The biggest altcoin on Ethereum (ETH) A new development has occurred. Ethereum blockchain, “account abstraction” has enabled a new feature known as an online wallet, seen as a major enhancement that could make it easier for users to recover their cryptocurrencies if they lose their private keys to an online wallet.
Ethereum (ETH) Enabling ‘Account Abstraction’ Launched as a Major Development by Buterin, Founder
News of the upgrade through the use of ERC-4337 as a smart contract, WalletCon known as ETHDenver It will be shared at an event.
According to data on blockchain explorer website Etherscan, the new standard, officially known as ERC-4337, was implemented via a smart contract called EntryPoint.
One reason ERC-4337 went live so easily was that the upgrade was done by adding a smart contract, so it didn’t require any changes to Ethereum’s core programming that could be complicated to implement.
This proposal adds a new layer on top of Ethereum’s mainnet layer. The goal here is to eventually integrate the computational abstraction into the main protocol.
The contract can be used in all EVM chains, that is, it can be placed anywhere that is EMV compatible.
Vitalik Buterin, co-founder of Ethereum, tweeted about the advantages of ERC-4337 last October.
“We’re narrowing down a real path to account abstraction that we’ve always wanted but never been able to achieve,” Buterin tweeted.
Account Abstraction is a concept that converts users’ wallets into smart contract accounts in order to make Ethereum wallets more user-friendly and prevent the loss of crypto keys.
This upgrade was seen as an important milestone that will last for years, but the fact that it’s already running on the Ethereum blockchain means that making crypto more user-friendly is here.
*Not investment advice.
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