Everything About Account Abstraction: Coinbase Rolls Out Smart Wallets, Scroll’s Keystore Facilitates Multi-Chain Integration, Latest AA Afterhours on ERC-4337, Portkey Integrates Zero-Knowledge Proofs

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Etherspot

5 min readJun 12, 2024

We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.

The latest news we’ll cover:

· Coinbase Launches Smart Wallets: Zero Gas Fees and Easy Onboarding
· Execution Layer Meeting 189: Pectra’s EIPs and Client Updates
· Keystore by Scroll: Pioneering Wallet Integration for Multi-Chain
· New Episode of the AA Afterhours Series: Enhancing 4337
· Portkey Integrates Zero-Knowledge Proofs

Please fasten your belts!

Coinbase Launches Smart Wallets: Zero Gas Fees and Easy Onboarding

Coinbase has introduced a smart wallet designed to streamline the onboarding process for users, eliminating the need for gas fees and traditional recovery phrases.

Using Account Abstraction Coinbase’s smart wallet enables users to access blockchain effortlessly through biometric options like Face ID, fingerprint, or Yubikey. It integrates seamlessly with major apps and provides a self-custody solution, allowing payments directly from the user’s Coinbase Wallet or account.

The smart wallet supports multiple networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. The wallet is accessible via a web app, which serves as the main platform for managing assets and transactions.

Coinbase highlights that this next-gen smart wallet is about simplifying digital asset management, making it as easy as logging into a website.

Execution Layer Meeting 189: Pectra’s EIPs and Client Updates

During the Execution Layer Meeting 189 on June 6, 2024, Ethereum developers discussed key updates and the future scope of the Pectra upgrade.

The meeting, led by Tim Beiko, focused on refining and potentially including important Ethereum Improvement Proposals (EIPs) like EIP-7702. The developers decided against including the End-of-File (EOF) format in the upcoming devnet-1, though other elements of Pectra will proceed.

Issues regarding EIP-158 in a post-Verkle environment led to discussions about its deactivation, alongside updates on client support for EIP-4444 related to portal technology.

The session concluded with plans to improve the EIP review process and announcements of upcoming specialized breakout sessions.

Watch the full recording of the meeting here, or read the recap by Tim Beiko here.

Execution Layer Meeting 189 [2024-06-06]

https://github.com/ethereum/pm/issues/1052

www.youtube.com

Keystore by Scroll: Pioneering Wallet Integration for Multi-Chain

Scroll, native zkEVM Layer 2 for Ethereum, has introduced Keystore, a new approach to enhancing the user experience in a multi-chain environment. It was first announced at Safecon Berlin.

Keystore is designed to address the challenges faced by smart contract wallets, which are crucial for onboarding the next billion users to blockchain technology. Unlike traditional wallets, smart contract wallets offer advanced features like 2FA, gas sponsorship, and social recovery, greatly improving security and user experience.

Keystore separates verification logic from asset holdings, allowing users to manage multiple chain assets from a single point of control. This setup not only simplifies wallet management across different chains but also enhances privacy by enabling users to maintain separate addresses without publicly linking them.

Additionally, Keystore integrates with zero-knowledge proofs to allow users to prove their ability to spend assets according to their Keystore’s rules without revealing which data they accessed. This method promises a more secure and private user experience, facilitating seamless and private transactions across multiple blockchains.

The introduction of Keystore represents a significant step towards simplifying the blockchain user experience. This technology closely aligns with Vitalik Buterin’s vision of a multi-chain future, as outlined in his article The Three Transitions. It enables users to enjoy a Web2-like experience while benefiting from the decentralization and security of Web3.

New Episode of the AA Afterhours Series: Enhancing 4337

Check out the latest episode of the AA Afterhours video series. This fourth installment features Kristof Gazso from Pimlico, discussing the latest developments in the latest EntryPoint version (0.7) and the roadmap to enhancing smart account adoption with complementary ERCs and developer-friendly SDKs.

Dive into the technical enhancements and new standards aimed at reducing user operation costs and facilitating broader adoption of account abstraction technologies.

Watch the video here.

Portkey Integrates Zero-Knowledge Proofs

Portkey, the pioneering AA wallet on the aelf blockchain, has announced its latest integration of Zero-Knowledge Proofs (ZKPs) to boost user security and privacy. This advanced cryptographic method enables users to prove the validity of claims without revealing any underlying data, offering unmatched privacy.

By incorporating ZKPs into its Web3 wallet and decentralized identity management system, Portkey is set to provide blockchain users with secure and provable identity verification without compromising sensitive personal information.

This move aims to seamlessly bridge the gap between traditional internet applications (Web2) and decentralized applications (Web3), enhancing user trust and privacy.

Portkey’s adoption of ZKPs is expected to safeguard sensitive user data against emerging digital threats, allowing users to interact confidently with digital services.

The introduction of SocialLogin through ZKPs further simplifies the user experience by enabling secure logins and transaction validations using existing social media accounts, thus eliminating the need for traditional complex onboarding processes.

Through this integration, developers can create applications that allow users to authenticate via popular platforms like Google and Facebook while ensuring data remains private and secure.