Account Abstraction Could Onboard Billions of Asians to Web3, Experts Predict: Here’s What It Means

More Web3 players and dApps developers are customising their products in alignment with the needs of the Asian market.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 5 July 2023 14:45 IST

Account Abstraction Could Onboard Billions of Asians to Web3, Experts Predict: Here’s What It Means

Photo Credit: Pixabay/ Hans

Ethereum founder Vitalik Buterin had proposed account abstraction in 2021

Highlights

Asia is undergoing a Web3 boom
Vietnam, India, Philippines are adopting Web3
Japan is also opening doors to crypto players

Asia, the largest continent comprising 51 nations, is garnering the attention of Web3 players from different parts of the world, owing to its diverse market. ‘Account abstraction' or Blockchain-based smart accounts could be the next thing that could onboard billions of Asians onto Web3, industry experts seem to believe. Essentially, account abstraction is a blockchain technology that lets users use smart contracts as their primary accounts.

More Web3 players and dApps developers are customising their products in alignment with the needs and popular patterns of the Asian market. The observation was highlighted by Laura Shi, the director of strategic initiatives at ConsenSys, during a recent interview with CoinTelegraph. ConsenSys is an Ethereum software solutions provider.

In the coming times, account abstraction or smart accounts could gain popularity as they would not only keep account details invisible on the Ethereum blockchain, but also allow users to control and decide how individual accounts are operated and managed.

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This would add more layers of security to the financial activities being processed on the Ethereum blockchain.

Shi reportedly said that account abstraction brings more customisable functionality to financial activities while also offering more traditional bank-like features than usual crypto wallets.

Vitalik Buterin, the creator of the Ethereum blockchain, first proposed the concept of account abstraction back in September 2021.

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Its adoption in Asia is being foreseen now, as Asian nations are tech savvy and the scope of experimenting with new technologies ranges from the gaming industry to the finance industry.

Last year's Chainalysis Global Crypto Adoption Index said that Vietnam, Philippines, Thailand, China, and India are among the top drivers of Web3 growth on the continent. The report had also highlighted that in the second quarter of 2022, 58 percent of web traffic from Asian nations to crypto services was NFT-related. Another 21 percent traffic was related to play-to-earn blockchain games.

This year, Japan, too, has embraced the Web3 sector with open arms, inviting Web3 players to setup shop in the country.

The combined region of Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market last year. Residents of nations in these regions reportedly generated $932 billion (roughly Rs. 75,09,170 crore) in cryptocurrency value from July 2021 to June 2022.

Owing to these factors among others, Shi believes, blockchain use cases will continue to entice people.

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Further reading: Cryptocurrency, Asia, Web3, Blockchain, Crypto, ConsenSys

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More