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.
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.