Vitalik: Ethereum ERC-4337 proposal “will open the door to creativity in wallet design”

  • Vitalik Buterin , who proposed without the need for an Ethernet Square introducing “account abstraction” Subject to change consensus layer protocol;
  • If ERC-4337 is successfully implemented, it will ” open the door to creativity in wallet design ” , such as “multi-signature and social recovery”;
  • The statement did not mention a specific implementation date, but said that its Alpha version will be released soon.

Recently, Ethereum founder Vitalik Buterin announced in his blog a new proposal ERC-4337 , which will reshape the way the Ethereum  wallet is designed . If it is successfully realized, it may be the key to realizing the dream of ” account abstraction ” and ” social recovery “.

Ethereum wallet will usher in major changes

At present, Ethereum accounts are divided into two types: external accounts (that is, sending cryptocurrency, wallets that exist outside the Ethereum Virtual Machine (EVM)) and contract accounts (that is, smart contracts that exist inside the EVM).

The Ethereum account abstraction (account abstraction) aims to reduce the type of Ethereum accounts from two to one. This single account type will be able to trade both cryptocurrency and smart contracts at the same time . Developers and users will no longer need to distinguish between account types, because transactions will be completely moved to the EVM instead of the blockchain protocol .

Vitalik explained that ERC-4337 does not use “EVM code to implement application logic”, but can be used to implement “individual user wallet verification logic”. This development is not only “will open the wallet for the creative design of the door “, but also for the wallet bring more than sign (multisigs), social recovery (social recovery), the signature algorithm to efficiently function.

Recover lost Ethereum wallet through social recovery function

Although multi-signature is a popular concept, the social recovery feature will allow users to recover their lost signature keys . A wallet that implements the social recovery function will allow users to introduce three (or more) “guardians” as the second layer of protection or buffer for the wallet.

“Guardians” can be other devices owned by the user, friends, family members, or organizations, and so on. If the user loses his wallet secret key, he can contact the “guard” and ask them to sign a special transaction to create a new public key .

In addition, an absolute majority of “guardians” can unite to change the signature of an account.

If this function is successfully implemented, it will prevent users from losing their wallets and make wallet recovery easier.

Although there is no estimated date for when the ERC-4337 proposal will be implemented, Vitalik wrote:

“An early developer alpha version is expected to be released soon. After that, the next step will be to determine the final details and conduct an audit to ensure the safety of the plan.”

For the technical details of the implementation of the ERC-4337 proposal, please refer to the original text published by Vitalik:

This article only represents the views of the original author and does not constitute any investment opinions or suggestions.

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