GeN3 Launch Issue - Flipbook - Page 42
40 . ERC 4337
ERC 4337
SYSTEM UPGRADE INITIATED
BY ALYSON CHALOUX . TOKENPR.COM
Will the world really adopt blockchain when they
need to learn how to use wallets, store seed
phrases, pay gas prices, and risk losing it all with
the click of the wrong button? While Web3 marches on toward ‘mass adoption,’ this elephant in
the room has been frequently sidestepped.
and it de昀椀nes how smart contracts should function and interact on the Ethereum blockchain.
ERC 4337 is just one of many upgrades on the
network, but why do we care?
ERC 4337, or account abstraction, may be the
昀椀rst step toward mass adoption. It makes the
Ethereum wallet user experience simpler and
allows them to function as smart contracts and
thus smart accounts.
ERC-4337 standard can process automated and
recurring payments making simple interactions
like blockchain subscriptions possible. Projects
that incorporate this standard can set up features
like recurring payments to a magazine or even
a monthly coffee subscription using these types
of accounts.
EIP and ERC are both standards that are used to
improve the Ethereum ecosystem. EIP stands for
Ethereum Improvement Proposal, and it outlines
Ethereum Core functions and network upgrades.
ERC stands for Ethereum Request for Comment,
They will offer the services and user experiences
you get with a bank, without a bank. Users don’t
need to write seed phrases but rather can use
2FA or biometrics.
The cryptographic keys are stored on the wallet,