Ethereum developers, via a smart contract named EntryPoint activated the ERC-4337 standard, which implements the concept of account abstraction.
Yoav Weiss, a security specialist at the Ethereum Foundation, told Cointelegraph that the solution passed an Open Zeppelin audit. The protocol is compatible with all EVM networks such as Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
ERC-4337 enables turning users’ wallets into smart-contract accounts to make Ethereum addresses more user-friendly and to remove the key human factor—the risk of key loss.
Account abstraction also allows storing data in the standard smartphone security module, turning it into a hardware crypto wallet. Any user can use:
- two-factor authentication;
- biometric confirmation of transactions;
- setting spending limits;
- multisignature implementation;
- programmable recovery via a group of trusted contacts, a third-party service, or other options.
\”This gives you the same capabilities as a bank, without having to trust it in the same way,\” Weiss said.
The adoption of account abstraction is expected to spur broader adoption of cryptocurrencies, making their use more convenient and straightforward.
In March, developers planned to implement in the mainnet Ethereum hard fork Shanghai, which will enable withdrawals from staking.
In February deployed the update on the Sepolia testnet.