The Ethereum Foundation's verified version of the ERC-4337 account abstraction standard is now live on the mainnet.
On March 2nd, Yoav Weiss, a security researcher at the Ethereum Foundation, announced at WalletCon in Denver that the main contracts for ERC-4337 had passed an audit by Open Zeppelin.
New users will no longer need to memorize complex seed phrases or learn the technical process of setting up a wallet.
Furthermore, those who have lost their phone or device can use social recovery of their account with a temporary lockout through a group of trusted friends or even a commercial service.
Weiss said, "This gives you the same capabilities as a bank, [but] without having to trust the bank."
Although smart contract wallets Argent and Gnosis provide similar functionality, these solutions require centralized components called relays to pay for gas, while ERC-4337 decentralizes the entire system.
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