Ethereum Account Abstraction (AA) or ERC-4337

Today we talk about the #Ethereum Account Abstraction (AA) or ERC-4337 proposal that has been created in 2021. It was approved and announced a few days ago at the #ETHDenver event. So what is it and why it matters?

AA allows us to customize our accounts on Ethereum instead of using predefined account types.

In simple words, this lets us create "Smart Accounts" on the blockchain. The main benefit of this is that it can make Ethereum more user-friendly and accessible (ADOPTION).

Use cases

  1. Wallet recovery (one of the most important for adoption). Web2-like wallet recovery options (social recovery, and other simple things similar to banking without having to believe the bank) instead of writing down and storing 12–24 words.

  2. Custom pay limits and 2FA. It allows us to set spending limits and enable 2FA for transactions above a certain amount.

  3. Automated payments. Soon, the payment for different Web2 subscriptions by crypto will become easier.

Also:

  • Multiple txs in the same one.

  • Pre-approved txs for a certain time period.

  • Gasless / Sponsored Transaction / Pay for gas not only in ETH

Useful links: Original VitalikButerin proposal - https://eips.ethereum.org/EIPS/eip-4337