Posted 2 months ago | by Catoshi Nakamoto

Vitalik Buterin has announced a new Ethereum update proposal ERC-4337. The Ethereum founder and developer discussed the new features that will be integrated into Ethreum’s network with the update and the changes that will take place. This comes as Ethereum devs have simultaneously stated that an update to Ethereum’s Beacon Chain called Altair is scheduled for late next month.

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Account Abstraction Coming With ERC-4337

Buterin joined Kristof Gazso, Yav.eth, Dror Tirosh, Namra Patel, Tomasz K. Stanczak, and others to launch the account abstraction proposal ERC 4337.

In his article, Buterin described numerous properties that the new transaction logic will bring to Ethereum’s blockchain. Everything is now being done through a P2P mempool, a easier user-side wallet setup, and full EIP-1559 support. The ERC-4337 proposal removes centralized actors and provides full EIP-1559 support to wallets, further decentralizing Ethereum.

The account abstraction feature has been long-awaited by both developers and users alike due to its ability to “open the door for creativity in wallet designs,” Buterin said.

So what is account abstraction?

To explain it briefly account abstraction is enabling transactions to be initiated directly from smart contracts rather than accounts controlled by private keys.

Perhaps one of the most important updates for the Ethereum network will be Account Abstraction, which has long been awaited by Ethereum’s community of users and developers. The update will also add new verification for individual users’ wallets. It creates new functions for wallet developers, including the ability to implement futures like multiple signatures, social recovery, and new signature algorithms as per Vitalik’s post.

The difficulty of setting up an Ethereum wallet is set to reduce significantly by implementing this proposal as well.

The key function that the update will bring is the new transaction logic that allows consensus-layer protocol changes without changing Ethereum’s protocol. With EIP-4339, developers decided to create a new layer that will contain the user’s commands and create a queue that will then be bundled and sent out to a block as a transaction.

The implementation of this new update could drastically decrease gas fees, which is an ongoing issue that continues to plague the Ethereum network.

Buterin stated that previously, EIP-2938 was designed to fix this issue. However, that required protocol changes that weren’t in line wil the focus of developers i.e. scaling ETH and merging with ETH 2.0. The new update is expected to achieve the same goal without consensus-layer protocol changes.

According to Buterin, widespread adoption of the update is adequate enough to make the execution layer of Ethereum quantum safe. This suggests that future quantum computers would not be able to “break the blockchain.”

It’s worth mention though that Buterin admitted the update would “slightly increase” the network’s vulnerability to DOS attacks.

An early version of the update is expected to be released soon, then it will go through a period of safety audits before being released on the testnet. Meanwhile, in other news the Ethereum devs have announced, the first major mainnet upgrade of the Beacon Chain scheduled for late October, in preparation for Ethereum’s switch from Proof of Work (POW) to Proof of Stake (POS.)

Currently, the Beacon Chain has a total of 7,795,354 ETH staked, representing over 5% of the total Ethereum supply. The number of validators has also now surpassed 240,000 on the network at the time of this report. This metric combined with ETH being removed off of exchanges and burned at a quickening pace is sure to aid the coming ETH supply shock.

Bitcoin is currently trading at [FIAT: $41,471.45] DOWN -0.6% in the last 24 hours according to Coingecko at the time of this report.

About Catoshi Nakamoto

c6ea0c3794492f30883e516d39b2597a?s=90&d=blank&r=g Ethereum Announces ERC-4337 Proposal And Altair Upgrade For Beacon ChainActivist/Journalist, former writer - We Are Change, The Mind Unleashed, Coinivore, others. Currently writing for - Activist Post and Bitboy Crypto. Not Right or Left Apolitical. I Care About Truths (CATS.) Cryptocurrency enthusiast, I mined and lost 100+ BTC in 2010-2011. I work with - Bitboy, SoMee, CEEK, Presearch, and W3BT aka FMW Media Group. Friend of mostly everyone who isn't a dick. Just A Cool Cat.