Nearly 400 IoTeX community members voted 99.2% in favor of IoTeX’s Improvement Proposal 14 (IIP-14). DAO governance voters staked over 484m IOTX, equivalent to approximately $13m, the CEO and co-founder, Raullen Chai, announced.
“Our community has voted overwhelmingly in favor of Account Abstraction, a highly effective feature to make our platform more user-friendly and safe by improving ease of use but maintaining our impeccable security standards,” said Chai.
The IoTeX co-founder also announced that the voters would receive Soulbound Tokens (SBTs) for participating in this decentralized autonomous organization (DAO) governance proposal.
Chai went on to say:
“We started giving SBTs to our IoTeX community members who contribute to our DAO Governance process last month to those who voted the IIP-13 to add Ether Liquid Staking Derivatives to make the network more secure by increasing the number of people who validate transactions on our platform.”
“We will continue to reward our community with SBTs to encourage them to participate more enthusiastically,” Chai added.
The community approved IIP-13 with a 97% vote in favor of 123 community members who staked 141 million IOTX tokens.
Recently, the co-founder said he and his team were very “excited about adopting SBTs to reward governance proposal voters” because of their “uniqueness and utility.” He explained SBTs is a concept Vitalik Buterin, the founder of Ethereum, revealed in January 2022.
Explaining Account Abstraction
“By breaking down technical barriers (like managing private keys and wallet addresses), Account Abstraction enables users to interact more intuitively and seamlessly with the IoTeX ecosystem,” a recent IoTeX blog noted. “It can greatly enhance your IoTeX experience, whether you’re a builder or an early adopter.”
Storing a private key safely and keeping track of multiple wallet addresses is cumbersome for many people. Even web3 OG builders find it difficult.
By autonomously interacting with crypto accounts and assets, a smart contract removes the need for users to keep track of wallet addresses and private keys. This feature will be optional, of course.
Account Abstraction combines the convenience of centralized custody with the benefits of self-custody. In this way, it improves wallet security by enabling smart contracts to manage and secure assets and reducing the risk of user error or malicious attacks.
This can also benefit decentralized finance (DeFi) users, allowing them to trade different crypto assets without holding each asset in a separate wallet or worrying about the mechanics of the trade execution.
This feature is a practical approach that avoids consensus-layer changes, making it easier for developers to build on a secure, universal standard. With higher-level infrastructure, this new standard signals a maturing industry—an awareness that Web3 users want simplicity and an intuitive interface that doesn’t complicate life in the digital-first era.
Besides enhancing wallet security, Account Abstraction allows users to recover lost or stolen private keys by leveraging the help of trusted friends or family members. It also enables users to set spending limits and adopt automatic bill payments and subscriptions. And equally importantly, it unlocks the potential for more user-friendly features in the future.
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