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Riding on the momentum of revolutionary account abstraction technology, popularly dubbed as "smart accounts," the Ethereum and Web3 ecosystem expects to welcome a billion users in the Asia-Pacific region. This prediction comes from ConsenSys, a leading provider of Ethereum software solutions.
ConsenSys's strategic initiatives director, Laura Shi, notes a significant upswing in the Asian market's engagement with the Web3 ecosystem this year. It's propelled primarily by the cutting-edge technology, Ethereum Virtual Machine (zkEVM) rollups, and the widespread acceptance of Optimistic rollups. Both are integral to Ethereum's layer-2 scaling solutions, with zkEVM delivering enhanced security, scalability, and compatibility with Ethereum smart contracts.
Adding to the digital fervor, account abstraction enables bank-like functionality beyond the usual offerings of a crypto wallet, amplifying its appeal in the Asian market. This concept is a brainchild of Ethereum's co-founder, Vitalik Buterin, and other developers who proposed it in the EIP-4337 back in September 2021. It aims to circumvent the need for consensus-layer protocol changes by relying on superior infrastructure.
Intriguingly, according to Chainalysis's 2022 Global Crypto Adoption Index, Asia houses the world's top two crypto-adopting nations, Vietnam and the Philippines. Despite regulatory backlash, other Asian countries such as Thailand, China, and India secure spots in the top ten.
Shi also highlighted the vital role of social and Web3 gaming in driving mass adoption in Asia, with countries like South Korea and China being notable examples. South Korean gaming publishers are increasingly investing in Web3 RPG game publishing, aiming for long-term sustainability in the on-chain economic model.
Simultaneously, developers in the Chinese-speaking community are creating bridges between Web2 users and Web3 gaming, leveraging account abstraction solutions. These initiatives heavily depend on zkEVM rollups and the advancement of account abstraction technology.
In Shi's view, the largest potential for growth over the coming years lies in Web3 social and gaming content, boosted by zkEVM rollup solutions and account abstraction technology that enables gas fee subsidy and social recovery.
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