Let 'er RIP!
ā erc4337 (@erc4337) November 18, 2023
Native Account Abstraction for rollups standardization that is https://t.co/hR0MU6inuh
0
0
Thereās something new with Ethereum. In due time, the account abstraction related to rollups on the worldās most popular blockchain will become effective. Letās dive inĀ !
Decongesting Ethereum is the goal of the promoters of the layer 2 zkRollup technology which is behind Loopring (LRC), Hermez (HEZ), and ZKSync. Among all the existing solutions (or those under construction), Loopring would arrive with almost non-existent gas fees: 0.25% for the swap. Thatās about a 90% reduction compared to ETH transaction fees on layer 1s.
Even Hermez Network by Polygon doesnāt compete with Loopring on this point.
Let 'er RIP!
ā erc4337 (@erc4337) November 18, 2023
Native Account Abstraction for rollups standardization that is https://t.co/hR0MU6inuh
Based on the tweet by Alexander Forshat, a developer at the Ethereum Foundation, UĀ°Today highlighted the imminent arrival of ERC 4337 at the level of Ethereum Virtual Machine rollups. For now, it is just a simple proposal. However, once effective, this account abstraction will facilitate the blurring of the line between accounts on Ethereum and smart contracts.
The title of Alexander Forshatās proposal is: āRoadmap for Native Account Abstraction Introductionā (or Roadmap for the introduction of native account abstraction). It also goes by another name, āRIP-7560: Native Account Abstractionā.
The goal of this proposal is to make use, for the first time, of the concept of AA in the ecosystem of rollups. Using it would facilitate the integration of second-layer scaling solutions for Ethereum, the issuer of ETH cryptocurrency. And at the same time, it would endow on-chain Ethereum wallets with smart contract functionality.
Once AA is enabled in EVM rollups, both L1 and L2 of Ethereum will have similar AA designs conducive to a āseamless ecosystemā. But before we get there, these changes will need to be made within smart contract accounts:
Additionally, some tweaks will be needed in the adjustment of Paymaster operations and the signature aggregation process.
This has sparked the interest of Ethereum enthusiasts, who have not hesitated to leave comments in the GitHub repository of the famous proposal. Alexander Forshat remains very optimistic about his proposal.
āWe believe that standardization and network effect are essential to the success of any account abstraction initiative, which is why we invite everyone to participate in creating the standard for native account abstraction that can be adopted by all layer 2 and layer 1 networks,ā he said.
Note that from a developmental perspective, the Ethereum developers have recently distinguished between Ethereum Research Concepts (ERC) and Ethereum Improvement Proposals (EIP).
0
0
Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio youāre using to start.
0
0
0
0
