Implementing a “smart account” with ETH
ERC-4337 “account abstraction” has been implemented on the blockchain of the crypto asset (virtual currency) Ethereum (ETH). This will enable program-based payments, such as payment automation for subscriptions and games, in traditional user wallets.
ERC-4337 is live! https://t.co/Nj09jqcBdU
— yoav.eth (@yoavw) March 2, 2023
Account abstraction, also commonly known as “smart accounts”, is blockchain technology that allows users to use smart contracts in their accounts.
EIP-4337 is the Ethereum standard for account abstraction, and with today’s announcement, developers can now start building applications based on the standard.
Possible use cases for smart accounts include two-factor authentication, paying gas bills using ERC20, signing transactions on your smartphone, setting monthly spending limits for your account, and session keys for playing blockchain games. is created to eliminate the need for approval for each transaction, social recovery of lost wallets, shouldering gas bills, etc.
The big really valuable and necessary thing that ERC-4337 provides for account abstraction is a *decentralized fee market* for user operations going into smart contract wallets.https://t.co/JUigSO5OtW
— vitalik.eth (@VitalikButerin) October 1, 2022
ERC-4337 is based on a concept announced by Ethereum (ETH) founder Vitalik Buterin in 2015.
Cryptocurrency wallets such as METAMASK usually require user interaction to initiate payment on the blockchain for each transaction, as the user manages the private key. In the future, it will be possible to apply the mechanism of account abstraction to automate payments via wallets.
So far, Argent Wallet and Starkware have individually introduced account abstraction, but this is the first implementation in an environment that involves a wider ecosystem.
Yoav Weiss, a security researcher at the Ethereum Foundation, claims that the implementation of ERC-4337 will dramatically improve usability for cryptocurrency users. New users will no longer need to learn the complicated seed phrases required to create a cryptocurrency wallet, or the technical methods of setting up a wallet, Weiss said.
The next billion users will no longer need to write down their 12 recovery phrases on paper, which will improve usability. No more thinking about private keys.
connection:US payment giant Visa proposes automatic payments for digital wallets
Wallet social recovery
One of the benefits of account abstraction is the ability to store private keys used in cryptocurrency wallets in smartphone security modules. This will allow the use of two-factor authentication when using the wallet, allowing transactions to be signed with a fingerprint or face scan.
And even if your device is lost, you can still recover your account through trusted friend groups or commercial services.
ERC-4337 utilizes a decentralized infrastructure called a bundler. A bundler takes the role of a validator like a miner or validator, gets the user’s operation queue (instructions) from a dedicated mempool, and returns the required results to the wallet.
Wallet and infrastructure provider Stackup will act as the first bundler for the Ethereum mainnet. In addition, it provides open source tools that can be used to build applications suitable for account abstraction. Other Web3 development infrastructure providers, such as Alchemy, will also join Bundler.
There are many other teams in the space who are involved in supporting ERC-4337, to name a few: @MetaMask@nethermindeth@WalletConnect@zksync@0xPolygon@argentHQ@arbitrum@soulwallet_eth@4337Mafia and many many more
—erc4337 (@erc4337) March 2, 2023
The ERC-4337 smart contract (EntryPoint) passed an audit by Open Zeppelin and was implemented. This contract can be used on any Ethereum Virtual Machine (EVM) compatible chain. Major EVM compatible chains include Polygon (MATIC), Optimism (OP), Arbitrum, BNB, Avalanche (AVAX) and others.
Stackup co-founder John Rising has announced plans to release related applications on Polygon first.
connection:Vitalik Updates Ethereum Roadmap
Ethereum Implements “Smart Account”, Expected to Improve Wallet Usability appeared first on Our Bitcoin News.
