The Ethereum Foundation, the most prominent blockchain organization, has introduced a new smart contract on the main network called ERC-4337, which is also known as the “account abstraction standard.” This move is anticipated to hasten the widespread adoption of cryptocurrencies.
The ERC-4337 standard has been implemented into the smart contract by way of the invocable function known as EntryPoint. It is designed to reduce the need for people to learn about sophisticated seed words or programming in order to set up a digital wallet. This is made possible by the development of this technology.
The launch was first disclosed by Yoav Weiss, a security researcher for the Ethereum Foundation, when he was speaking at the WalletCon event that is now taking place during the ongoing ETH Denver fair. He acknowledged that ERC-4337 has successfully passed the audit phase conducted by Open Zeppelin and said that it would soon be deployed across EVM-compatible networks. These networks include Polygon, Optimist, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
“For some people, this may just mean receiving the user experience of a bank — where someone can always assist recover your bank account even if you forget your password,” Yoav Weiss noted in an interview. “For others, this may simply mean obtaining the user experience of a social media platform.” “For users with a higher level of expertise, this may require adding more controls or features to your account.”
Users will have more control over their digital wallets after the abstract account standard has been launched. For instance, users have the ability to personalize their wallets by incorporating the cryptographic signature of their choice or setting up a two-factor authentication system to utilize when spending more over $5,000.
In addition, ERC-4337 will initiate the creation of a new mempool that will be managed by “bundlers.” On the level of the account function, they will operate similarly to validators or miners. According to Weiss, however, prior to the actual deployment of the initiative, the foundation “wants to make sure they are ready.”
Compiled by Coinbold