Benefits of Account Abstraction in Ethereum v0.7
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The Ethereum Foundation is set to push through major changes to the account abstraction standard in Ethereum in a bid to reduce gas consumption — particularly for layer-2s. Read more about the changes and their benefits in this blog post.
- The Ethereum Foundation is set to push through major changes to the account abstraction standard in Ethereum in a bid to reduce gas consumption — particularly for layer-2s.
- The biggest change is in the structure of account abstraction transactions, which are more complex than regular Ethereum transactions. These now require specifying five gas values instead of just one. This makes gas estimation more accurate and reduces gas costs, especially on layer-2 networks.
- The major benefits of v0.7 for users will be reduced gas fees. It uses some tricks to use transaction data more efficiently, which is particularly helpful on layer-2 blockchains. Smart contract wallets unlock many benefits for the user.
The Ethereum Foundation is set to push through major changes to the account abstraction standard in Ethereum in a bid to reduce gas consumption — particularly for layer-2s. On Jan. 10, the Ethereum Foundation shared a preview of the drastic changes to the ERC-4337 standard specification, which deals with account abstraction, also known as smart accounts. The new version 0.7 applies learnings from nine months of ERC-4337 being used, according to developer John Rising in an update shared with Cointelegraph.
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What is Ethereum’s Account Abstraction?
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Account abstraction, also known as “smart accounts,” builds upon basic Ethereum accounts by allowing accounts to have programmable logic and rules, opening up many new use cases not possible with simple accounts today. Ethereum accounts today are somewhat passive and static, but account abstraction allows them to become active and programmable. It was proposed in September 2021 by Vitalik Buterin and other developers in EIP-4337.
What are the Changes?
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The biggest change is in the structure of account abstraction transactions, which are more complex than regular Ethereum transactions. These now require specifying five gas values instead of just one. “The user has to specify more than one gas value to account for the fact that an account can do computation while its signature is being checked,” explained Rising.
This makes gas estimation more accurate and reduces gas costs, especially on layer-2 networks, since these changes reduce the amount of data that needs to be published. The new specification will also penalize users 10% for all unused gas in execution, “which prevents apps from putting transactions with unnecessarily high gas limits”.
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What are the Benefits?
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The major benefits of v0.7 for users will be reduced gas fees. It uses some tricks to use transaction data more efficiently, which is particularly helpful on layer 2 blockchains. Smart contract wallets unlock many benefits for the user, including: define your own flexible security rules, recover your account if you lose the keys, share your account security across trusted devices or individuals, pay someone else’s gas, or have someone else pay yours, batch transactions together (e.g. approve and execute a swap in one go), more opportunities for dapps and wallet developers to innovate on user experiences.
Conclusion
The Ethereum Foundation’s changes to the account abstraction standard in Ethereum will have a significant impact on the blockchain industry. The changes will make Ethereum more efficient, reduce gas consumption, and make it easier for developers to build smart contract wallets. The new version 0.7 of the ERC-4337 standard specification will be a major step forward for Ethereum, and it will be interesting to see how the community responds to these changes.
References:
Cointelegrah.com. Big changes coming to Ethereum’s account abstraction to save on gas
Cryptopolitan.com. ETHEREUM FOUNDATION ANNOUNCES MAJOR CHANGES TO ACCOUNT ABSTRACTION STANDARD FOR GAS EFFICIENCY
Crypto.com. A Guide to Ethereum’s ERC-4337 Standard and Account Abstraction
Ethereum.org. Account abstraction
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