The account abstraction should allow users unfamiliar with the cryptocurrency ecosystem to navigate easily on Web3 applications without creating a wallet. This technical feat is now made possible on blockchains compatible with the Ethereum virtual machine (EVM), thanks to the implementation of EIP-4337.
Account abstraction becomes reality with deployment of EIP-4337
account abstraction is a key concept whose realization will allow a greater democratization of the blockchain. Thanks to the EIP-4337, which has just been deployed, a big step has been taken in this direction.
This Ethereum Improvement Proposal thus introduces the ERC-4337 standardwill allow users to use blockchain applications, without having to worry about creating a wallet. Moreover, the major advantage of this improvement is that it does not change the consensus of Ethereum in any way. As a result, this technology is now deployable on all blockchains compatible with the Ethereum Virtual Machine (EVM).
The deployment of the EIP-4337 was formalized by Yoav Weiss, a security researcher from the Ethereum Foundation, during WalletCon in Denver. OpenZeppelin performed a code auditwhile the Ethereum Foundation allocates a budget of $300,000 to encourage the development of projects using this new standard:
ERC-4337 is live! https://t.co/Nj09jqcBdU
— yoav.eth (@yoavw) March 2, 2023
? Learn more about Ethereum Improvement Proposal (EIP)
The reference platform to buy and trade more than 600 cryptos
10% off your fees with code SVULQ98B ?
? Listen to this article and all other crypto news on Spotify
How does the ERC-4337 standard work?
If it is not a question of entering too technical details on the precise functioning of the ERC-4337, let us try to understand in a simplified way what is happening behind the scenes.
When this technology is deployed on an application, it can be seen, in some way, like a mini layer 2 coming to be placed above the blockchain to which it is attached. It allows to create an intuitive interface for users, without them having to create a walletit may very well be a simple creation of a Web2-style account.
Let’s take the example of a Web3 game in which these users could carry out all the operations they wish on the application in question, without necessarily understanding in depth how cryptocurrencies work.
All these operations will then be “bundled” by actors called “Bundlers”in order to give them form on the blockchain through real transactions, in a smart contract called “EntryPoint”.
Given that the users of this application are not necessarily familiar with the concept of “gas costs”, another type of actor is necessary for the proper functioning of this system: Paymasters. In a way, the latter will come to sponsor the transactions, by paying the gas costs on the blockchain, to then re-invoice them to the application.
An application built on the ERC-4337 standard could even, theoretically, offer a user interface allowing it to be used without cryptocurrencies, simply with a card payment for example. All the process necessary for its proper functioning would then be done in the backgrounda bit like what happens on a centralized exchange.
It will therefore be interesting to follow the way in which the promises of the EIP-4337 materialize, because it is by simplifying access to our ecosystem as much as possible that it can really be democratized with the general public.
? Also in the news – Ethereum: Only 9% of ETH stakers plan to withdraw funds after Shanghai update
? Cryptoast Research Launch Offer
1st Newsletter Free with the code TOASTNL
Source: EIP-4337
Newsletter ?
Receive a summary of crypto news every Monday by email ?
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.