Plena Finance and Account Abstraction
Plena Finance has been ahead of the game, using the now-popular term “account abstraction” for the past two years. While it may be a new term for some, account abstraction is a crucial concept in the world of Ethereum. To grasp its meaning, we must first understand what an account refers to in the Ethereum context.
Ethereum has two different types of “accounts”:
- Contract Accounts
- Externally Owned Accounts (EOAs)
Externally Owned Accounts, like the ones used in MetaMask, belong to individual users and are secured by public and private cryptographic keys.
On the other hand, Contract Accounts are smart contracts that exist on the blockchain and are controlled by the logic of the code within them. Smart contracts have the ability to perform any action that can be programmed, while EOAs are limited to signing transactions.
EOAs are very limited in their capabilities and smart contracts are infinitely more flexible in their capabilities than EOAs. Each smart contract can define different rules and configurations within its code.
EIP-4337: Account abstraction is the proposal to allow users to use smart contract wallets as their main accounts instead of EOAs.
Plena leverages Account Abstraction to offer a centralized user experience through its application. With Account Abstraction, Plena users can pay transaction fees with ANY token, execute complex blockchain actions with just one transaction, and accomplish all this with a simple tap on their mobile screens.
For the past two years, Plena has been utilizing EIP-4337: Account Abstraction, recognizing the importance of this technology within the web3 industry.
Prior to account abstraction, using blockchain applications with EOAs was a cumbersome task, as users had to understand the intricacies of the blockchain technology to perform even the simplest actions, such as transferring a stablecoin.
To tackle this issue, Plena introduced their wallet to the market, which has received significant attention and become a favorite wallet on both the Fantom and Polygon networks. The wallet has garnered a large user base due to its user-friendly and seamless mobile application, resulting in over 3 million completed transactions in just one month.
Plena Finance has recently unveiled an updated version of their application with a user interface that closely resembles that of a centralized exchange. This new UI is designed to be familiar to cryptocurrency owners, while the application itself remains a self-custodial wallet. This means that users retain complete control over their cryptocurrency assets at all times.
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