{"id":558343,"date":"2023-03-01T23:52:38","date_gmt":"2023-03-01T20:52:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here\/"},"modified":"2023-03-01T23:52:38","modified_gmt":"2023-03-01T20:52:38","slug":"ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here\/","title":{"rendered":"# Ethereum ERC-4337 &#8216;smart accounts&#8217; launch at WalletCon: Account abstraction is here"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a1161173bf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a1161173bf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here\/#%E2%80%9D_Ethereum_ERC-4337_%E2%80%98smart_accounts_launch_at_WalletCon_Account_abstraction_is_here_%E2%80%9C\" >&#8221; Ethereum ERC-4337 &#8216;smart accounts&#8217; launch at WalletCon: Account abstraction is here &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ethereum_ERC-4337_%E2%80%98smart_accounts_launch_at_WalletCon_Account_abstraction_is_here_%E2%80%9C\"><\/span>&#8221; Ethereum ERC-4337 &#8216;smart accounts&#8217; launch at WalletCon: Account abstraction is here &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNWZjNTQwNDItNjNlMC00MzQxLThiZTUtNmY4NWY1MTA0YTY2LkpQRw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Smart accounts, enabled by the launch of the new ERC-4337 standard, are now available on Ethereum and are expected to help mainstream adoption by finally making crypto user friendly.<\/p>\n<p>Ethereum Foundation security researcher Yoav Weiss will make the surprise announcement at WalletCon in Denver today that the core contracts for ERC-4337 \u2014 known by blockchain developers as \u201caccount abstraction\u201d \u2014 have passed an audit by Open Zeppelin and will be made available on every Ethereum Virtual Machine (EVM) compatible network including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain.<\/p>\n<p>New users will no longer need to learn about complicated seed phrases or the technical process of setting up a wallet to onboard into the decentralized world of crypto, Weiss told Cointelegraph. <\/p>\n<p>\u201cThe next billion users are not going to write 12 words on a piece of paper. Normal people don\u2019t do that,\u201d he said. \u201cWe need to give them better usability, they shouldn\u2019t need to think about cryptographic keys.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;EIP-4337 is going to take a year or whatever&#8221; &#8211; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sashaaldrick?ref_src=twsrc%5Etfw\">@sashaaldrick<\/a> of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/gelatonetwork?ref_src=twsrc%5Etfw\">@gelatonetwork<\/a><\/p>\n<p>You&#8217;re in for a big surprise<\/p>\n<p>\u2014 John Rising (@johnrising_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/johnrising_\/status\/1629602854213234689?ref_src=twsrc%5Etfw\">February 25, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Account abstraction also enables the unique cryptographic keys used for cryptocurrency to be stored on standard smartphone security modules, upgrading them to de facto hardware wallets. However the screen remains a security issue compared with traditional hardware wallets and gas costs could be prohibitive on mainnet initially \u2014 although other EVM chains and Layer 2s have low enough fees to make it viable. <\/p>\n<p>It also enables the use of two-factor authentication; signing transactions on your phone using a fingerprint or face-scan; the setting of monthly spending limits on an account; and the use of session keys to play blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s without constantly having to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rove transactions.<\/p>\n<p>Users who lose their phone or device can use time-locked <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> recovery of their account via a group of trusted friends or even a commercial service. Weiss said: <\/p>\n<blockquote><p>\u201cIt gives you the same features a bank would without having to trust a bank.\u201d<\/p><\/blockquote>\n<p>The standard has been in development for two years with the team funded via grants from the Ethereum Foundation. While similar functionality is available on smart contract wallets from Argent and Gnosis, these solutions require centralized components called relays to pay gas fees whereas ERC-4337 decentralizes the entire system. <\/p>\n<p>Weiss was one of the lead authors of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/eips.ethereum.org\/EIPS\/eip-4337\">Etherum Improvement Proposal (EIP) 4337<\/a> alongside Ethereum co-founder Vitalik Buterin and five others. He said Buterin had first posted about the concept nine years ago &#8220;before Ethereum even launched, it has taken us this long to get here.&#8221; <\/p>\n<p>There have been numerous proposals to enable account abstraction prior to this but all required a difficult hard fork of Ethereum, and took a back seat to more pressing upgrades like the Merge. ERC-4337 is an alternate approach that makes use of decentralized infrastructure called \u201cbundlers.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Your guide to why &#8216;smart accounts&#8217; are the hottest thing in crypto right now and will help bring about mainstream adoption.<\/p>\n<p>They are the key upgrade enabled by Ethereum&#8217;s new &#8216;account abstraction&#8217; ERC-4337 standard that&#8217;s being launched today. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/vFoKhdv4Cl\">https:\/\/t.co\/vFoKhdv4Cl<\/a><\/p>\n<p>\u2014 Cointelegraph Magazine (@CointelegraphZN) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CointelegraphZN\/status\/1631041059751862275?ref_src=twsrc%5Etfw\">March 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In very simple terms, the process works like this: a smart wallet signs a \u201cuser operation\u201d which gets fired to a special mempool, which is basically just an organized queue of transactions (albeit a different queue than Ethereum\u2019s normal mempool). <\/p>\n<p>Bundlers are like miners or validators, taking user operations from the mempool and delivering the desired result back to the wallet. The bundlers also pay for the gas (transaction fee) required and are compensated by the user\u2019s contract account or by a third party known as a \u201cpaymaster.\u201d This could be a decentralized application (DApp) or it could be a wallet provider. <\/p>\n<p>The first production grade bundler to be deployed on mainnet is from wallet and infrastructure provider Stackup, but more will be available soon. \u201cIt\u2019s permissionless; anyone can run a bundler,\u201d says Weiss. \u201cIt\u2019s not censorable.\u201d<\/p>\n<p>Smart accounts, or account abstraction, is shaping up as a key theme for crypto in 2023. The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> has already been incorporated natively into zk-Rollup layer 2 solutions from StarkWare and zkSync and Visa designed an automated crypto bill payment system that makes use of it. <\/p>\n<p><strong><em>Related: \u2018Account abstraction\u2019 supercharges Ethereum wallets: Dummies guide<\/em><\/strong><\/p>\n<p>John Rising, the co-founder of Stackup, tweeted this week that an added advantage of account abstraction is that projects can use plain and easily understood language to onboard new users rather than arcane technical terms.<\/p>\n<blockquote><p>\u201cBecause the contract handles the esoteric blockchain stuff, you don\u2019t have to use words like \u2018gas\u2019 or \u2018nonce\u2019 to accurately describe what\u2019s happening. This is a huge win for crypto adoption and security.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ethereum ERC-4337 &#8216;smart accounts&#8217; launch at WalletCon: Account abstraction is here &#8220; Smart accounts, enabled by the launch of the new ERC-4337 standard, are now available on Ethereum and are expected to help mainstream adoption by finally making crypto user friendly. Ethereum Foundation security researcher Yoav Weiss will make the surprise announcement at WalletCon&#8230;<\/p>\n","protected":false},"author":1,"featured_media":558344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/5fc54042-63e0-4341-8be5-6f85f5104a66.JPG","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74891,75190,80097,110321,74879,74355],"class_list":["post-558343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-ethereum","tag-hardware-wallet","tag-mobile-wallet","tag-savings-accounts","tag-wallet","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/558343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=558343"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/558343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/558344"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=558343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=558343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=558343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}