Prominent crypto author Panos Mekras has identified built-in account abstraction as the primary solution that will lead to mass adoption of XRP Ledger (XRPL).
Mekras recently made this proposition on X, bringing it to the attention of Ripple engineers such as Mayukha Vadari and CTO David Schwartz.
The XRP Ledger needs a built-in account abstraction solution! The main solution that will lead to mass adoption.
A solution that can allow an account (especially useful for projects) to pay for tx fees and reserves for other accounts, and maybe even reduce or remove completely…
— Panos 🔼{X} (@panosmek) April 28, 2024
Why XRP Ledger Needs Built-in Account Abstraction
In the post, Mekras stressed XRPL’s need to integrate a built-in account abstraction solution. This solution will enable accounts to cover transaction fees and reserves for other accounts, which is particularly beneficial for projects building on XRPL.
Mekras pointed out that the current XRPL framework presents limitations for XRPL apps. He noted that projects will find it challenging to seamlessly onboard potentially millions or even thousands of users while keeping the XRPL infrastructure hidden from view.
However, Mekras, co-founder of Anodos Finance, explained that this proposed solution could eliminate certain reserves that prevent apps from smoothly onboarding users.
According to the industry pundit, mass adoption will remain elusive if blockchains are not hidden from end users’ view. Mekras pointed out that most end users are indifferent to the underlying technology, blockchain, token, or chain.
Instead, they prioritize functionality, superiority over alternatives, and problem-solving capabilities in applications. Their focus lies on experiences and products rather than infrastructure.
“If we want to see mainstream adoption of Web3 as a more open, decentralized internet with self-sovereignty, then we need to do better,” Mekras remarked.
Chain Abstraction is Must-Have for the Industry
In parallel, Mekras stressed that chain and account abstraction stands as an indispensable solution for the entire industry. He highlighted its ability to streamline blockchain intricacies and simplify the numerous steps required for current crypto users on dApps or chains.
This includes reducing the need for multiple contract approvals and eliminating the hassle of managing seed phrases and private keys. It is also said to address bottlenecks associated with gas fee payments.
Meanwhile, Mekras noted that solutions for EVM-compatible chains already exist and are relatively more straightforward to implement. Also, he highlighted that XRPL’s rival Stellar (XLM) has implemented a similar abstraction. As a result, the industry commentator noted that having a similar solution on XRPL is now crucial.
“We need it on XRPL as well, and we need it very soon,” Mekras submitted.
Reacting to the proposition, some community members expressed agreement with Mekras’ view of XRPL’s need for abstraction.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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