Smart accounts come to Ethereum with the launch of ERC-4337

Smart accounts come to Ethereum with the launch of ERC-4337 Ethereum ERC accountabstraction

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One of the biggest barriers to entry into the crypto ecosystem is the complicated process of creating cryptocurrency wallets, which requires users to record complicated seed phrases and can often involve a highly technical setup process that the average person has no interest in learning. The new functionality also enables two-factor authentication, monthly account spending limits, session keys to play blockchain games without constantly needing to approve transactions, and allows users to sign transactions on their phone using a fingerprint or face scan.

The bundling process involves smart wallets signing “user operations” which are then sent to a special mempool . Bundlers take user operations from the mempool and deliver the desired result back to the wallet, paying all required gas fees in the process. Compensation for money spent on fees is retrieved from the user’s contract account or from a third party known as a “paymaster,” such as a wallet provider.

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