๐Hello Biconauts,
This weekโs glossary covers EIP-4337, a proposal meant to handle a top preoccupation of the #Ethereum community: ๐๐๐๐จ๐ฎ๐ง๐ญ ๐๐๐ฌ๐ญ๐ซ๐๐๐ญ๐ข๐จ๐ง.
Weโll go over why the proposal was necessary and what solution it offers.๐งต๐
This weekโs glossary covers EIP-4337, a proposal meant to handle a top preoccupation of the #Ethereum community: ๐๐๐๐จ๐ฎ๐ง๐ญ ๐๐๐ฌ๐ญ๐ซ๐๐๐ญ๐ข๐จ๐ง.
Weโll go over why the proposal was necessary and what solution it offers.๐งต๐
2/
First, a quick note: #accountabstraction allows a contract to become the top-level account that handles fees and starts the execution of the transaction.
First, a quick note: #accountabstraction allows a contract to become the top-level account that handles fees and starts the execution of the transaction.
3/
Ethereum developers have been preoccupied with account abstraction for a while.
The goal is to use #EVM code not just for implementing the logic of applications but also for the verification logic of individual wallets โ nonces, signatures, etc.
Ethereum developers have been preoccupied with account abstraction for a while.
The goal is to use #EVM code not just for implementing the logic of applications but also for the verification logic of individual wallets โ nonces, signatures, etc.
4/
How does the proposal work?
By replicating the functionality of the transaction #mempool on a higher level, users get to send UserOperation objects into a separate mempool, relying on pre-vetting these calls for safety.
How does the proposal work?
By replicating the functionality of the transaction #mempool on a higher level, users get to send UserOperation objects into a separate mempool, relying on pre-vetting these calls for safety.
5/
This makes it easy to verify outcomes that are otherwise hard to do for transactions from contract accounts.
This mechanism allows account abstraction to be implemented on the blockchain without any changes to the core protocol.
This makes it easy to verify outcomes that are otherwise hard to do for transactions from contract accounts.
This mechanism allows account abstraction to be implemented on the blockchain without any changes to the core protocol.
6/
Bundlers are a special class of actors who are miners or users who can send transactions to miners through a bundle marketplace.
They pack up UserOperation objects into one โbundle transactionsโ and include them into an #Ethereum block.
Bundlers are a special class of actors who are miners or users who can send transactions to miners through a bundle marketplace.
They pack up UserOperation objects into one โbundle transactionsโ and include them into an #Ethereum block.
7/
๐๐ซ๐จ๐ฉ๐จ๐ฌ๐๐ฅ ๐ ๐จ๐๐ฅ๐ฌ:
โ Account abstraction
โ Decentralization
โ Avoidance of consensus changes
โ Allowing developers to pay transaction fees for their users
๐๐ซ๐จ๐ฉ๐จ๐ฌ๐๐ฅ ๐ ๐จ๐๐ฅ๐ฌ:
โ Account abstraction
โ Decentralization
โ Avoidance of consensus changes
โ Allowing developers to pay transaction fees for their users
8/
Pros&Cons
Pros: flexibility in verification logic, quantum-safe execution layer, wallets that could upgrade their entire code, & flexibility in execution logic
Cons: slightly increased DoS vulnerability, gas overhead, & the account can only send one transaction at a time
Pros&Cons
Pros: flexibility in verification logic, quantum-safe execution layer, wallets that could upgrade their entire code, & flexibility in execution logic
Cons: slightly increased DoS vulnerability, gas overhead, & the account can only send one transaction at a time
9/
At @Biconomy weโre convinced that Account abstraction is where the future of #crypto is headed.
As quoted by our Co-Founder @schin_tomar, we're working with EIP 4337 for better UX, security, and flexibility!
Working on a AA/EIP-4337 deep dive. Stay tuned!
At @Biconomy weโre convinced that Account abstraction is where the future of #crypto is headed.
As quoted by our Co-Founder @schin_tomar, we're working with EIP 4337 for better UX, security, and flexibility!
Working on a AA/EIP-4337 deep dive. Stay tuned!
โข โข โข
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