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Dear country without banks
Let’s talk ERC-4337.
This is a new Ethereum standard that introduces “account abstraction”, or smart account functionality, into the production environment.
ERC-4337 has already spread to several other chains and will have a major impact on NFTs wherever they go. Let’s delve into what these mean in today’s post.
-WMP
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To understand AA, it is important to first understand the basics of accounts on Ethereum and the Ethereum Virtual Machine (EVM) network.
There are two main account types to consider here: Externally Owned Accounts (EOA) and Contract Accounts (CA).
EOAs are simple wallets (such as MetaMask wallets) that can only sign transactions. As CAs are real smart contracts, they contain customizable code, but transactions can only be completed when approved by the EOA wallet.
So what the AA does is basically amalgamating the functionality of the EOA x CA and allowing a regular wallet to run smart contract code. This area is currently of great interest in the Ethereum development community as it can facilitate many use cases. For example, the Ethereum Foundation just recently accepted new project submissions. Grant Wave of Account Abstraction.
With the advent of mainnet Announced March 1, 2023, ERC-4337 is a new Ethereum standard that introduces AA to increase account flexibility on Ethereum and simplify user interactions. Additionally, this standard is now working with other of his EVM chains such as Arbitrum, Avalanche, Optimism and Polygon.
In general, there are many different ways to approach AA, but ERC-4337 is an “alternative memory pool” technique that allows new kinds of transactions to be bundled and sent on-chain thanks to a special “EntryPoint” smart contract. is employed. At the heart of this system are three basic elements:
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🤙 User Operations (UserOp): Transactions made from ERC-4337 wallets. Represents an action that a user wants to perform on Ethereum or his EVM.
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🔢 bundler: A node that aggregates UserOps, creates transactions to be executed, and acts as an intermediary between users and the chain of problems.
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🪙 payroll manager: An entity (such as an app) that can cover the cost of UserOps gas charges for a user.
Advances in ERC-4337 greatly simplify the user experience for interacting with NFTs, not just cryptocurrencies. AA applications that will become increasingly popular in the region in the future include:
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🔓 A simpler and more secure account — Currently, NFT users are required to manage cryptographic key pairs, including securely storing a 12-word seed phrase, to maintain access to their digital assets. ERC-4337 allows the user to instead maintain the wallet with her Apple or Google account, etc., and recover it using her trusted social connections, such as family and friends. Conversely, apps can also use this standard to create and maintain wallets on behalf of users.
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💨 Gasless Transactions — Ethereum, for example, requires ETH to be paid as “gas” to complete a transaction. ERC-4337 allows users to perform transactions without it Thanks to Paymaster, you will need ETH or other cryptocurrencies in your wallet. Alternatively, instead of ETH he could pay for gas in USDC, DAI, WBTC, etc. This provides a new onboarding avenue for NFT projects that want to bring in new users who may already have little or no experience in cryptocurrencies and the NFT space.
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🪢 Bundle trading — ERC-4337 allows multiple on-chain operations to be performed in a single transaction. For example, say you move an NFT from one wallet to a new vault wallet. AA allows you to list what you want. please do not I want to keep it anymore, so I want to transfer what you have do Everything happens within a single transaction, greatly reducing transaction complexity and time.
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👍 Allowed activities — Thanks to ERC-4337, users can now perform various actions such as requesting multisig transactions, allowing only certain addresses to perform certain transactions on their behalf, or restricting certain activities entirely. You can now customize the permissions for your account in the method. This feature will allow NFT users and her NFT-centric DAOs to have more control over their on-chain accounts, whatever her EVM chain is for.
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🎮 session key — Finally, another very cool application that ERC-4337 opens is “Session Keys”. This is a temporary key that allows the wallet to interact with a specific app in a specific way for a specific period of time. You can imagine session keys becoming very popular in the NFT gaming scene. Using session keys in games means you don’t have to worry about having to sign tons of transactions or revoke open token approval after months.
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ERC-4337 has only recently gone live on mainnet, so the infrastructure scene around it is just beginning to bloom.I like some teams pile up has already done a great job of making it easier for builders to start developing with ERC-4337 early on, and as big players like MetaMask are also exploring this, more projects are coming. Expect to see more attention around this standard in the coming months as it begins to roll out. .
Zooming out combines the features of the ERC-4337 standard with those of the similarly recently enabled ERC-6551 (NFT as wallet) ushers in an exciting new era in the NFT space, full of standards-based, wide-open possibilities.
For example, soon we might be able to sign into the main character’s NFT itself via an Apple account, and then be issued a session key from the character to safely dive into the most popular new NFT games, where All transactions are already paid in gratitude. Add it to your project using Paymaster. This hypothesis is just a small part of what’s to come, but it shows that much will change in terms of NFT-centric UX thanks to the dawn of these promising new standards.
William M. Peester is the creator of metaversal — Bankless newsletter focused on the emergence of NFTs in the crypto economy. He is the senior writer for Bankless’s main his newsletter and a contributor to the NFT curation platform JPG.
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