Tone

Smart accounts on Ethereum can bring mainstream adaption!

April 27th, 2023

The new ERC-4337 standard and all you need to know.
From account abstraction to smart account.

What are smart accounts?

Blockchain developers have termed smart accounts as “account abstraction”.
Blockchain technology uses account abstraction to separate smart contracts from the account model.
This enlarges flexibility and competency when using smart contracts, and enables for more creative applications to be fashioned with blockchain.
AA simplifies running smart contracts by taking away or reducing the need to interact with accounts. This provides greater flexibility and adaptability, enabling the development of new applications and use cases.

ERC-4337

Yoav Weiss, security researcher at the Ethereum Foundation, surprised attendees at WalletCon, a conference for the Wallet Ecosystem. He proclaimed they had audited and verified ERC-4337, and that it is now operable on all Ethereum Virtual Machine (EVM) compliant networks.

The new ERC-4337 standard has enabled the launch of smart accounts on Ethereum.
Experts predict it will foster mainstream adoption by creating a more user-friendly crypto experience.
It allows a wide variety of other tokens to be used in smart contracts, including BNB Smart Chain, Polygon, Optimism, Arbitrum, Avalanche and Gnosis Chain.
It has taken years to develop. Now, it will make it possible for users to manage their cryptocurrencies in the same way that they manage their finances in a traditional bank account.

 

The advantages.

It will provide users with access to the decentralized world without having to worry about intricate seed phrases or configuring a wallet.
Users can access a smart account with their smartphone and a facial recognition system.
People can use smartphone applications as crypto wallets, though they possess security dangers and are not suitable for keeping sizable amounts of cryptocurrency.
Smart accounts now allow cryptographic keys to be stored on phone’s hardware security module.
This will make them almost as safe as a hardware wallet.
Smartphones can be used as hardware wallets, but there is a risk of hacking. To protect against this, it can set smart accounts up with two-factor authentication and spending limits.

This creates the potential for broader application cases and fresh possibilities for development within the crypto market.

 

Here’s my related Twitter thread:

Here and here you find some more articles about the topic.

X

This field is for validation purposes and should be left unchanged.
X