The launch of the new ERC-4337 standard has enabled the arrival of smart accounts on Ethereum, offering a more user-friendly approach to cryptocurrency adoption.
Ethereum Foundation security researcher Yoav Weiss revealed the development at WalletCon in Denver, announcing that the core contracts for ERC-4337, or “account abstraction,” have passed an Open Zeppelin audit and will be made available on every Ethereum Virtual Machine (EVM) compatible network including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain.
Smart accounts will help drive mainstream crypto adoption by eliminating the need for new users to navigate complicated seed phrases or technical wallet setup processes. “The next billion users are not going to write 12 words on a piece of paper. Normal people don’t do that,” Yoav said. “We need to give them better usability, they shouldn’t need to think about cryptographic keys.”
Smart accounts can store unique cryptographic keys used for cryptocurrency on standard smartphone security modules, upgrading them to de facto hardware wallets. This development also allows for the use of two-factor authentication and monthly spending limits.