Steemit Crypto Academy Contest / S13W3 - Account Abstraction

Assalamualaikum everyone!

Welcome to the post. Hopefully, all of you will be doing well and enjoying the time with the grace and blessings of Almighty Allah. Today, I'm here to be a part of the week 3 contest in our beloved SteemitCryptoAcademy community. The topic of discussion for this week is very much informative and interesting Account Abstraction. So, let's start the fun without any wastage of time.

Can you explain in detail Account Abstraction and its operational principles?

Well, private keys are now used to manage Ethereum accounts, as we all know. Private keys are sequences of numbers and letters that are used to sign transactions. If a person misplaces or lost their private key, they will lose access to their account as well as all of their cash.

Account Abstraction solves this problem by using smart contracts to manage accounts. Smart contracts are Ethereum-based blockchain apps. They can be programmed to do a variety of tasks, including account administration or so.

Users can develop a Smart Contract Account (SCA) using Account Abstraction. Smart contracts, which can be configured to apply various security mechanisms, govern SCAs. For example, a Smart Contract can be built to demand several signatures to allow transactions. Hackers will find it more difficult to steal funds from a SCA as a result of this.

To connect to the blockchain via a SCA, users just need to transmit a transaction to the smart contract that monitor their account. The smart contract will then carry out the transaction on behalf of the user. This is the explanation of the Account Abstraction in the simple terms.

Moving Towards the Operational Principles...

SCAs are specialized smart contracts that have the ability to send and receive ETH. A set of rules stated in the smart contract code control SCAs.

Another thing to be notice is that the SCAs can be programmed to support a variety of account types, including multi-signature accounts, ESCROW accounts, and DAOs. This enables developers to create new and distinct types of accounts that are tailored to the individual demands of their consumers.

Moreover, SCAs just like the traditional Ethereum accounts, can be used to communicate with the Ethereum Virtual Machine (EVM). As a result, SCAs can be used to install and run smart contracts, send and receive ETH, and link to other Ethereum accounts and applications.

Regarding the accessibility and usability of blockchain, what are the implications of adopting Account Abstraction?

As we have already discussed about the details regarding the Account Abstraction so now I will explain some of their implementation. There are several possible effects of account abstraction (AA) on blockchain's usability and accessibility. Some of the, are listed below.

• Enhanced Accessibility:

The first implication of AA is that the users unfamiliar with the technical aspects of cryptocurrencies and blockchain technology may find blockchain more approachable because of AA. AA simplifies the process of interacting with decentralized applications (DApps) and blockchain by removing the requirement for users to maintain their own private keys and account balances.

• Improved Usability:

Secondly, by offering a more user-friendly interface for dealing with the blockchain, AA can also improve the blockchain's use. Features like key management, account management, and transaction signing can be made available to users by AALs. Users may find it simpler to interact with DApps and manage their accounts as a result.

• Decreased Complexity:

Another important implication of AA is that by simplifying the Ethereum account mechanism, AA can help lessen the complexity of the blockchain. Users may find it simpler to comprehend how the blockchain functions as well as easier for developers to create Dapps.

• Enhanced Security:

Moreover, by removing the requirement for users to maintain their own private keys, AA can also help to strengthen the security of blockchain technology. By doing this, users may be less likely to lose their money to fraud or theft situations.

So, these are some of the implication of adopting the Account Abstraction by any blockchain platform.

What methods are used to integrate Account Abstraction into an existing blockchain system?

Account Abstraction (AA) can be implemented into an existing blockchain system using one of two major methods:

1. Upgrade the Blockchain System:

The first approach is to support AA by upgrading the blockchain protocol. This would include implementing the AA specification by modifying the blockchain's fundamental programming. The best user experience may be achieved by using the most difficult and time-consuming method, but it would enable AA to be smoothly integrated into the blockchain.

The following steps should be taken in order to integrate a blockchain platform with the Account Abstraction mechanism.

• First of all, AA specification would need to be decided upon and approved by the blockchain community.

• After that the underlying blockchain code would need to be modified in order to implement the AA specification.

• Then the modified blockchain's core code would need to be tested and put into use.

• In the next step, blockchain node would need to be updated in order to use the revised blockchain core code.

• Finally, an updated blockchain protocol supports AA has been developed in which the users will be able to construct and use SCAs to interact with the blockchain.

2. Use a Sidechain or layer 2 Solution:

The second way to apply AA is by using a sidechain or layer 2 solution. This would need developing a brand-new layer 2 system or blockchain with AA compatibility in mind. Upgrading the blockchain protocol is more complicated and time-consuming than this method, but in order to use AA, customers would need to transfer their funds to the new blockchain or layer 2 solution.

