With the Starknet Mainnet Quantum Leap, we have made remarkable progress in terms of scalability, security, and throughput within the Ethereum ecosystem.
We've also solved a significant challenge with our partners: user experience (UX).
Here's how Account Abstraction works:
Self-custodial wallets can be intimidating to use. These wallets must be secured. It is often the first point of contact for new cryptocurrency users.
Our solutions need to be more approachable, secure, and adaptable.
Smart Accounts are!
Account Abstraction (AA) presents the path forward for Smart Accounts.
AA facilitates the development of contracts for individual accounts allowing us to move away from the inflexible reliance on private keys.
This is the UX enhancement we need for self custody wallets.
Presently Ethereum offers two types of accounts: Externally Owned Accounts (EOAs) and Contract Accounts (CAs).
AA seeks to separate the authorization logic from EOAs effectively transforming each account into a contract.
The implementation of AA opens doors to a plethora of features such, as Hardware Signers, Paymasters, Social Recovery, Multifactor Authentication, Quantum Resistant techniques and Gas Efficient Signatures.
These features can be also be tailored and combined and this is augmenting security and accessibility.
Starknet, is a sleeping giant, we have integrated native AA from the inception.
With native smart accounts no one needs a new role of bundlers, as there is no separation between transactions and user operations.
What sets Starknet apart in our approach to account architecture, all accounts are treated as first-class citizens.
This unique flexibility allows for the implementation of features like leveraging phone hardware for transaction signing, incorporating guardians for added account security and integrated 2FA.
The recent Starknet alpha V0.12.0 update, developed in collaboration, with @class_lambda has significantly increased its throughput by ten times.
This impressive enhancement provides the platform with the power needed to fuel real world applications.
Notably the upgraded version of the Starknet Mainnet now operates at a rate of 220K Cairo steps per second (CSPS) a big improvement compared to the previous average of 30K CSPS.
This significant boost in throughput dramatically reduces transaction waiting times and resolves network congestion issues. Next up is cost reduction by up to 85%.
Ultimately enhances the user experience further.
Starknets advancements are empowering wallets such as @myBraavos and @argentHQ offering improved user experience, enhanced security measures, and increased throughput.
Imagine the ease of using hardware signers, paymasters, 2FA and social recovery.
The possibilities that arise from leveraging Starknet are endless
Imajjin the creation of a contract that enables users to set up subscription services with auto payments— to popular services like Netflix, Twitter, Spotify etc.
The versatility of Starknet truly opens up avenues, for innovation, creativity and convenience.
To sum this up, we truly believe that Account Abstraction is the key to good UX by replacing rigid, protocol-level behaviors with flexible, programmable smart contracts.
We use this tech by default, it gives account security, simplifies txn, and allows for personalized features plus signature, fee, and nonce abstraction, this enables customized verification logic, fee payments, and replay protection.
That's it, this is the magic you need!
The infrastructure is ready! Lets build the dApps!