Account Abstraction

The traditional account model in blockchain systems, such as Ethereum, is based on the concept of an externally owned account (EOA). An EOA is simply a private key, controlled by a user, that can send transactions to other accounts on the network. The balance of an EOA is stored on the blockchain and can be accessed and controlled by the corresponding private key.

In contrast, Account Abstraction allows for more flexibility in how accounts are represented on the blockchain. It introduces the concept of contract accounts, which can hold and manage funds like EOAs but can also execute smart contract code. Contract accounts are controlled by the code they run, rather than by a private key.

With Account Abstraction, different account types can be represented on the blockchain in a more modular and extensible way, providing greater flexibility in the design and implementation of blockchain systems. It can also enable more advanced features, such as layer-2 scaling solutions and privacy-preserving techniques like zero-knowledge proofs.