Wed. May 22nd, 2024
Ethereum update

The Ethereum Foundation is set to introduce major changes to the ERC-4337 account abstraction standard, aiming to reduce gas consumption, especially on layer-2 solutions. This update comes after nine months of ERC-4337’s implementation.

Key Changes

  • New version 0.7 introduces five gas values instead of one for account abstraction transactions, enabling more accurate gas estimation and reducing gas costs.
  • The specification will penalize users for unused gas in execution, preventing unnecessary gas usage and optimizing blockchain operations.
  • Account abstraction, also known as “smart accounts,” empowers accounts with programmable logic and rules, unlocking new use cases beyond basic accounts.

Expected Timeline

The Ethereum Foundation has not set an official release date for version 0.7 but has initiated the security audit process. Developer John Rising anticipates completion by ETH Denver, scheduled for late February 2024.

Conclusion

These changes to the account abstraction standard underscore Ethereum’s commitment to optimizing gas efficiency, particularly for layer-2 scaling solutions. By reducing gas costs and enabling more versatile account functionalities, Ethereum is paving the way for a more scalable, user-friendly, and innovative ecosystem.

By Prim

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