ERC 4337

ERC-4337 Standard: Unlocking the Potential

Ethereum has introduced the ERC-4337 standard, co-authored by Vitalik Buterin and a team of experts, to facilitate account abstraction. This innovation empowers Smart Contract crypto wallets on EVM-based chains, broadening access and utility in the cryptocurrency domain.

The Power of ERC-4337

The ERC-4337 standard presents a groundbreaking Account Abstraction proposal that circumvents the need for consensus-layer protocol modifications. It enables developers to craft custom Smart Contract Wallets with ease, paving the way for novel wallet functionalities.

Despite previous Ethereum Improvement Proposals (EIPs) concerning account abstraction, ERC-4337 stood out and was officially recognized in 2023. Its appeal lies in requiring no consensus-layer protocol adjustments.

How ERC-4337 Works: Introducing UserOperations

At the heart of ERC-4337 is the "UserOperation," a pseudo-transaction object stored within an alternative mempool ("Alt Mempool") on the network. Network nodes, dubbed "Bundlers," gather these UserOperations, consolidating them into a singular transaction known as a Bundle transaction.

This Bundle is then processed by a universal smart contract on the blockchain, the "EntryPoint." Notably, the blockchain hosts a single EntryPoint.

Bundlers engage the EntryPoint via the "handleOps" function, which authenticates signatures and manages gas fees through "validateUserOp" for each operation within the bundle. This mechanism shifts asset control away from private keys to programmable functions, streamlining the user experience by reducing the steps and confirmations required for transactions.

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