Ethereum layer 2 StarkNet is one of the first projects to go full steam ahead with the promising new scaling and privacy mechanism account abstraction, and the first blockchain to natively integrate it. cryptauxmargaux reports for ProjectsToWatch2023:
One of the problems with having custody of your own crypto is how difficult it is for everyday users to navigate the technology. A simple mistake can mean there is no way to recover your digital assets. For example, if you lose the “keys” to your crypto account, you could lose access to your crypto forever.
Its founders, Eli Ben-Sasson and Uri Kolodny, more casually known as the Ernie and Bert of blockchain , have known each other since they were both 18 years old. Ben-Sasson, a computer science professor at Technion, has been involved longer in the blockchain space as co-founder of Zcash, the privacy crypto on the Bitcoin blockchain.
StarkNet is unusual because AA is natively integrated into the protocol. Unlike Ethereum, where AA, also known as ERC-4337, is an additional layer on top of Ethereum, users of StarkNet can natively use AA without having to reprogram their wallets into smart contracts. EOAs are the most popular type of account on Ethereum , where users are given a pair of keys: a public and a private key. Users send funds to an EOA using their public keys. But only the account’s owner can actually initiate transactions from that account.
Account abstraction addresses the shortcomings of EOAs by merging the two types, therefore allowing users to have built-in fail-safe mechanisms and other special features for verifying transactions. “The legacy that exists on Ethereum is a very limiting factor in this regard, meaning even if you do introduce AA, anyone developing an application has to take into account a very significant installed base of EOA accounts,” said Kolodny. “On StarkNet, we start from a clean slate, all you have are these smart wallets. That's the only sort of interaction that users have with the network.
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