Pathway to making web3 more inclusive to a wide spectrum of users
Introduction
The world of blockchain technology is constantly evolving, and one concept that has been gaining significant attention is ‘account abstraction’.
This paradigm shift allows for programmable blockchain accounts, where smart contracts exclusively hold assets, removing the need for externally-owned accounts (EOAs) to initiate and control transactions on behalf of users.
Account abstraction opens up a realm of possibilities, empowering developers to create sophisticated wallets and innovative transactions.
Let’s delve into the exciting use cases of account abstraction and discover how Lomads stands to benefit from this transformative approach.
Unlocking the Potential of Account Abstraction
Account abstraction introduces numerous use cases that revolutionize the way we interact with blockchain systems. Let’s explore some of the key features:
Most of the use cases presented above can be implemented right-away, thanks to services such as Biconomy and Web3Auth, two of Lomads’ partners. Several account abstraction features such as option for social login and gasless transactions are already implemented in Lomads and we are confident that it is going to find wide-spread use.
A case in point, Visa, the world’s second-largest card payment organization, has released a technical paper discussing the need for improved user experiences and functionality in blockchain-based products. They propose a solution using Account Abstraction, a concept from Ethereum, to enable automated programmable payments. The paper highlights the challenge of setting up recurring payments on a blockchain and introduces the idea of delegable accounts, which allow users to delegate payment instructions to a pre-approved smart contract. It also mentions the implementation of Account Abstraction on StarkNet, a Layer 2 blockchain built on Ethereum. Visa sees auto payments as a crucial feature that the current blockchain infrastructure lacks and believes that programmable money and payments offer exciting opportunities.
Lomads Harnessing the Power of Account Abstraction
Lomads acknowledges the power of account abstraction and is proactively positioning itself to capitalize on this technology. Our strategy draws on two critical insights from over 100 observed organizations:
- As the market shifts from early adopters to early majority, we detect a desire for improved user experience and a resolution to the web2 versus web3 debate.
- In web3 organizations, a disconnect exists between forward-thinkers and the broader community, underlining the challenge of sustaining innovation that appeals to all users.
Embracing account abstraction, Lomads aims to deliver an unmatched, user-friendly experience to a diverse range of users. Here’s how:
- User-Friendly Onboarding: The technology simplifies the entry point into the blockchain by replacing complex cryptographic key management with familiar identifiers such as usernames or email addresses. This lowers the barrier for newcomers to the web3 ecosystem.
- Operational Ease: Account abstraction mitigates operational friction by facilitating gasless transactions. Whether conducting financial transactions, minting membership NFT/SBT, or deploying smart contracts, users can bypass the need for native coin balances. Thus, organizations can pre-pay gas fees, easing individual burden.
- Effortless Account Recovery: With the influx of new users, account recovery becomes essential. Account abstraction enables easy recovery via traditional methods like email-based resets and multi-factor authentication. And of course, there will be new web3 native methods that are yet to come!
- Enhanced Security: This technology safeguards user accounts and transactions by employing robust cryptographic techniques, reducing risks associated with user errors such as incorrect fund transfers due to typos.
- Interoperability and Collaboration: Account abstraction paves the way for seamless interaction across multiple dApps and platforms. It eliminates the need for separate accounts per application, simplifying collaboration and contributing to a vibrant web3 ecosystem.
As such, by harnessing the power of account abstraction, Lomads is leading the charge in creating a secure, accessible, and collaborative web3 environment, paving the way for a more inclusive and user-friendly future in the blockchain ecosystem.
Lomads addresses two challenges in the web3 landscape: fluid work structures and individual data sovereignty. Current tools hinder agility and require redundant supervision, while data privacy remains a concern. Lomads provides a platform and protocol. The platform automates compensation and permissions using Soulbound Tokens (SBTs), streamlining workflows with popular integrations. The protocol enables self-sovereign identity, refining rewards, access and governance.
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