Simply revoke access — Trustless and smooth

The landscape broadens when you consider pool accounts managed by traders on behalf of multiple parties

With the reduced gas costs on Sapphire, this allows for more sophisticated smart contracts — offering functionalities unimaginable on platforms like Ethereum or Arbitrum

At Oasis, we aim to elevate Web3 to compete with Web 2.0 in terms of sophistication

The inclusion of confidential computation and Smart Privacy via Sapphire is a huge step forward in achieving this

Sapphire and the Oasis Privacy Layer aim to be hubs for offloading confidential computations

Just as chains like Arbitrum cater to scalability needs, Sapphire aspires to handle confidential computational requirements, ensuring integrity and trustless operations

Start building with Sapphire and the Oasis Privacy Layer in the Privacy4Web3 Hackathon:

https://p4w3.devpost.com/?utm_source=twitter&utm_medium=organic&utm_campaign=post

Unlocking Web3 Potential with Account Abstraction

This week we deep dived into account abstraction (ERC 4337) and its use cases — joined with @EmpyrealArb

Let’s deep dive further into what account abstraction is, and its practical use-cases: 🧵

Account abstraction in Web3 enhances flexibility & security using smart contract accounts over EOAs

The blockchain only sees smart contracts for programmable interactions

Users enjoy simpler UIs, driven by smart contract wallets

Let’s explore some examples of AA in action 👇

Seedless Accounts 🌱

Traditionally in Web3, mnemonic or seed phrases protect accounts, creating entry barriers for newcomers

AA offers seedless accounts—no seed phrase, upping security & simplifying user access

Web Authentication Standard 🔒

Web auth often demands managing multiple logins, complicating things

With WebAuthn & AA integration, this process is simplified

Private key authentication is embedded into browser logic, with AA confirming matches

This means that your smart contract wallet interacts directly with the app you're accessing—eliminating the need for tedious logins

AKA an instant authentication experience

Multi-Signature Authorization 🖋️

AA can enable multiple entities to control one account — perfect for DAOs & groups needing collective decisions

Plus, unlike MPC wallets where signers are set once, you can freely modify them

2FA Security Mechanism 🔐

Two-factor authentication (2FA) is a second layer of security we see in many online platforms today

AA makes 2FA possible in Web3, adding an extra protective layer for accounts

If someone gets your private key, this they still can't access your assets

Account Inheritance/Social recovery 💼

Life is unpredictable, which is why inheritance is important

AA enables "inheritance" function, allowing user to set up "beneficiaries" for their digital assets, ensuring they're passed on securely in unexpected events

Gas Abstraction Mechanisms 🚫

Gas fees (transaction costs) in Web3 can be a pain

AA offers solutions to reduce these fees & even allows payment in different tokens (e.g. stablecoins), saving users money & hassle

Transaction Batching 🎒

Instead of doing multiple transactions separately & incurring high costs each time, AA allows grouping them into one

Kind of like buying groceries in bulk rather than separate trips to the store

Session Keys ⏰

AA enables temporary keys for set periods or interactions (time limits, spend limits), granting short-term access & then expiring for safety

e.g. a gamer setting a 30-minute session key, setting a spend limit without wallet confirmations each time

Recurring & Scheduled Payments 📅

With AA, you can automate blockchain payments—akin to setting up monthly payments for a bill

This can be revolutionary for Web3 subscriptions, ensuring they never lapse

Transactions Simulation 🔍

Before you send money or interact with a contract in Web3, AA lets you "test run" it

This can help users predict outcomes, check costs, and make informed decisions

At Oasis, we're pioneering new use-cases for account abstraction with Smart Privacy, powered by Sapphire (Confidential EVM) and the Oasis Privacy Layer

Learn more about AA in our recent Space with @EmpyrealArb below:

https://twitter.com/i/spaces/1OdKrzXYqPnKX?s=20