🛡️Account Abstraction
Understand about AVA's most important technology.
Last updated
Understand about AVA's most important technology.
Last updated
Account Abstraction (ERC-4337) is an upgraded token standard which avoids the need for a consensus-layer protocol. In more plain English, it allows traditional wallets to function like smart contracts that can be programmed with custom capabilities.
Account Abstraction will become an inevitable concept in the cryptocurrency world. It transforms a basic wallet into a Smart Contract Wallet, which, in turn, unlock a world of opportunities. One notable advantage is the ability to facilitate automated transaction operations like web2 activities without the need for storing private keys.
In traditional accounts, you have two types:
| Externally Owned Accounts (EOA) | Contract Accounts (CA) |
|---|---|
Account Abstraction combines the strengths of both. It creates "Smart Contract Wallets" which offer:
Security and Control: You keep control like an EOA but without storing private keys, making it safer.
Super Handy: These wallets can perform complex tasks with programmable logic, like batch transactions and recovery.
In simple terms, Avabot's use of Account Abstraction ensures your keys are not exposed or stored on our platform, significantly reducing the risk of unauthorized access.
In a short answer: You have complete and permanent ownership of your assets.
When utilizing the AA feature, it's important to understand that we, as the service provider, do not possess the authority to initiate withdrawals of assets from your Smart Contract Wallet.
AA empowers us to execute trades on your behalf. Therefore, the responsibility for authorizing withdrawals lies solely with you. To enable this process, you will need what we refer to as a "Owner Address".
Please read our blog article to better understand Account Abstraction: HOW TO TRADE ON A TELEGRAM BOT WITHOUT PROVIDING MY PRIVATE KEY?
You control them with private keys.
Controlled by code
Limited functionality for basic transactions.
Versatile but complex to manage