New ERC-4337 Standard Released; US Bank Regulators, G20, IMF and OSC Address Crypto Risks; DeFi Hack Victims Regain Crypto Via Code Exploit
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Loading... - Angelina Hauser
- 07 Mar 2023
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New ERC-4337 Smart Contract Standard Released to Enhance Wallet Security
According to reports, Ethereum has deployed a new feature known as “account abstraction,” which has been in development for two years and can “make it easier for users to recover crypto if they lose private keys to an online wallet.” Deployed via a smart contract called EntryPoint (formally known as ERC-4337), account abstraction “turns users’ wallets into smart contract accounts, in order to make Ethereum wallets more user-friendly and to prevent any loss of keys.” According to reports, account abstraction works by taking external owned accounts (EOAs), such as accounts used on MetaMask or Coinbase Wallet, and merges the code-based operation of contract accounts (CAs) “creating built-in mechanisms that can allow users to keep access to their crypto” in the event that users lose their private keys. Recovery systems include a “social recovery system” and the ability to create “multi-sig wallets” (where multiple users must sign off on a transaction) as an “extra safety mechanism.
”According to reports, the new ERC-4337 standard is “expected to help mainstream adoption by finally making crypto user friendly.” ERC-4337 has passed an audit and will be made available on every Ethereum Virtual Machine-compatible blockchain network. A major function of the new feature is that “[n]ew 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.” According to reports, in addition to the recovery of users’ wallets, the benefits include “two-factor authentication, signing transactions on your phone, the setting of monthly spending limits on an account, the use of session keys to play blockchain games without constantly having to approve transactions, [and] decentralized recovery of wallets; [and] smart accounts can be configured to autopay bills and subscriptions.” Read More..
