Thread by @0xSimon

1/12: 🚨Exciting news for #web3 enthusiasts! ERC4337 has launched on mainnet. I spent 10 hours diving into documentation, code, and ETH Con videos so you wouldn't have to. Here are the key takeaways 🧵

2/12: 🧐ERC4337 - Account Abstraction is a suite of smart contracts that allows anyone to deploy “smart contract wallets”. These wallets are different from EOA’s (externally owned accounts) as they don’t have a private key.

3/12: 🌟ERC4337 aims to play a pivotal role in the mass adoption of web3. It allows for tooling like social sign-in smart contracts (managed by a centralized entity), social recovery for wallets, and "gasless" transactions via paymasters.

4/12: 🔒Smart contract wallets can be extended to support any logic, including off-chain methods for increased verification, on-chain checks, proxy logic, and much more. They also provide increased security against phishing and transaction abuse.

5/12: 💡Social sign-in use case: Large companies can utilize ERC4337’s BaseWallet to allow it to be managed by some sort of Web2 security system, abstracting away private keys and making it easier for organizations to manage their user's wallets.

6/12: 🔒Increased Security: Organizations that are building on ERC4337 can completely control the UI/UX that is presented to a user on their platform, thereby making it substantially harder, if not impossible, for users to fall victim to external attacks.

7/12: ⚛️Atomic MultiTransactions: Smart contract wallets also have the ability to perform atomic multi-transactions which can essentially bundle up multiple transactions into one.

8/12: 💰Paymasters and Sponsored Transactions: An organization can fund a paymaster that has the ability to sponsor transactions for certain smart contract wallets, enabling users to initiate a transaction without holding any ETH.

9/12: 🧩Bundlers: ERC4337 proposes to have an alternate permissionless mempool where bundlers can listen in to transactions, bundle them, and submit them on-chain. This can help eliminate the standard fixed gas overhead by spreading it out across multiple transactions.

10/12: 💻ERC4337 is still in its early stages, and there's a lot of room to build on top of it. For those who want to deep dive, check out these resources:
docs.stackup.sh/docs/introduct…
alchemy.com/blog/account-a…
notes.ethereum.org/@yoav/unified-…

11/12: 🌟 Overall, ERC4337 has the potential to play a significant role in the future of web3. With its advanced features like smart contract wallets, social sign-in, and atomic multi-transactions, it's definitely worth keeping an eye on.

12/12: 🙏 Thank you for reading! If you found this thread useful, please like and retweet to spread the word about ERC4337 and its potential impact on the future of web3. #ERC4337 #web3 #smartcontractwallets

also check out some other great threads
@S4mmyEth

https://twitter.com/S4mmyEth/status/1632713204332654596

@Tyler_Did_It

https://twitter.com/Tyler_Did_It/status/1632784628560936961