The Ethereum Foundation’s ERC-4337 account abstraction standard has been published in an audited version on the organisation’s website.
The standard’s EntryPoint smart contract aims to change relationships between users and wallet services. Externally-owned accounts (EOAs) comprise the majority of Ethereum wallets, which include platforms like MetaMask and others.
Under the ERC-4337 standard, Ethereum users can operate on a standard for on-chain transactions. It will also implement a mempool for user operations and to safeguard key backups for wallets with social recovery.
Bundlers service mempools accounts function levels. This submits operations to mempools rather submitting transactions. Bundlers will then move the user operation from the mempool and include it on Ethereum blocks. They also work on other Ethereum Virtual Machine chains.
According to the original ERC-4337 Account Abstraction published in late September 2021, it aims to “allow users to use smart contract wallets containing arbitrary verification logic instead of EOAs as their primary account.” This will remove the need for EOAs.
It also will not require Ethereum consensus changes. Its consensus layer development will focus on the merge and scalability features of the protocol. It will avoid Ethereum consensus changes to expedite the rate of Ethereum adoption.
