V The ERC-4337 is about to go online. What are the new features?

For encryption natives, wallet security has always been a headache, the loss of private keys, mnemonics, loss of assets, failure to authorize and so on will cause users to lose ownership of their assets; It is difficult for newcomers to understand these different concepts at the same time, and the frequent authorization during the transaction can also complicate the newcomers. This indirectly raises the barrier to entry into Web 3, and the features of the upcoming ERC-4337 standard are a new standard that will help users solve these problems, and a necessary way to popularize encryption.

What is the new ERC-4337 standard Ethereum hopes to roll out? Who came up with it?

Ethereum, the most popular blockchain-based computing platform for developers to build and deploy decentralized applications on, previously announced a new standard called ERC-4337, which aims to improve user experience, prevent the loss of private keys, optimize transaction processes, and more.

ERC-4337 is an abstract account proposal published by Ethereum founder Vitalik Buterin in collaboration with Yoav Weis, Dror Tirosh, and others. The proposal aims to make the Ethereum wallet more user-friendly (for users) and prevent any key loss. Vitalik and his team propose turning users' externally owned accounts (EOAs) into smart contract accounts (cas), which would allow users to maintain a built-in mechanism for accessing their cryptocurrencies.

In layman's terms, the ERC-4337 standard is designed to make Ethereum wallets easier to use and help prevent users from losing access to cryptocurrencies. To do this, Ethereum's creators propose turning wallets into smart contracts. Smart contracts have built-in mechanisms to help users keep their cryptocurrencies secure even if they forget their password or lose their private key, a key feature that includes the option to require multiple people to approve transactions, and a system where multiple users can help restore access to someone's account if they lose their private key.

Eoas are different from cas

Ethereum has two different types of accounts, externally owned accounts (EOAs) and contract accounts (cas). In simple terms, EOAs consist of public and private keys, like MetaMask, which allows users to transact and access accounts through mnemonics and private keys.

For CA, the contract account has no private key, and the smart contract is controlled by the code logic in it. They are not controlled by the user. The key issue here is that you can define what the contract account does through code, whereas EOAs are user controls for what to do, either manually or automatically based on user ideas. Smart contracts have the ability to do anything you can write in code, whereas EOAs basically just sign transactions.

But the reality is, "Not your keys, Not your crypto", if you lose or stolen private keys, passwords, your assets are no longer your assets, users do not have an absolute ownership of their accounts, just through these keys, passwords to temporarily own, once lost, cents are not left.

As a new standard, ERC-4337 can solve the above account defects or improve user experience.

Functions and features of the ERC-4337

Account recovery

The ERC-4337 standard provides several key features that make it stand out from other standards. One of its main features is the social recovery system, where traditional Ethereum account users are required to write down and secretly save 12-24 English words and private keys. As mentioned above, if the account owner loses the private key or associated secret security, the account cannot be retrieved again, and the system enables multiple users to restore the owner's access to the account, reducing the risk of permanent loss of funds and providing additional security. For example, users can choose trusted people to help link their accounts, similar to traditional banking, which also greatly increases the mainstream adoption of encryption.

Multi-sign function

Another key feature of ERC-4337 is the ability to create a multi-sign-on wallet, which requires multiple users to sign transactions, improving system security and trust. In addition, the standard combines externally owned accounts (EOAs) and contract accounts (cas), making Ethereum wallets more secure and user-friendly. For example, a user can designate a specific group of people (a lawyer, a family member, a trusted friend) and have access to the account if they all agree. Smartphone-like features such as biometrics can also be used to control access to accounts.

Gas optimization

The ERC-4337 also has Gas help payment, and users can also pay with different toekn and even off-chain credit cards, so transactions can be made without ETH. Any type of system or personal Gas payment method is now possible. Also, allow someone else to pay for your Gas without having to carry the necessary Gas in your wallet. There are many benefits to this approach, especially for new users, for example, you can help them pay for Gas during some transactions.

Preapproval transaction

One use case for ERC-4337 is the ability to pre-approve transaction approvals for a specific time period and/or a specific Dapp. Imagine: Users playing a link game on L 2 would not require the user to go through the signature process every time they buy/sell something, but would have an automatic and seamless transaction experience based on pre-approval, which would make the Dapp experience smoother and more user-friendly.

bundling

Bundled transactions are also an important feature of ERC-4337, which allows users to bundle multiple transactions together and complete all the processes required for a transaction with a single signature. For example, users perform swap or add liquidity on Uni. Authorization, authorization of different tokens, allowing swap, adding liquidity and other stages all require wallet confirmation. Bundled transaction solves the problem of frequent confirmation in this process at one time and increases transaction efficiency.

Subscription model

ETH subscription mode refers to a mechanism provided by the Ethereum network that allows developers to subscribe to specific events or data updates (contract event subscription, blockchain data subscription). When these events or data updates occur, the Ethereum network will automatically notify developers. This mechanism can help developers realize real-time data synchronization and real-time notification more easily. Previous ETH subscriptions require wallet approval and are executed by smart contracts, but the ERC-4337 simplifies this process through local integration.

conclusion

ERC-4337 is a transformative technology for encryption, encryption natives, and users who want to get into encryption. It is very helpful for the popularization of encryption. Through ERC-4337 encryption is no longer "up there" and "out of reach", but is accessible to anyone. All in Crypto the moment when All people in Crypto are no longer far away.

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