Abstract accounts

For KAP, you may have noticed we're using the term "account abstraction" to mean "smart contract wallets." Unfortunately, neither of these terms is obvious to non-technical readers. Fortunately, that's not our audience for the KAP whitepaper, so we chose the most relevant term that would be recognizable to people outside Koinos.

Account abstraction is a fairly new term with a very specific meaning for blockchain. On Ethereum and other EVM blockchains, there's a distinction between smart contract accounts and user accounts. There's no way to bake logical rules into the wallet you actually use. You have to deploy a smart contract separately and then use your normal wallet to interact with the contract when you need it. This is easy enough to do, but it comes with some limitations. Account abstraction is a larger effort to simplify the experience and remove limitations.

Koinos's account system is designed with already-abstracted accounts. There's no distinction between smart contract wallets and regular wallets. Smart contracts are upgradeable so you can easily improve your wallet's features over time. The problem is that this is designed for developers. You have to be fairly technical to benefit from all the cool features that are possible for your wallets (secure token vaults, social account recovery, authorized tokenless access accounts, etc.).

It took us a while to realize that KAP could be more than just Koinos Name Service or even Koinos Address Protocol. It's Koinos Account Protocol and it's designed to actually solve problems that normal people would consider "account issues" with smart contracts. All in a no-code solution that the average person can handle.

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-Luke

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P.S. In case you missed it, Kollection was announced today as the first NFT marketplace on Koinos! They're actively building and plan to release a first version soon and iterate from there.