Ethereum: ERC-4337 account abstraction at heart of major update

Ethereum: ERC-4337 account abstraction at heart of major update

last March ERC-4437 promoting account abstraction on Ethereum has been deployed on the mainnet. After 9 months of testing, the developers announced the deployment of a new version. This optimizes the operation of this function.

Account abstraction and ERC-4437

When you create a crypto walletyou definitely have to note down and keep your opening phrase carefully. This 12 or 24 word phrase is the key that will allow you to recover and access your wallet.

However, managing the other can be stressful and losing them can be dramatic. It was in response to this problem that the developers imagined account abstraction.

Account abstraction is therefore a concept that aims to simplify the user experience by replacing wallets with smart contracts.

In practice, this allows users to benefit from advanced features such as account recovery and custom rules for transactionswithout the need for complex private key management.

from his side, ERC-4337 is the proposed standard to achieve this abstraction on Ethereum. It represents an architecture in which user operations are handled using relays, making interactions with the blockchain more flexible and accessible to users.

New version for ERC-4337

January 11th John Rising, CEO of Stackup, announced via a blog post revision of ERC-4337.

John Rising announces an update to ERC-4337 that enables account abstraction on Ethereum

So the new version v0.7.0 is the result of learning from 9 months of ERC-4337 production.

“The most significant change concerns the account abstraction transaction structure. The lifecycle of these transactions, or “user operations”, is more complex than a normal Ethereum transaction. The user must enter more than one gas value to account for the fact that the account can perform calculations while its signature is verified. »

Update for more security on Ethereum

As a result, transactions issued by a smart contract account now requires 5 values ​​for gas compared to only one previously.

Although this seems to complicate the whole process, it is allows you to improve gas estimation and reduce gas costs.

These gas savings are even more significant on Ethereum’s Layer 2, as these changes will reduce the amount of data that L2 has to publish on-chain.

Additionally, this update brings certain security mechanisms. Bad gas estimates will thus be penalized up to 10% of gas not consumed during execution.

This prevents applications from imposing unnecessarily high gas limits on transactions. »

This update will subject to OpenZeppelin audit next week and should be deployed on the main network after completion.

At the same time, the Ethereum debate is raging. Indeed, Vitalik Buterin recently proposed increasing the gas limit. An opinion that is far from uniform within the community.

Leave a Comment

Your email address will not be published. Required fields are marked *