Account abstraction, also known as “smart accounts,” could eventually bring one billion users from the Asia region to Web3, according to an executive at Ethereum software solutions provider ConsenSys.
Speaking to Cointelegraph, ConsenSys Director of Strategic Initiatives Laura Shi noted that the Ethereum and Web3 ecosystem has seen strong expansion in Asia this year.
“More dApps improve UX for the Asian market, including the introduction of Asian language support,” he said.
Shi added that this expansion is mainly driven by the introduction of zero-knowledge Ethereum Virtual Machine (zkEVM) bundles and the mass adoption of optimistic bundles.
Both packages are layer 2 scaling solutions with zkEVM that provides developers with security, scaling and direct compatibility with Ethereum smart contracts.
Shi believes that the development of account abstraction, which offers greater programmable functionality and more “banking” features than a normal crypto wallet, would increase adoption in the region.
“The development of account abstraction will facilitate the onboarding of APAC’s billion-level users to Web3”
Vitalik Buterin and other developers proposed account abstraction EIP-4337 to “avoid consensus layer protocol changes entirely, instead relying on an upper-layer infrastructure,” in September 2021. However, the concept goes much further back in Ethereum’s timeline.
According to Chainalysis Global Crypto Adoption 2022 index, the top two countries that adopted cryptocurrencies in the world were in Asia: Vietnam and the Philippines. Thailand, China and India were in the top 10 despite the anti-crypto sentiments of their respective governments.
Shi believes mass adoption in Asia is also driven by social games and Web3 games, citing South Korea and China as examples.
“South Korean game publishers are continuously focusing on publishing Web3 RPGs, trying to optimize the sustainability of the chain economic model,” said Shi.
“Meanwhile, the Chinese-speaking developer ecosystem is focusing on bringing Web2 users into Web3 games by adopting account abstraction solutions.”
Both use cases will depend heavily on zkEVM stacks and the development of account abstraction, he added.
“From a use case perspective, we see Web3 gaming and social content as having the greatest potential in the coming years. It is fueled by [a] cumulative solution zkEVM i [an] account abstraction solution that allows the subsidy of the gas tariff and social recovery”.
Related: Asia’s current gaming dominance is “crucial” for Web3 gaming
When asked if the current crackdown on the US industry could be driving the growth of the Ethereum and Web3 ecosystem in Asia, Shi said he saw no correlation.
“So far we haven’t seen any direct correlation between these and regulatory dynamics in the United States.”
The pivot to Asia has been a hot topic recently as US crypto and Web3 companies look to friendlier jurisdictions in the Far East.
However, the Ethereum ecosystem in Asia seems to be fine on its own without the catalyst of Uncle Sam’s war on crypto.
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