BlocksInform
Ethereum network upgrade was quietly deployed this week as EIP-4337 went live. It marks the beginning of a number of upgrades to the Ethereum ecosystem.
On March 1, EIP-4337 was rolled out on Ethereum's mainline network, announcing a new token standard – ERC-4337. The token standard implementation was initially proposed in September 2021.
At the time, the description was as follows:
"A proposal for account abstraction which completely avoids changes in consensus layer protocol, rather than relying on top layer infrastructure."
Account abstraction basically enables Ethereum portfolios to function as programmable smart contracts. This would allow users to retrieve lost private keys, amongst other advantages.
The rumors are true... erc-4337 was deployed on the core network?
Security audit by @OpenZeppelin
??? Bundlers and paymasters by @stackup_fi@AlchemyPlatform@biconomy@etherspot@candidewallet@blocknative & more
??? $300K in grants by @ethereumpic.twitter.com/WOjMvaZe6M
— erc4337 (@erc4337) March 2, 2023
Abstract of the Ethereum account.
These new smart accounts could also help onboard the next wave of users to Ethereum and
As opposed to third-party External Accounts that hold one set of cryptographic keys, Contract Account wallets are programmed by smart contracts. Erc-4337 brings together both types of accounts into a new one.
In addition, users may program various mechanisms to allow recovery of their private keys. Rather than writing starter sentences, users could secure their portfolios with two-factor authentication (2fa) or biometric data.
It could allow crypto keys to be stored on smart phones.
In October, Ethereum co-founder Vitalik Buterin commented
“The great, truly valuable and necessary thing that ERC-4337 provides for account abstraction is a *decentralized fee marketplace* for the transactions of users entering Smart Deal portfolios."
On March 3rd, Professor John Keeting briefly explained the benefits of abstracting from Ethereum account.
Great news!
"Account Abstraction" (ERC-4337) is here and it will change and improve handling a lot: wallets without seed phrases, account recovery, transaction limits, and many other great features are now possible.
Here is an overview of its operation. pic.twitter.com/heySmUo43t
— Professor John Keeting (@ProfKeeting) March 2, 2023
ERC-4337-enabled wallets could also carry out automated payments and set time-based spending limits, for example.
In December, credit giant Visa proposed an automatic programmable payments system using Ethereum account abstraction.
On March 2, Ethereum developers delayed the Shanghai staking hard fork until the middle of April. They have confirmed that the final test phase of the goerli test will be put into operation on March 14th.
The latest update is a major advancement for the network. But BTC losses are depressing prices today.
Assets dropped 4.8% at the Asian trading session on Friday morning. As a result, eth fell to its lowest level in two weeks, at $1,569 at time of writing.
Ethereum prices are currently 68% down from their November all-time high of $4,878. However, assets remain within their range, with six weeks of consolidation ongoing.
