Yoav Weiss, a security researcher at the Ethereum Foundation, announced at WalletCon Denver that the core contracts for ERC-4337 passed audits from Open Zeppelin and will be available on every Ethereum Virtual Machine (EVM).
Along with being available on every EVM, the upgrade is also enabled on every EVM-compatible blockchain. This includes; Binance Smart Chain, Polygon, and Avalanche.
“So now, users don’t need to think about writing down 12 words on a piece of paper, but instead, they are able to add and remove devices and include recovery options with a friend or a lawyer,” Weiss said.
ERC-4337 was endorsed by numerous community members, including payment processor VISA, in December who saw value in the upgrade for auto-scheduled crypto payments. Although there were a lot of questions relating to the delayed launch of the upgrade, in relation to this Ethereum co-founder Vitalik Buterin took to Twitter to let users know that the proposal was “moving forward“.
What Is Account Abstraction, Smart Accounts, And ERC-4337?
Smart accounts are hybrid wallets combining externally owned accounts and smart accounts. EOAs are controlled by someone with private keys and CAs are operated by code and stored within smart contracts – usually within dApps and DeFi protocols. ERC-4337 allows for the combination of these two without the need for a consensus layer change.
See Related: ERC-4337 Standard
Smart accounts allow for account abstraction, which improves the functionality and customizability of wallets, as the only requirement needed is to interact with an interface to execute and validate transactions. Smart accounts can be specifically tailored to ones needs.
