Thread by @ether_world

#VitalikButerin tweeted about a possible path to build #AccountAbstraction with ERC-4337

Here is a quick Twitter Thread 🧵 on what is #AccountAbstraction and why it is important? 👇

⚡Timeline of #AccountAbstraction Proposals⚡

#VitalikButerin proposed initial abstraction changes for #Metropolis in 2016

The goal was to prepare an account security abstraction.

In traditional model, ECDSA and the default nonce scheme are the only way to secure an account.

In the model discussed by #VitalikButerin, all accounts are contracts, contracts can pay for gas, and users are free to define their security model.

In 2017, #VitalikButerin proposed EIP-86 for abstraction of transaction origin and signature.

The goal was to abstract out signature verification and nonce checking.

It also allowed users to create “account contracts” that perform any desired signature/nonce checks instead of using the Traditional method.

In 2020, #VitalikButerin, @adietrichs, @lightclients, @wjvill and @_SamWilsn_ proposed EIP-2938 for account abstraction.

The goal was to allow a contract to be the top-level account that can pay fees and start transaction execution.

@adietrichs @lightclients @wjvill @_SamWilsn_ In 2021, #VitalikButerin, @yoavw, @kristofgazso, @namrajpatel and @drortirosh proposed EIP-4337 for account abstraction via entry point contract specification.

The goal was to avoid consensus-layer protocol changes instead of relying on higher-layer infrastructure.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh Currently, on Ethereum Blockchain there are 2 types of accounts:

1. Externally Owned Accounts : Controlled by anyone with the private keys.
2. Contract Accounts: Smart contract deployed to the network, controlled by code.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh #AccountAbstraction in #Ethereum has the goal of creating a single account type that will have all the relevant aspects included and making the developers life easier.

Now, we will explore more about EIPs discussed above👇

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh Proposed changes in EIP-86:

1. Contract will now be able to hold the ETH, submit a transaction with all signatures to the contract directly, and the contract will be able to pay the fees.
2. Users can upgrade to ed25519 signatures or any other scheme they wish on their terms.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh Proposed changes in EIP-2938:

1. #AccountAbstraction expands transaction validity conditions through the execution of arbitrary EVM bytecode.
2. To indicate validity, a new EVM opcode PAYGAS, which also sets the contract's gas price and gas limit is used.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh 3. #AccountAbstraction is now divided into two categories;
Single-Tenant AA: Support wallets or other use cases with few participants.
Multi-Tenant AA: Enable applications like Uniswap, which have many users.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh Proposed goals in EIP-4337:

1. #AccountAbstraction: Allowing users to use smart contract wallets.

2. #Decentralization: Allow any bundler to participate in the process of including account-abstracted user activities.

3. This proposal avoids consensus changes.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh 4. Pay transaction fees using ERC-20 tokens, enable developers to pay fees for their users, and EIP-3074-like sponsored transaction use cases.

Sponsored Txns are txns, where the fee for a transaction is provided by a different account than the one that originates the call.

@adietrichs @lightclients @wjvill @_SamWilsn_ @yoavw @kristofgazso @namrajpatel @drortirosh Here is detailed article by @YashKamalChatu1, where we have covered everything about #AccountAbstraction from 2016 to the latest EIP-4337 in 2021 with the related use cases across #DeFi, #Mixer and much more.

etherworld.co/2021/10/06/an-…