The acronym ERC stands for Ethereum Request for Comment, a standard protocol that was invented to communicate requirements and technical information to users.
Yoav Weiss said, “The next billion users are not going to write twelve words on a piece of paper. Normal people don’t do that”. We need to give them fair usability and reveal ERC-4337 on the first of March in an effort to make crypto more secure and user-friendly. ERC-4337 is a token standard for the Ethereum network equivalent to other ERC standards, such as ERC-20, ERC-721, and ERC-1155.
What is ERC-4337?
ERC-4337 previously, EIP-4337 is also known as account abstraction. The ERC-4337 provides custom wallet solutions for users. It offers a decentralized platform for crypto services without the need for users manually create traditional wallets and store their private keys. The ERC-4337 holds your private keys on a user hardware security module and is secure as a self-custodial wallet.
Most of Ethereum’s existing wallets are Externally Owned Accounts (EOA) and smart contracts owned by third parties. Account abstraction aims to dismiss the need for EOAs and special handling of smart contract wallets.
- New users do not need to learn complicated seed phrases and technological processes for setting up a wallet.
- Two-factor authentication of transactions using a phone via fingerprint or face scan.
- Set a monthly spending limit on the account without worrying about having to authorize transactions.
- If a user loses their phone or any device, they can use social recovery of their account via the trusted group.
- Built-in access to controls in ERC-4337 makes it easy to understand how tokens are used. It results in a user-friendly and seamless experience for users.
- A flexible token supply model that is more secure than the existing ones and helps reduce security and hacking risks which is essential for dApps that handle transactions or sensitive data.
- Pay gas fees using other tokens or with a credit card without KYC, as you are not buying cryptocurrency, just paying the fees.
The focus on new standards enhancing accessibility and user-friendly platforms for NFT on Ethereum is necessary. ERC-4337 is a new token standard introduced by the Ethereum community which seeks to improve the functionality and security of dApps. The Ethereum standard introduced various new features, such as built-in controls and a flexible token model that helps make it more secure and scalable than existing token standards.
ERC-4337 offers various benefits for users, including enhanced security features, flexibility and user experience. With the growing, evolving community ERC-4337 is to become an essential standard for the future of decentralized application development.
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