The following actions would need to be completed in order to implement AA utilizing a sidechain or layer 2 solution:

• Firstly, to support AA, a sidechain or layer 2 solution would need to be developed or created.

• Then, the sidechain or layer 2 solution and the current blockchain would need to be connected by a bridge.

• And then, users would have to transfer their money to the sidechain or layer 2 solution.

• And at last the users can establish and use SCAs to communicate with the blockchain after transferring their funds to the sidechain or layer 2 solution.

So, these are two method that can be used to implement the AA mechanism. The particular requirements of the blockchain community will determine which approach is most effective for incorporating AA into an already-existing blockchain system.

This thing is also important to notice that Updating the blockchain protocol is the ideal course of action if the objective is to smoothly incorporate AA into the blockchain and offer the optimal user experience. Otherwise, employing a sidechain or layer 2 solution is preferable if the objective is to deploy AA fast and effectively.

Could the integration of Account Abstraction present advantages for the Steem blockchain? If so, could you elaborate on the potential benefits?

Well, according to my own knowledge, the adoption of the AA will present very potential benefits for the Steem blockchain. Some of them are listed below,

• Improve The Users Experience:

The first potential gain of the AA is that by removing the requirement for users to maintain their own private keys, AA may make the Steem blockchain easier to use. This may facilitate the onboarding process for new Steem users and lower the possibility that users will lose their tokens to fraud, scams or theft.

• Enhanced Security:

Secondly, AA makes it harder for hackers to take money from user accounts, AA may also help to strengthen the security of the Steem blockchain. Multi-signature accounts, for instance, might be implemented using AA and require several signatures in order to authorize transactions. Attackers may find it more difficult to take money from valuable accounts as a result.

• Improved Functionality:

Another important advantage is that the Steem blockchain's functionality might also be improved by using AA. For instance, new account types like escrow accounts and decentralized autonomous organizations (DAOs) could be implemented using AA. This might give developers and users of Steem new opportunities.

• Increased Adoption:

By making the Steem blockchain more user-friendly for a larger group of people, AA may also contribute to a rise in the blockchain's popularity. Steem might be integrated with other blockchains and ecosystems, for instance, using AA. Users may find it simpler to combine Steem with other blockchain apps as a result of this.

• Lessen the Chances of Community Abuses:

Another potential gain of the AA will be that it will decrease the chances of the community abuses. We know that the multi-sig wallets or accounts is a very great application of the AA. So, it will increase the security of the community accounts, especilly. We have recently seen the Power Down of many large communities so this feature will avoid this thing.

Are there any drawbacks associated with using Account Abstraction, and if so, could you provide a concrete example?

We all know that nothing is perfect in this universe so the same is the case with the AA, there are a few possible disadvantages to employing Account Abstraction (AA). Have a look at the below list:

• Increase the Complexity:

First and the most important drawback of AA blockchain ecosystem may become more complex as a result of AA. This is due to the fact that AA necessitates the creation and implementation of new infrastructure and smart contracts. This may make it more challenging for people to comprehend how the blockchain functions, especially for the new users and for developers to create apps as well.

• Reduce Transparency:

Secondly, AA has the ability to make the blockchain less transparent. This is so that AA can hides the actual account implementation. This may make finding and addressing vulnerabilities more challenging for auditors and security researchers.

• Encourage Centralization:

Another important thing to notice is that by increasing centralization is a possible outcome of AA. This is a result of AA's requirement for AAL use. Typically, centralized organizations run AALs. As a result, consumers have to have faith that the AAL operator would handle their accounts securely.

Moving Towards the Example:

Suppose, a user is using an AAL to administer their SCA on a blockchain. The attacker obtains access to the user's SCA after compromising the AAL operator. The attacker might then carry out malicious transactions or steal the user's funds using the SCA.

It is significant to remember that by implementing the necessary security precautions, the negative effects of AA can be lessened. For example, the users have to only utilize AALs from reliable operators. When creating AALs and SCAs, developers should also be very cautious to security best practices.

Conclusions

The Account Abstraction is a very unique and advanced concept in the blockchain technology which has been implemented by the Ethereum blockchain. It involves the monitoring of the account by the third party actually through the smart contracts that are based on these blockchain protocol. In this way, the users can communicate with the parent Blockchain. The drawbacks should also be taken into note before adopting this technique.

I would like to invite my friends @malikusman1, @artist1111, @ashkhan and @yancar to be a part of this amazing and interesting contest.