According to a ConsenSys Executive, Account Abstraction Will Attract a Billion Users From Asia to Web3

In the opinion of Laura Shi, Web3 gaming, zkEVM scalability, and security will all help to increase Ethereum adoption along with smart accounts and other features.

Source: techpresident.com

As claimed by a manager at Ethereum software solutions firm ConsenSys, account abstraction, commonly referred to as smart accounts, might potentially bring a billion users from the Asia area to Web3. The Ethereum and Web3 ecosystems have experienced significant growth in Asia this year, according to Laura Shi, director of strategic projects at ConsenSys, who was speaking to Cointelegraph.

As indicated by Shi, the advent of zero knowledge Ethereum Virtual Machine (zkEVM) and the widespread use of Optimistic Rollups are the main factors driving this development. With zkEVM providing developers with security, scalability, and direct interoperability with Ethereum smart contracts, the two rollups are layer-2 scaling solutions. Shi thinks that the advancement of account detachment, which provides more bank-like features and programmable capabilities than a standard crypto wallet, will boost acceptance in the area. 

To completely prevent consensus-layer protocol changes, rather than depending on higher-layer infrastructure, Vitalik Buterin and other researchers suggested account abstraction in EIP-4337 in September 2021. However, in the history of Ethereum, the idea dates back far further.

Vietnam and the Philippines were the top two crypto-adopting nations in the world in 2022, according to the Chainalysis Global Crypto Adoption Index. Despite having governments that are anti-crypto, Thailand, China, and India all made the top 10. Shi cites South Korea and China as two examples of countries where social gaming and Web3 gaming are driving mainstream adoption. Shi explained that South Korean game companies are constantly concentrating on Web3 RPG game publishing in an effort to maximize the viability of the on-chain business model.

Web3 Games Require Asia's Existing Gaming Dominance, Which Is Vital

Shi said that she didn't see any connection between the present U.S. business crackdown and the expansion of the Ethereum and Web3 ecosystems in Asia. As American crypto and Web3 companies look for friendlier countries in the Far East, the pivot to Asia has become a hot issue. However, without the trigger of Uncle Sam's attack on cryptocurrency, the Ethereum ecosystem in Asia seems to be thriving on its own.

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