Ethereum developer conveyed the new features and potential possibilities that will be introduced with the update.
Ethereum co-founder Vitalik Buterin announced the ERC-4337 update. Ethereum developer conveyed the new features and potential possibilities that will be introduced with the update.
Introduction to ERC-4337
The most important update for the Ethereum network will be Account Abstraction, which is highly anticipated by both the developer and user communities. In the update, a new verification method will be integrated for individual users’ wallets. Implementable structures such as multi-signature, recovery and new signature algorithms will now be created by developers.
The specified functions are already available in the modern wallet, but to use them, developers need to use additional transactions, pay an excessive gas fee. Users need to hold ETH in another account or use transfer systems that usually work decentralized.
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The previously serviced EIP-2938 was designed to address this issue, but also required Ethereum protocol changes that were incompatible with the scalability issue. The newly serviced update will run to the same targets without consensus layer protocol changes.
What Is Aimed In The Update? What Will Change?
The main function that the update will bring is a transaction logic that allows the implementation of new usage areas without changing the Ethereum protocol. With EIP-4339, the developers decided to create a new layer that would create a queue that would contain the user’s commands and then be packaged and sent to the block as a transaction. The features of the new process design can be explored in depth in the Buterin article.
Actors in the chain will be decentralized by operating a full P2P mempool, simplified user-side wallet setup, full EIP-1559 support, and protection from DoS attacks. The pre-release of the update is expected to be released soon. Soon after, the update will pass audits and be live on the testnet.