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EIP 4337 is an update to the Ethereum network design. It was implemented as an additional layer on top of the Ethereum mainnet, so it did not require a hard fork to go live. With account abstraction, Ethereum users can easily convert their wallets into what is called a “smart account” providing them with additional functionalities. This ”Smart Account” is a new type of wallet that will be available with EIP 4337. Ordinary users will be able to convert their accounts into a multi-signature archive eliminating the need for account owners to be responsible for private keys.
How EIP 4337 Will Change Ethereum
EIP 4337 has already taken the first place among the most important and ambitious EIPs in the history of Ethereum. With EIP 4337 going live, the Ethereum experience will almost certainly different for the next generation of users and developers.
EIP 4337 For Security
In terms of private key management, EIP 4337 now allows multiple users to authorize transactions from a single account. What this means is that Ethereum holders can integrate their wallets with a smartphone to simplify key management and add an additional recovery tool if they so wish.
EIP 4337 And Gas Fees
In terms of smart contracts, EIP 4337 paves the way for what some are calling “gas-less” contracts. While these are not actually “gas free”, developers can now encode the ability to use one or more wallets as a source for gas payments. For example, one account can be strictly for fees and other administrative functions while the other can be for everything else if you wish. Previously, such a design needed all transactions to be authorized with private keys only and this was not an option.
EIP 4337 And Mass Admission
Supporters and developers of EIP 4337 are growing more and more confident that the new Ethereum user experience will become increasingly user-friendly for beginners as the Ethereum toolkit is getting more feature rich with every update. It allows for more varied and complex projects that would have been impossible without these new smart accounts.
What’s Next For Account Abstraction In EVM?
The activation of EIP 4337 is an important milestone for Ethereum. Although it now seems to be overshadowed by the long-awaited Shanghai upgrade (and its economic promises), account abstraction is as important as EIP 721 and EIP 1155. This update is just the beginning of many steps required to ease the onboarding process for those who are just starting out and is just one step closer to helping enable the mass adoption so many are hopeful for.