Ethereum co-founder Vitalik Buterin announced on Twitter recently that ERC-4337 “is moving forward”.
- Officially proposed on the 29th of September, 2021, under (EIP-4337), ERC-4337 is an account abstraction proposal that “completely avoids the need for consensus-layer protocol changes.”
- This would allow for the customizability of wallets without changes to the Ethereum protocol. This would allow for creativity in the design of users wallets such as multisigs, social recovery, quantum-safe signature algorithms, upgradeability, and heightened decentralization.
- Although pre ERC-4337 wallets will not be compatible with the functions associated with ERC-4337. New wallets will have to be created that comply with the ERC-4337 standard.
- It does this by creating a separate peer-to-peer mempool of user operation objects and miners. Then “bundlers” (miners/validator nodes who can send transactions through a bundle marketplace) set up these objects into a transaction. This then gets called to a special contract, which then includes the transaction within the next block. [1]Vitalik Buterin, Yoav Weiss, Kristof Gazso, Namra Patel, Dror Tirosh, Shahaf Nacson, Tjaden Hess, “EIP-4337: Account Abstraction via Entry Point Contract … Continue reading
- You can view the implementation progress on Ethereum’s Infinitism GitHub.
See Related: ERC-4337 Standard
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