WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
ADVERTISE
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
News

The Ethereum Foundation Announced That the Core Contract Passed the Account Abstraction Proposal Erc-4337 Audit

By Simon LawsonMarch 2, 20232 Mins Read
The Ethereum Foundation Announced That the Core Contract Passed the Account Abstraction Proposal Erc-4337 Audit
Share
Facebook Twitter Telegram LinkedIn Reddit Email

Ethereum Foundation security researcher Yoav Weiss announced on March 2 that the core contract of the new Ethereum account abstraction proposal ERC-4337 has passed the Open Zeppelin audit. It is expected to be compatible with all Ethereum Virtual Machine (EVM) networks, including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.

According to Weiss, the new proposal will make it easier for new users to enter the decentralized crypto world. They will no longer need to learn complicated mnemonic phrases or the technical process of setting up a wallet. Account Abstraction aims to reduce complexity and increase efficiency by omitting unnecessary details in the Ethereum account system. This eliminates the need for special handling of EOA and smart contract wallets.

Weiss is one of the lead authors of Ethereum Improvement Proposal (EIP) 4337, along with Ethereum co-founder Vitalik Buterin and five other members. Weiss expressed satisfaction with the project, saying, “Virgin first released this concept 9 years ago, even before Ethereum launched. It took us a long time to get to this stage.”

Through the new proposal, transactions will be processed in a more efficient and secure manner. The proposal would leverage the new account abstraction functionality to allow smart contracts to send and receive ether without an EOA. It also removes the need to pay transaction fees for each smart contract execution.

Related:  Institutional Investors Reduce Bitcoin Holdings to Lowest Level Since October 2021

The proposal has been in the works for quite some time and has gone through several revisions. Auditing is a necessary step to ensure that proposals are safe and ready to be deployed on the Ethereum network.

The Ethereum Foundation has been actively working to improve the Ethereum network. In addition to ERC-4337, they have also been working on other proposals such as EIP-1559, which would significantly reduce transaction fees and improve user experience.

The news of the audit channel was welcomed by the Ethereum community. The new proposal is expected to make Ethereum more accessible and user-friendly, thereby attracting more users to the platform.

The Ethereum Foundation has not yet announced when the new proposal will be deployed on the Ethereum network. However, it is expected to be available in the near future.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Crypto Ethereum Headlines
Related News

Crackdown on Crypto Crime: UK Sets Out Plans

Aspen Digital Appoints Elliot Andrews as CEO

SBF Pleads Not Guilty to All 13 Counts

Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years

India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023

Mike Novogratz: Despite U.S. Regulations, Cryptocurrency Markets Have Been Strong This Year

The Latest
News April 1, 2023
Crackdown on Crypto Crime: UK Sets Out Plans
Business April 1, 2023
Aspen Digital Appoints Elliot Andrews as CEO
News March 31, 2023
SBF Pleads Not Guilty to All 13 Counts
News March 30, 2023
Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years
News March 30, 2023
India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.