• Built-in multi-sig wallets, a simplified update process, and more are all part of the new Ethereum update

  • Vitalik Buterin has announced a new ERC-4337 update proposal. The new features that will be introduced with the update, as well as the possibilities that the new ERC brings to the network, have been discussed by the Ethereum developer.

    Introduction to Account Abstraction

    Account Abstraction, which has been eagerly anticipated by both the developer and user communities, will be the most significant update for the Ethereum network. For individual users’ wallets, the update adds new verification logic. It adds new features to wallet developers, allowing them to implement future features such as multiple signatures, social recovery, and new signature algorithms.

    The aforementioned functions are already present in the modern wallet, but developers must use additional transactions and consume excessive amounts of gas in order to use them. Users must either keep some ETH on an external account or use relay systems, which are typically centralized.

    EIP-2938, which was previously presented, was designed to address the problem, but it also required Ethereum protocol changes, which are incompatible with the current developer focus (the scalability issue). The same goals will be achieved in the newly proposed proposal without any changes to the consensus-layer protocol.

    What is the new proposal’s mechanism?

    The new transaction logic, which allows the implementation of new uses without changing Ethereum’s protocol, is the most important feature of the update. With EIP-4339, developers decided to create a new layer that would contain the user’s commands, as well as a queue that would be bundled and sent to the block as a transaction.

    The new transaction design’s properties

    Buterin described a number of properties that the new transaction logic brings to the chain in his article. Because everything is done through a P2P mempool, simplified user-side wallet setup, full EIP-1559 support, and DoS attack protection, actors on the chain will now be decentralized.

    An early version of the update should be available soon. The proposal will then undergo safety audits before being released on the testnet.

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