Ethereum Announces the Release of ERC-4337 Update at WalletCon, Making Account Recovery Easier
Ethereum, the leading blockchain platform, has announced the release of its ERC-4337 update. The new feature will allow users to recover their accounts more easily when they lose their private keys. The Etherscan data shows that the ERC-4337 standard was implemented through a smart contract called EntryPoint. Yoav Weiss, a security employee at the Ethereum Foundation, has confirmed this information, stating that the contract has been fully audited for security.
The Ethereum Foundation, which supports resources and manages the Ethereum blockchain, announced the update on March 1st. Several infrastructure providers will announce plans to support ERC-4337 in the near future. Ethereum says that ERC-4337 is easy to implement because the project only needs to add a smart contract and does not require any changes to the Ethereum platform’s underlying program. This proposal only adds a new layer to the Ethereum mainnet to integrate account abstraction into the main protocol.
The contract can be used on all EVM blockchains such as Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
Vitalik Buterin, co-founder of Ethereum, tweeted about the benefits of ERC-4337 last October. The decentralized fee market for user operations going into smart contract wallets is the really valuable and necessary thing that ERC-4337 provides for account abstraction. Users should be able to send an operation into a public mempool, and if it pays enough fees, it should be included. This should not depend on any centralized actors, reputation systems for op senders, ETH held in a separate EOA, or external services for account creation. This is the gold standard that the existing public mempool provides. And we absolutely need to provide the same guarantees for smart contract wallets, or else we risk worsening centralization and censorship.
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
Account abstraction turns users’ wallets into smart contract accounts. Users can store private keys on standard smartphone security apps. The feature also allows two-factor authentication: signing transactions on a smartphone with a fingerprint or facial recognition, and setting monthly spending limits on the account.
Users who lose their phone or device can use the account recovery feature via a group of trusted friends or commercial service. “ERC-4337 brings banking-like features,” said Weiss.
Weiss said new users would no longer have to worry about seed phrases or complex wallet setup processes to participate in the decentralized cryptocurrency world. “Billions of users in the future no longer have to write those 12 words on paper. We give them a better user experience,” he said.
The standard has been developed for two years through various funding sources and has now become an important milestone for Ethereum. With this update, Ethereum is expected to enhance its position as a leader in the blockchain industry and make it easier for users to manage their accounts.
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