New Ethereum Standard Launched

Ethereum developers have activated the ERC-4337 standard through a smart contract called EntryPoint, which implements the concept of account abstraction.
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Yoav Weiss, security specialist at the Ethereum Foundation, told Cointelegraph that the solution has been audited by Open Zeppelin. The protocol is compatible with all EVM networks such as Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain.

ERC-4337 allows you to turn users’ wallets into smart contract accounts, making Ethereum addresses more convenient and eliminating a human factor such as key loss.

The account abstraction also makes it possible to store data in a standard smartphone security module, turning it into a hardware crypto wallet.
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At the same time, each user can:
-Use two-factor authentication;
-Confirm the transaction with biometrics;
-Set spending limits;
-Implement of multiple signatures;
-programmable configuration of access recovery by a group of trusted persons, a third party service or other options.

It is expected that the implementation of account abstraction will contribute to the mass adoption of cryptocurrencies, making their use more convenient and understandable.