Account Abstraction (EIP- 4337) is a GAME CHANGER for Ethereum users. Here is why! Will this send Ethereum to $10,000?
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Timestamps:
0:00 – Crypto is 14 years old. Look around you.
0:47 – What will Ethereum look like in 2032?
1:39 – Why Account Abstraction is a GAME CHANGER!
4:22 – What is EIP-4337? (#1 ETH Upgrade)
6:17 – Vitalik bullish on AA on rollup technology!
7:51 – Will this upgrade sent Ethereum to 10k?
**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin.
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Most of my crypto portfolio is Bitcoin, then Ethereum, but I hold many cryptocurrencies, possibly ones discussed in this video.
Coins I hold or will hold more than $1k worth (in no particular order): BTC, ETH, ADA, SOL, DOT, AVAX, EGLD, MINA, SUPER, FEAR, VPP, XCAD, RUNE, XDEFI, OPUL, LINK, RFOX, INJ, XPLOT, REALM, NIF, VPAD, SENATE, SIDUS, FORM, DON, CELL, BICO, SIS, MATIC, IMX, METIS, BNB, MANA, SAND, THETA, TFUEL, GMT
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Bitcoin is internet money it's a system of money
that exists on the internet was created on the Internet and it allows you to send and receive
value the same way you can send and receive an Email anywhere in the world instantaneously
without intermediaries ethereum in 2032 the Whole process just becomes incredibly sleek and
seamless to the point where like literally a phone Could even do it look around look around you look
at created this this didn't exist before we were Here look around Bitcoin was created 14 years
ago this month cryptocurrency has been around For 14 years and so many viable projects exist in
cryptocurrency today it's so much more exciting Being involved in cryptocurrency today when we
have a vision of what the future looks like for Instance ethereum what will ethereum look like
in 2032 vitalik buterin offers us a glimpse into The future so ethereum in 2032 you have a note
your node runs on your phone every 12 seconds Or 32 seconds or whatever number we agree on you
download 3.6 megabytes of data you hash it you do A couple of elliptic curve equations to check a
snark that's it you know the block is valid wait 12 seconds get 33.6 megabytes of data hash it do
some elliptic curve operations verify the snark And valid 12 seconds later data hash elliptic
curve check valid right so the whole process just Becomes incredibly sleek and seamless to the point
where like literally a phone could even do it Right because it's incredibly light on computation
the only thing that it's heavy on is data and data Just happens to be the thing that you know phones
are increasingly getting insanely good at it will Get even better at over the next 10 years right
so that to me is what I see the final goal being From a protocol standpoint one of the number one
upgrades that ethereum holders are looking forward To a real game changer is something called account
abstraction with EIP 4337 this ethereum upgrade Could make it harder to lose all of your crypto so
make it easier to keep all of your crypto account Abstraction is a concept recently embraced by
Visa could make ethereum wallets significantly More user friendly those of you who don't know
what account obstruction is the simplest way to Explain it is that there's two account Types
on ethereum right now there is a AOA which Is an externally owned account which is a normal
ethereum address that you and I use and then there Is a smart contract account which I mean that's
pretty self-explanatory right the point of account Obstruction is to from a developer point of view
and from a user point of view make these things Basically the same so it doesn't have to be that
separation between the two uh which comes with a Bunch of nice features this is something you want
to get on your radar ethereum developers are hard At work trying to make its blockchain more user
friendly one of the downfalls of crypto is the Costliness of simple screw-ups for instance if
a user loses the keys to their crypto account They could lose access to their crypto Holdings
forever in the face of this and other potential Pitfalls it's vastly easier to lose your money
in crypto than in traditional banking I think Even us crypto Believers agree with this
blockchain developers increasingly recognize
That human error is an inevitability meaning
it will be difficult to push crypto into the Mainstream without Fail-Safe and better ease of
use one of these Innovations is a concept called Account abstraction ethereum holders you tell
me if this is something you'd be interested in Account abstraction AA aims to use Smart contracts
to execute crypto transactions by creating certain Validity rules with AAA users won't need to sign
off on every transaction with one's private Keys Quote we're going to be at the point in the future
we're using an ethereum account it's going to be Just as simple as using a bank this is according
to Christoph Gazo a co-author for an ethereum Improvement proposal on account abstraction
people won't have to make that trade-off of Like hey you know I like decentralization but also
it's a pain in the a to use ethereum people won't Have to make that trade-off ultimately through
account abstraction developers want to make Ethereum as usable as a traditional Fiat bank so
users can make transactions more easily program Automatic bill payments and more this would
be a game changer for ethereum holders so what Exactly is the Improvement proposal that wants
to create account abstractions for ethereum it's EIP 4337 watch this very quick video by Stack up
so you can truly understand what's coming up for Ethereum what is eip4337 eip4337 is an ethereum
improvement proposal for using smart contracts As people's primary accounts this is often called
account abstraction since it means the hard parts Of managing users account are abstracted it's not
just the public private key pair it is a program That runs on the blockchain unlike other account
abstraction proposals eip4337 does not require Any changes to the blockchain itself instead it
creates a system of higher level infrastructure This means that it can be used today and on any
evm compatible blockchain here's how it works A user's intent is packaged by their app into a
pseudo transaction object called a user operation User operations can contain multiple transactions
and any data needed to execute transactions with Smart contract accounts the user operation
is then sent to a network of bundlers Bundlers can pull transactions from
a public mempool or from private ones They package these user operations and submit
them to the blockchain on the blockchain a Smart contract called the entry point handles the
verification and execution of these transactions By wallet contracts smart contract accounts owned
by a user other smart contracts like pay masters And aggregators can help sponsor transactions and
aggregate signatures for better user experiences These elements work together to abstract
blockchain transactions for end users so people Don't need to learn how blockchains work just to
use them even vitalik buterin seems very excited About account abstractions and Roll-Ups and
Roll-Ups inside of account abstractions let's take 30 seconds and listen to vitalik buterin actually
we wanted to answer Joseph so make sure to answer Joseph's question on account abstraction which
is really important um I think actually account Abstraction inside of Roll-Ups is potentially very
powerful and quite simple to implement the reason
Basically being that in a roll-up where you have
a sequencer that sequencer could be more powerful Than the other nodes um and so the secret circuit
spends more time verifying each transaction and Checking if that transaction pays the fee um
the sequencer would have more long-running Relationships with participants so they would
have more ability to penalize them before but Um before uh publish uh providing transactions
that turn out to be invalid after a very long Period of execution the transactions don't need to
be rebroadcasted they don't need to be reprocessed And so forth and so you could basically create
just like a very simple and dumb abstraction that Says run the transaction sequencer checks if their
own balance went up by a sufficient amount if it Did then include it if not then throw it away um
and so you can do account abstraction very nicely And simply in this uh secret uh sequencer
model and and that actually could be a very Kind of a good place to start experimenting with
account abstraction so I'm uh definitely bullish On that so is eip4337 account abstraction
plus the unstaking upgrade that's coming Up are these two things something that could
really send ethereum to the next level I don't Think most people realize how clear ethereum's
roadmap is for the next few years ethereum had Some tumultuous times getting to where it did in
2021 with the merge with proof of stake ethereum Today has a very clear vision for the future
with l2s with scaling follow our channel for Daily videos keeping you updated on everything
going on in cryptocurrency you let me know if I was the one who put this on your radar most
people don't know about this we do our audience Does I do think that this is something that most
people do not realize and will take ethereum to The next level but you tell me subscribe to
the channel like the video see you tomorrow
