Account Abstraction wallets have been acclaimed as the groundbreaking new wallet innovation that will help usher in the next billion users to the Web3 era with the seamless simplicity of a Web2 user experience. Our Loopring Account Abstraction wallet is now here and going live across Ethereum soon.

Let’s dig into what sets this new wallet apart ↓

First, let’s lay out the basics for anyone that is not familiar with the concept.

What is an Account Abstraction wallet?

Account Abstraction (ERC-4337) is an Ethereum Improvement Proposal (EIP) that introduces account abstraction to the Ethereum ecosystem.

Account Abstraction wallets aim to replace old EOA (Externally Owned Account) wallets (MetaMask is a very popular EOA wallet) with new Smart Accounts using programmable logic.

More simply — Account Abstraction is a new paradigm that aims to revolutionize the user experience and enhance the functionality of crypto wallets.

It’s a new concept that has gained a lot of attention in the Ethereum community over the past months. The promise is to improve the user experience by introducing this new smart logic and abstracting away complexity for the end user.

This should improve the user experience to a point that we can compete with traditional, centralized applications (Web-2) that are seamless and extremely convenient for the end user — bringing users into the new Web-3 era on decentralized crypto rails with a familiar, simple experience.

Loopring is now helping lead the way with this new effort with the hope to onboard the next generations of users to the space.

What features set the Loop Account Abstraction Wallet apart?

Loopring’s Account Abstraction Paymaster Service is the key behind this fresh, new user experience. This new Loopring Paymaster brings the user:

➔ A gas-free user experience with sponsored transactions

➔ Support for users to pay fees with multiple pay tokens

➔ Lower user fees by using a new pre-paid Gas Tank feature

Decentralization for the end user

This Paymaster Service is also interoperable with other Account Abstraction wallets — helping to decentralize the end user experience.

The Loopring Paymaster will be a Paymaster-as-a-service for other wallets to use and the Loopring Smart Wallet will also enable other paymasters to join our experience. If others enable this as well, this creates a decentralized user experience — users will have the ability to toggle between Paymasters to ensure uptime, optionality and a variety of services. $LRC #LRC/USDT