🐾Account Abstraction

Account abstraction has the potential to greatly enhance transparency and trust in transactions, especially in the context of charitable donations. This concept can be applied to ensure the integrity of charitable transactions, as follows:

  • Smart Contract Wallets for Charities: Charitable organizations can set up smart contract wallets instead of traditional wallets, and in the case that the organization does not wish to or may not compliantly do so, Everyworld can create a custodial wallet with account abstraction features and identification to the benefit of the organization. These smart contract wallets can be programmed with custom rules that govern how funds can be received and spent.

  • On-Chain Verification: Transactions to and from these wallets can be tracked on blockchains, providing a transparent ledger of all financial activities. This on-chain data can be used to verify that payouts are going directly to the intended recipient.

  • Decentralized Verification: By leveraging the decentralized nature of blockchains, account abstraction allows for a trustless verification process. This means that no single entity has control over the verification process, reducing the potential for fraud and corruption.

Account abstraction provides an additional layer of transparency to the Everyworld ecosystem, assuring that token payouts are made to the organizations to which the payouts have been pledged.

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