• Ethereum developers have released a new feature called EntryPoint that allows wallet accounts to function as smart contracts.
• This feature is designed to improve the user experience of crypto wallets and enable advanced features such as automated payments and account recovery.
• EntryPoint is part of a broader ethereum request for comments (ERC) 4337, which requires a thorough security audit before it can be used.
Ethereum Update Allows Wallets to Operate as Smart Contracts
Ethereum developers have launched a new software feature called EntryPoint that enables wallet accounts to operate as smart contracts. The feature, known as “account abstraction”, makes it possible for wallets to handle complex tasks automatically without requiring users to interact with the underlying blockchain. It also makes it easier for users to implement advanced features such as automated payments and account recovery.
Account Abstraction
Account abstraction is an optional feature usually offered by crypto wallet providers rather than a protocol-level change in cryptocurrencies like Ethereum. By abstracting away the details of the blockchain, users can take advantage of “smart wallet” features like two-factor authentication recovery options and native multi-signatures.
EntryPoint Requirements
Before launching EntryPoint, it underwent a thorough security audit by OpenZeppelin. Now available on various blockchain networks including Ethereum, Polygon, Arbitrum, and BNB Chain, EntryPoint enables account abstraction on all these ethereum-based protocols. In order for this architecture allowing for account abstraction to be secure, the safety of its implementation in one contract must be very heavily audited and formally verified – according to ERC’s documentation page 4337 Ethereum Magicians page .
ERC 4337 Features
In addition to providing account abstraction on those protocols, EntryPoint is part of a broader ethereum request for comments (ERC) 4337 that describes features such as automated payments and two-factor authentication recovery options.
Conclusion
The introduction of EntryPoint allows wallet infrastructure providers offer more options for smart wallet features including native multi-signatures, account recovery and gas fee coverage – ultimately improving the user experience when using crypto wallets by making them more accessible and intuitive.