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News

OKX Wallet Will Support Account Abstraction With The ERC-4337 Integration

June 6, 2023 - Around 2 mins mins to read

Key Points:

  • OKX Wallet has announced that it will soon enable account abstraction.
  • Account abstraction enables users to design extra security and better user experiences into their accounts in a flexible manner.
According to Star Xu, the CEO of OK Group, OKX Wallet will support account abstraction in the coming weeks.
OKX Wallet Will Support Account Abstraction With The ERC-4337 Integration
OKX Wallet Will Support Account Abstraction With The ERC-4337 Integration 3

People connect with Ethereum using externally owned accounts (EOAs). This is the sole method for initiating a transaction or executing a smart contract. This restricts how users interact with Ethereum.

Account abstraction is a method of addressing these issues by enabling users to build greater security and better user experiences into their accounts in a flexible manner. This may be accomplished by enhancing EOAs so that they can be managed by smart contracts or by enhancing smart contracts so that they can start transactions.

Each of these alternatives needs modifications to the Ethereum protocol. A third option is to establish a second, distinct transaction system to operate alongside the present protocol. Regardless of the path taken, the end result is access to Ethereum via smart contract wallets, which are either natively supported as part of the current protocol or through an add-on transaction network.

OKX Wallet Will Support Account Abstraction With The ERC-4337 Integration
OKX Wallet Will Support Account Abstraction With The ERC-4337 Integration 4

Account abstraction, which Vitalik considers to be the future of wallets, enables users to dynamically build greater security and better user experiences into their accounts. Because of this, OKX Wallet will include ERC-4337 in the platform.

The Ethereum standard ERC-4337 allows users to access smart wallet contracts. Using account abstraction, smart wallet contracts enable them to program their wallet for increased security and use.

ERC-4337 also provides for subsidized transaction fees, which implies that the transaction expenses may be partly or completely paid by other sources. This opens the door to more economical and accessible Ethereum network transactions.

The ability to pay transaction fees using ERC-20 tokens is another important feature of ERC-4337. This implies that instead of paying fees in Ether (ETH), users may cover transaction expenses using other Ethereum blockchain assets. If they have many ERC-20 tokens in their wallet, this adds a new level of flexibility and ease.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.