Event on: 14th Dec 2023
Share
Topic: Understanding the Business Impact of Account Abstraction on Rollups
Guest Speaker: Rhic Chowdhury, Head of Business Development, Biconomy
On the 14th December 2023, the Head of Sales & BD of Biconomy, Rhic Chowdhury, joined Karthik MS, Digital Media Manager, Zeeve, for an interesting session. This is how the conversion unfolds on the topic “Understanding the Business Impact of Account Abstraction on Rollups.”
Karthik starts by asking the question, “What are the potential business advantages of implementing account abstraction on rollups.” For this, Rich answers the following.
He starts to discuss how rollups are gaining popularity, and the likes of Optimism, Arbitrum, and others have started their rollups frameworks, followed by zkRollups and appchains. Rhic then touches upon how AA, albeit being a new concept, going live on Ethereum mainnet is a big deal, but Biconomy beat Ethereum to the chase by launching AA on their mainnet a day before.
Next, Rhic answers the question “How could account abstraction on rollups change the landscape of the blockchain industry in the next 5 years?”
He avers that Biconomy was among the first to purport the idea of ‘gasless’ many years ago before the idea was conceptualized, and hundreds of their clients still use EIP2771. In the near future, Rhic predicts a web2-like experience with Web3 with the help of rollups and other L2 solutions.
For the next question, Karthik asks, “What are some real-world applications that could significantly benefit from using account abstraction on rollups?”
Answering this question, Rhic dives into how perpetual trading platforms, trading derivatives, and others are undoubtedly on rollups as rollups offer high throughput, and various other reasons. He predicts more financial services following suit and migrating towards adopting rollup solutions.
Karthik then asks “How will the integration of AA with existing gas fee mechanisms affect transaction costs for businesses? Will it lead to more efficient fee models, or could it create unintended consequences for network congestion and user affordability?”
For which, Rhic answers that AA alleviates network congestion to begin with, then goes on to speak about MEVs, and he touches up various important points with his last answer.
Click the link below to listen to the brilliant answers provided by Rhic Chowdhury during this enthralling #Web3Voice by Zeeve.
Join the Zeeve community!
Our fast growing community gives you the latest developments in Blockchain.Subscribe Now!
