'Smart Accounts' introduced by Ethereum at WalletCon
Updated: Mar 3
Ethereum is preparing to launch its latest smart contract, 'ERC-4337' at WalletCon. The latest technology is expected to encourage additional users and champion adoption by retail consumers to use digital currencies.
Yoav Weiss, the Ethereum Foundation's security researcher is expected to make the announcement at WalletCon that the ERC-4337 contract will be made available for use by all Ethereum Virtual Machine (EVM) compatible networks, including Polygon, BNB Smart Chain, Gnosis Chain and more.
The main benefit of the ERC-4337 smart contract is the account abstraction feature, which allows users to decouple their accounts from the execution of smart contracts. This means that long, complicated seed phrases could become a thing of the past.
By utilising account abstraction, it becomes possible to store unique cryptographic keys, which are main account features for crypto wallets, on standard smartphone security modules. This effectively turns a smartphone into a hardware wallet and mitigates risks around hacking which existing smartphone wallets are uniquely at risk of suffering.
Additionally, users will now be able to utilise two-factor authentication, biometric data such as fingerprints or facial recognition to sign transactions, setting monthly spending limits, and the use of session keys to enjoy blockchain-based games without having to approve transactions constantly.
There remains of course the risk that a user loses, damages or having their smartphone stolen, however, ERC-4337 allows for account recovery by way of a time-locked social recovery process by utilising a group of trusted friends or a third party commercial service.
The user-interface of digital currency wallets has been a drag on adoption and something which interferes with the adoption of NFT based gaming so many are understandably excited about this development.