What is ERC-4337?
A new proposal recently passed by the Ethereum foundation called EIP-4337 (Ethereum Improvement Proposal). This sounds complex, but think of Ethereum like a computer that can code things. You can think of this as an upgrade to the computer that makes it more user friendly.
The new, more user friendly ERC-4337 has upgrades that help safety and usability. This enables account abstraction (basically blockchain interacts with things like your phone).
Here are some of the main changes:
New ways of authenticating: This means that you don’t need to only use your private keys to secure your ETH and NFTs, you can use many ways to verify which means higher security and easier ways of using the blockchain
You can now recover wallets so that value is not lost forever
Gasless and bundled transactions
The new upgrade was passed on March 1, 2023
2 Factor Authentication
With the recent upgrade you will now be able to secure your crypto and NFTs with 2FA. In simple terms this means an additional layer of security that is user friendly.
Example of how this works: You set up 2FA so you need both a hardware wallet and access to your facial recognition on your iPhone.
Now if someone was able to get access to your private keys they would not be able to access your crypto without also having your phone.
For those who may be newer to cryptocurrency in the current format without 2FA or multi-signature contracts having access to private keys would allow any person to remove all funds located in an account.
Upgrading ease of use from Gnosis & Argent
2FA has been around for a while, however the issue has always been you need to be fairly technologically savvy in order to safely set up a Gnosis or Argent 2FA.
Please bear in mind, everything is on a sliding scale and many people have been able to easily use Gnosis or Argent, but it is unlikely that a new user of crypto would be comfortable setting it up.
Conclusion
The recent changes in ERC-4337 will dramatically help usability and security.
Some of the most exciting improvements in crypto will come on the back-end that allow for new users to comfortably onboard in a safe and user friendly manner.
If you would like to dig in at a far deeper level please check out the information on EIP 4337 at ethereum.org
I’m excited for what the future holds.
Cheers
Josh Bobrowsky
Skybrook Founder & CEO
Wonder why people is not talking that much about this... the same happened with limit break new royalties protocol... I guess I need to tune up my twittter following