Developers have launched the ERC-4337 standard on the Ethereum (ETH) mainnet to implement account abstraction.
According to security expert Yoav Weiss, the standard will provide all features of a real bank to holders of crypto wallets. ERC-4337 has been audited by OpenZeppelin and was implemented through EntryPoint, a smart contract.
The standard, which has been in development for almost nine years, will work with all blockchains compatible with the Ethereum Virtual Machine (EVM), including Optimism (OP), Polygon (MATIC), Avalanche (AVAX), and BNB Chain (BNB) among others. In Weiss’ words,
“We came up with a standard that can work everywhere, focusing on interoperability and defragmentation….. It can be implemented more efficiently at the protocol level, for example, by rollups.”
ERC-4337 adds the facility of creating multi-sig wallets that require the approval of multiple users to make transactions. Crypto wallets can now store cryptographic keys and add two-factor authentication, thus increasing their security.
The account abstraction feature will allow users to retain access to their crypto holdings even if they lose their private keys.
Mobile wallet users can also recover their accounts via a social recovery system if they lose their devices. Weiss noted this feature will allow users to regain access to their accounts within four days.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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