Difference between revisions of "ERC-4337"

Revision as of 04:22, 19 March 2023

An ERC standard for the Ethereum blockchain.
The ERC-4337 standard has passed an audit by Open Zeppelin (3-2023).
From the MilkRoad (7-3-2023):

"ERC-4337 introduces something called Account Abstraction, which allows Ethereum wallets to operate as smart contracts.

Still hazy? Here’s what it enables:

Recovering lost private keys. There’s a new “social recovery system” where designated users have the ability to restore access to a wallet, should someone lose their private keys
Securing wallets without a seed phrase. Users can enable 2FA and biometrics (fingerprint or facial scan) to protect their wallets. Sayonara to those 12-word seed phrases
Carrying out automated payments and setting time-based spending limits (i.e. you can set monthly spending limits on a wallet)
Sending gasless transactions. Decentralized applications can “sponsor” gas fees (aka cover the costs) to make things cheaper and simpler for their customers

Why does it matter? The upgrade enables a lot of the same features a bank offers, without needing to trust a bank.

By merging crypto wallets with smart contracts, Account Abstraction makes for more secure and efficient transactions, ultimately making crypto more user-friendly.

Plus, it makes some of the previously “impossible” stuff (like wallet recovery, seedless wallets, etc.) possible."

@@ Line 3: / Line 3: @@
 * [https://milkroad.com/news/bull-bear-cases-erc4337 From] the MilkRoad (7-3-2023):
-''"ERC-4337 introduces something called Account Abstraction, which allows [[Ethereum]] [[Wallet|wallets]] to operate as [[Smart Contract (SC)|smart contracts]].''
+''"ERC-4337 introduces something called [[Account Abstraction]], which allows [[Ethereum]] [[Wallet|wallets]] to operate as [[Smart Contract (SC)|smart contracts]].''
 ''Still hazy? Here’s what it enables:''