Compiled By: Coinlive
Author: Blockbeats
For crypto natives, wallet security has always been a headache, as losing private keys, mnemonic phrases, assets, or the inability to authorize can result in users losing ownership of their assets. For crypto newcomers, it is difficult to understand these different concepts, and frequent authorization during transactions can also make them feel complicated. This indirectly raises the threshold for entering Web 3. The many features of the upcoming ERC-4337 standard are a new standard that can help users solve these problems and are also a necessary way to popularize crypto.
What is the new ERC-4337 standard that Ethereum hopes to launch?Who is its proposer?
As the most popular blockchain-based computing platform for developers, Ethereum provides developers with the ability to build and deploy decentralized applications on it. Previously, Ethereum announced a new standard called ERC-4337, which aims to improve user experience, prevent private key loss, and optimize transaction processes.
ERC-4337 is a proposed account abstraction proposal by Ethereum founder Vitalik Buterin, Yoav Weis, Dror Tirosh, and others. The proposal aims to make Ethereum wallets more user-friendly and prevent any key loss. Vitalik and his team proposed to turn the user's externally owned account (EOA) into a smart contract account (CA), which would allow users to maintain built-in mechanisms for accessing their cryptocurrencies.
In simple terms, the ERC-4337 standard aims to make Ethereum wallets easier to use and help prevent users from losing access to their cryptocurrencies. To achieve this, Ethereum's creators propose turning wallets into smart contracts. Smart contracts have built-in mechanisms that can help users protect the security of their cryptocurrencies, even if they forget their password or lose their private keys. This key feature includes options for requiring multiple approvals for transactions, as well as a system where multiple users can help restore access to an account when someone loses their private key.
Translate to English: The difference between EOA and CA
Ethereum has two different types of accounts, external owned accounts (EOA) and contract accounts (CA). Simply put, an EOA consists of a public key and a private key, like MetaMask, and users can transact and access their accounts using a mnemonic phrase or private key.
On the other hand, CA does not have a private key and is controlled by the logic of the code in its smart contract, which is not controlled by the user. The key difference is that a CA can be defined to do anything through its code, whereas an EOA is controlled manually by the user's intentions. Smart contracts have the ability to do anything that can be written in code, whereas an EOA can essentially only sign transactions.
The reality is "Not your keys, Not your crypto." If you lose or get your private key or password stolen, your assets are no longer yours. Users do not have absolute ownership of their accounts, but rather temporary ownership through their keys and passwords. Once these are lost, the coins are gone.
As a new standard, ERC-4337 can solve the flaws in these account types and improve the user experience.
Function Features of ERC-4337
Account Recovery
The ERC-4337 standard provides several key features that set it apart from other standards. One of its main features is a social recovery system, which traditional Ethereum account users need to remember and keep 12-24 English words and private keys secret. As mentioned earlier, if the account owner loses their private key or related security measures, the account cannot be recovered, but this system allows multiple users to recover 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 individuals to help associate their accounts, similar to traditional banking services, which greatly increases the mainstream adoption of encryption.
Multisig Functionality
Another key feature of ERC-4337 is the ability to create multisig wallets, which requires multiple users to sign transactions, increasing the security and trust of the system. In addition, the standard combines external owned accounts (EOA) and contract accounts (CA), making Ethereum wallets more secure and user-friendly. For example, users can specify a group of specific people (lawyers, family members, trusted friends) who can access the account if they all agree. Biometric features similar to smartphone functions can also be used to control access to the account.
Gas Optimization
ERC-4337 also has gas payment help features, and users can also use different tokens or even off-chain credit cards for payment, so transactions can be made without ETH, and any type of system or personal gas payment method is now possible. In addition, it allows others to pay gas fees for you, without the necessary gas in your wallet. This approach brings many benefits, especially for new users. For example, when new users are in some transaction processes, you can help them pay for gas.
Pre-authorized Transactions
One use case of ERC-4337 is the ability to pre-authorize transactions for a specific time period and/or a specific Dapp. Imagine a user playing a blockchain game on L2 and not having to go through the signing process every time they buy/sell something, but instead having an automated and seamless transaction experience based on pre-authorization. This would enhance the smoothness of the Dapp experience and make it more user-friendly.
Transaction Bundling
Transaction bundling is also a significant feature of ERC-4337, allowing users to bundle multiple transactions together and complete all the required processes with just one signature. For example, when a user swaps or adds liquidity on Uni, the authorization, token approval, swap, and liquidity addition stages all require wallet confirmation. Transaction bundling solves the problem of frequent confirmations in this process and increases transaction efficiency.
Subscription Mode
The subscription mode of ETH 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 automatically notifies the developers. This mechanism can help developers easily achieve real-time data synchronization and notification functions. In the past, ETH subscriptions required wallet approval and were executed by smart contracts, but ERC-4337 simplifies this process through local integration.
Conclusion
ERC-4337 is a groundbreaking technology for both crypto natives and newcomers who want to enter the world of cryptocurrency. It is very helpful for the widespread adoption of crypto. With ERC-4337, encryption is no longer "out of reach" and only for the elite. Instead, it has become a field accessible to everyone, and the moment when "All in Crypto" becomes "All people in Crypto" is no longer far away.
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