Account abstraction, also known as “smart accounts,” could eventually connect a billion users from the Asia region to Web3, according to an executive at Ethereum software solutions provider ConsenSys.
Director of Strategic Initiatives at ConsenSys, Laura Shi, noted to Cointelegraph that the Ethereum and Web3 ecosystem has seen strong expansion in Asia this year.
“More dApps are improving the user experience for the Asian market, including introducing support for Asian languages,” she said.
Shi added that this expansion is primarily due to the introduction of zero-knowledge Ethereum Virtual Machine (zkEVM) summaries and the mass adoption of optimistic summaries.
These two summaries represent the Layer 2 scaling solution zkEVM offers developers security, scalability and direct compatibility with Ethereum smart contracts.
Shi believes in development account abstractionwhich offers more programmable functionality and more “banking” features than a regular crypto wallet would increase adoption in the region.
“Evolution of account abstraction will facilitate the integration of billions of users in APAC into Web3”
Abstraction of the account designed Vitalik Buterin and other developers in EIP-4337 “to completely avoid protocol changes at the consensus layer and instead rely on higher-layer infrastructure” in September 2021. However, this concept goes much further in Ethereum’s timeline.
According to Chainalysis Global Cryptocurrency Adoption 2022 Index, two of the world’s biggest cryptocurrency adopters were in Asia — Vietnam and the Philippines. Thailand, China and India were in the top 10 despite the anti-crypto sentiment of their governments.
Shi believes mass adoption in Asia is also driven by social games and Web3 gameshe cites South Korea and China as examples.
“South Korean game publishers are constantly focusing on publishing RPG Web3 games and trying to optimize the sustainability of the on-chain economic model,” Shi said.
“Meanwhile, the Chinese-speaking developer ecosystem is focused on integrating Web2 users into Web3 games through the adoption of account abstraction solutions.”
Both use cases will rely heavily on zkEVM summaries and account abstraction development, she added.
“From a use case perspective, we see Web3 social and gaming content as having the greatest potential in the coming years. It is powered by [a] cumulative solution zkEVM a [an] an account abstraction solution that enables subsidizing gas charges and social recovery.”
When asked if the current crackdown on the US industry could be driving the growth of Ethereum and the Web3 ecosystem in Asia, Shi said she saw no connection.
“So far, we have not observed any direct correlation between these and regulatory dynamics in the United States.”
The pivot to Asia has been a hot topic lately as US crypto and Web3 companies look for friendlier jurisdictions in the Far East.
However, the Ethereum ecosystem in Asia seems to be doing well on its own without the catalyst of Uncle Sam. the war on cryptocurrencies.