It was announced that EIP-4337 has been deployed on the Ethereum mainnet at WalletCon, giving us a new token standard, ERC-4337.
ERC-4337 introduces Ethereum account abstraction, which we will call Smart Accounts or smart contract wallets. You can think of them as smart contracts for your wallet.
- One of the coolest features is wallet recovery
No more struggling to remember your seed phrases — now you can nominate trusted friends or family members to help you recover your account. You can also use your smartphone’s biometrics for 2FA! - Another big feature is bundling
This allows multiple transactions to be bundled together and completed with one signature. - Next, we have sponsored transactions
As the name suggests, someone else can pay the gas/transaction fees for you. This is going to be huge for adoption, especially for onboarding non-crypto natives. - Pre-approvals are another feature
You can pre-approve transactions for a certain period of time, within a certain application.
It’s like signing one transaction to last for a while and then being able to play or interact with the blockchain to your heart’s content. - Lastly, we have subscriptions
Subscription models have always been tricky on ETH, but ERC-4337 will allow for processing automated payments to be natively integrated in a streamlined fashion. We even had payment giant Visa discussing this last year.
You can check out the original proposal by Vitalik in September of 2021 here👇
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