What are the features of the upcoming new standard ERC-4337?
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What is the new ERC-4337 standard that Ethereum wants to roll out? Who is its proposer?
Ethereum, the most popular blockchain-based computing platform for developers to build and deploy decentralized applications on top of, has previously announced that it will launch a new standard called ERC-4337, which aims to improve user experience. Experience, prevent the loss of private keys, optimize the transaction process, etc.
ERC-4337 is an account abstraction proposal issued by Ethereum founder Vitalik Buterin in conjunction with Yoav Weis, Dror Tirosh and others. This proposal aims to make Ethereum wallets more friendly (to users) and prevent any loss of keys. Vitalik and his team propose turning a user's Externally Owned Account (EOA) into a Smart Contract Account (CA), which would allow for a built-in mechanism for users to maintain access to their cryptocurrency.
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Difference between EOA and CA
Ethereum has two different types of accounts, externally owned account (EOA) and contract account (CA). Simply put, EOA is composed of public key and private key, just like MetaMask. Through mnemonic words and private key, users can Transaction and access to the account.
For CA, the contract account does not have a private key, and the smart contract is controlled by the code logic in it, and they are not controlled by the user. The key issue here is that you can define what the contract account does through code, and EOA is what the user controls, one is manual by the user, and the other is automatic based on the user's idea. Smart contracts have the ability to do anything you can program in code, whereas EOAs can basically only sign transactions.
But the reality is, "Not your keys, Not your crypto", if you lose or steal your private key or password, your assets are no longer your assets, and users do not have absolute ownership of their accounts. It is only temporarily owned through these keys and passwords. Once lost, there will be no coins left.
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account recovery
account recovery
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Multi-sign function
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Gas optimization
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Pre-approve transactions
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bundle deal
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subscription model
epilogue
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ERC-4337 is a transformative technology for encryption natives and newcomers who want to enter encryption. It is very helpful for the popularization of encryption. Encryption through ERC-4337 is no longer "high above" and "hard to touch". It is a field that anyone can enter, and the moment from All in Crypto to All people in Crypto is no longer far away.
