The leading blockchain foundation, Ethereum Foundation, launched a new smart contract ERC-4337, also known as the “account abstraction standard”, on the mainnet, expected to accelerate mainstream crypto adoption.
ERC-4337 standard has been deployed through EntryPoint, an invocable function of the smart contract. It is developed to eliminate the need for users to learn about complex seed phrases or programming to set up a digital wallet.
The launch was initially revealed by Yoav Weiss, Ethereum Foundation security researcher, while addressing the WalletCon event at the ongoing ETH Denver fest. He confirmed that ERC-4337 has successfully cleared the audit phase by Open Zeppelin and will soon be launched across EVM-compatible networks, including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
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“For some users, this may simply mean getting the user experience of a bank — where someone can always help recover your bank account even if you lose your password,” Yoav Weiss stated in an interview. “For more sophisticated users, it could mean adding more controls or features to your account.”
Launching the abstract account standard will give users more control over their digital wallets. For example, users can customize their wallets by setting a two-factor authentication to spend more than $5,000 or integrating the cryptographic signature of their wish.
Furthermore, ERC-4337 will launch a new mempool operated by “bundlers”. They will work like validators or miners on an account function level. However, before its actual rollout, the foundation “wants to make sure they are ready”, according to Weiss.
