What is ERC-4337 account abstraction and what is it for ⠀ It | Crypto | Bitcoin | Ethereum | Altcoin | News

What is ERC-4337 account abstraction and what is it for
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It was always thought that the guarantor of the safety of your assets was the seed phrase, which had to be kept in a safe place.

But a new solution has already been invented - abstraction of accounts (ERC-4337), which will give you the opportunity to no longer think about losing and not finding your paper with 12 words.

ERC-4337 is a new Ethereum standard that creates abstract accounts. This means that your wallet becomes a smart wallet in which you can conduct transactions through a single mechanism to accept them. An added bonus is that paying for gas will be possible with any ERC-20 token, and services that use it will be able to transfer gas payments in fiat through a smart contract.

Seed-phrase can now be recovered through previously specified custodian contracts. In addition, smart accounts can consolidate all transactions and thus significantly reduce gas payments.

It would seem that everything is super, but there is a nuance - to bring all this to life requires an extensive infrastructure. More precisely the nodes that will bundle transactions into packages, thereby reducing the high gas fee.

If the developers find this solution, then in the near future the ERC-4337 standard could become a major aspect of mass adopting, as economy and ease of use have always been in high esteem among cryptos. Waiting...

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