Plena Finance Leads the Way as the First Mobile Smart Contract Wallet to Leverage Account Abstraction

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June 28, 2024

Mobile First, Web Second

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Mobile usage has exploded over the past decade, and that trend shows no signs of slowing down. Today, people spend more time on their mobile devices than they do on desktop computers. As a result, more people are accessing Web3 via mobile devices. In fact, according to a recent study, mobile accounts for 55% of all web traffic. With mobile usage on the rise, it’s more important than ever for companies to create mobile-first experiences.

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Crypto Goes Mobile

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Crypto is also going mobile. A recent report by the cryptocurrency exchange, Binance, revealed that the number of crypto users using mobile devices increased by 70% in 2020. The report also found that mobile devices were the most popular choice for crypto users in developing countries. These statistics show that mobile usage is essential for the growth and adoption of cryptocurrencies.

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Plena Finance has made history by becoming the first self-custodial mobile wallet to utilize Account Abstraction (AA) technology. With AA, the goal is to reduce the number of account types from two to one, making Web3 more flexible and usable. Plena Finance’s adoption of AA is a significant milestone in the evolution of Web3, and it paves the way for other wallets to follow suit. In this article, we’ll dive into Account Abstraction, its benefits, and why Plena Finance’s adoption of AA is a game-changer in the Web3 landscape.

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Understanding Account Abstraction

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Account Abstraction (AA) is the idea of removing the account specification from the core protocol level and providing an entry point (or default account) that implements these specifications. This is achieved by reducing the number of account types from two to one, with the two account types being External Owned Accounts (EOAs) and smart contract accounts. EOAs are managed by a private key, while smart contract accounts are governed by code.

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Benefits of Account Abstraction

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The benefits of AA are many and include native multisig, seedless logins, social recovery, easy wallet migrations and key handling, hybrid custody setups, and new currencies for gas. These features make dapps and wallets more user-friendly, eliminating the need to manage private keys/seed phrases and hold/pay native chain for gas.

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Plena Finance’s Adoption of AA

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Plena Finance’s adoption of AA is significant for two reasons. Firstly, the company is the first self-custodial mobile smart contract wallet to bring AA. Secondly, Plena Finance’s programmable smart contract account already offers many of the benefits of AA. This means that Plena Finance users are already enjoying a user-friendly experience to dapps, without the need to manage private keys/seed phrases and hold/pay native chain for gas.

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Plena Finance’s Role in Bringing AA to Reality

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Plena Finance understands that it has a significant role to play in bringing AA to reality. The biggest bottleneck for account abstraction is finding people to implement these new technologies, but Plena Finance has big plans to address this. The company plans to support contract standards like EIP4337, which are pushing in the direction of AA. Plena Finance will also incorporate feedback collected from the module-based EIP-4337 support to streamline support for native account abstraction on different chains.

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Conclusion

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Plena Finance has taken the lead as the first mobile smart contract wallet to leverage Account Abstraction technology. With its adoption of AA, the company has made a significant contribution to the evolution of Web3, and it paves the way for other wallets to follow suit. AA’s benefits, such as , seedless logins, and social recovery, make dapps and wallets more user-friendly, eliminating the need to manage private keys/seed phrases and hold/pay native chain for gas. With Plena Finance leading the way, we can look forward to a more accessible and user-friendly Web3 experience.

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