“A Billion Users From Asia to be Driven to Web3 Thanks to Account Abstraction: ConsenSys Executive”

Crypto Expansion in Asia

Account abstraction, also known as “smart accounts”, could potentially onboard a billion users from the Asia region to Web3, according to Laura Shi, the director of strategic initiatives at Ethereum software solutions provider ConsenSys.

Shi told Cointelegraph that the Ethereum and Web3 ecosystem has seen a strong expansion in Asia this year, with a focus on improving user experience for the Asian market by introducing Asian language support and platforms such as Crypto.com, Voyager Crypto, and Crypto Today.

She added that the introduction of zero knowledge Ethereum Virtual Machine (zkEVM) rollups and the mass adoption of Optimistic rollups has been driving this expansion.

Crypto Adoption in Asia

Layer-2 scaling solutions such as zkEVM provide developers with security, scaling and compatibility with Ethereum smart contracts.

Vitalik Buterin and other developers proposed account abstraction, which offers more programmable features and “bank-like” features than a regular crypto wallet, as a potential way to increase crypto adoption in the region. This proposal, EIP-4337, was made in September 2021, but the concept has been around since Ethereum’s inception.

The 2022 Chainalysis Global Crypto Adoption Index reveals that the top two crypto-adopting countries are in Asia – Vietnam and the Philippines. Even with government restrictions, Thailand, China, and India also made it into the top 10.

Mass Adoption Driven by Social and Web3 Gaming in Asia

Shi believes that the mass adoption of crypto in Asia is being propelled by social gaming and Web3 gaming, with South Korea and China as prime examples.

“South Korea’s gaming publishers are continuously focusing on Web3 RPG game publishing, attempting to optimize the sustainability of the on-chain economic model,” said Shi.

For these use cases to be successful, zkEVM roll ups and account abstraction development are essential, she added.

When asked if the current U.S. industry crackdown on crypto could be responsible for the growth of the Ethereum and Web3 ecosystem in Asia, Shi said she didn’t see any correlation.

The pivot to Asia has been a hot topic recently as U.S. crypto and Web3 companies such as Crypto.com, Voyager Crypto, and other crypto currency companies seek friendlier jurisdictions in the Far East.

However, the Ethereum ecosystem in Asia appears to be doing fine on its own without the catalyst of Uncle Sam’s war on crypto today.