Crypto: Ethereum Smart Accounts Are Finally Coming 'within A Year' —...

Removing intermediaries with account abstraction is a “core principle of non-ugly cypherpunk Ethereum,” said Buterin.

Ethereum account abstraction, or smart accounts, will be shipped with the Hegota upgrade “within a year,” said Vitalik Buterin on Saturday.

“We have been talking about account abstraction ever since early 2016,” said the Ethereum co-founder over the weekend.

He added that now, “we finally have EIP-8141, an omnibus that wraps up and solves every remaining problem that AA [account abstraction] was intended to address (plus more),” and it is slated for deployment this year.

The core concept is “about as simple as you can get while still being highly general purpose,” using “frame transactions,” explained Buterin.

Instead of a transaction being a single operation, it becomes a sequence of “frames” that can reference each other’s data, and each frame can signal authorization of a sender or gas payer.

Smart accounts with multi-signatures, quantum-resistant wallets, and accounts with changeable keys work by having a validation frame, which checks the signature and approves it, followed by an execution frame.

Paying gas in non-ETH tokens can be done via a “paymaster contract” or a special-purpose decentralized exchange that provides Ether (ETH) in real time, with no intermediaries required, which is a big deal for Ethereum’s ethos, said Vitalik.

Related: Vitalik Buterin outlines quantum resistance roadmap for Ethereum

All Ethereum accounts, including existing ones, can be put into the same framework and gain the ability to do batch operations and transaction sponsorship, he said.

Source: CoinTelegraph