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News

Safe Wallet Now Adds ERC-4337 To Support Account Abstraction

July 13, 2023 - Around 3 mins mins to read

Key Points:

  • Safe Wallet integrates ERC-4337, Ethereum’s account abstraction feature.
  • ERC-4337 improves user-friendliness and prevents crypto key loss.
  • The integration offers multi-signature authorization and social recovery for enhanced wallet security.
Safe, formerly known as Gnosis Safe, now includes ERC-4337, an Ethereum feature that enables account abstraction.
Safe Wallet Now Adds ERC-4337 To Support Account Abstraction

ERC-4337 is a new standard proposed by a group of developers headed by Ethereum creator Vitalik Buterin, Yoav Weis, Dror Tirosh, and others. This standard attempts to make Ethereum wallets more user-friendly while also preventing crypto key loss. Buterin and his colleagues suggest converting users’ wallets into smart contract accounts, which would enable built-in measures to assist users in maintaining access to their cryptocurrency.

The ERC-4337 standard, in layman’s terms, is intended to make Ethereum wallets simpler to use and to assist in preventing consumers from losing access to their money. To do this, Ethereum’s designers recommend converting wallets into smart contracts. Smart contracts provide built-in mechanisms that may assist customers in keeping their cryptocurrencies secure, even if they forget their passwords or lose their private keys. This crucial capability includes the ability to require multiple persons to authorize transactions and a method that allows many users to assist in restoring access to an account if someone loses their private key.

Safe Wallet Now Adds ERC-4337 To Support Account Abstraction

With specific smart contracts, ERC-4337 also allowed account abstraction (AA) on Ethereum for the first time.

Safe, one of the major institutional wallet providers, with $60 billion in digital assets under management. The wallet introduced ERC-4337 functionality as a plugin software to its current AA infrastructure, which is part of the Safe Core software stack. The version contains a fully audited upgrade that supports ERC-4337 in a modular way, perhaps providing additional freedom to developers.

Account abstraction refers to the process of converting your wallet into a “smart contract wallet” rather than just a public and private key combination, enabling additional features like gasless transactions, batch transactions, and social recovery.

“ERC-4337 is an exciting addition to the Safe Smart Account toolkit and gives developers the flexibility to choose the relayer technologies they want to build with. ERC-4337, as it matures, will play a key part as a relaying option for developers to build products for millions of users,” said Richard Meissner, co-founder and technical lead at Safe.

Safe Wallet Now Adds ERC-4337 To Support Account Abstraction

Buterin recently emphasized account abstraction as one of the critical improvements that the network needs to adopt. Several corporations, like Visa, have already shown interest in testing AA’s potential.

Because of the modular nature of this system, users may include 4337 into their Secure wallet and quickly remove the module if they no longer need it.

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

Account Abstraction

Dror Tirosh

ERC-4337

Gnosis Safe

Safe Wallet

Vitalik Buterin

Yoav Weis

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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.