AlexandraWe are welcoming you to our weekly digest! Here we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.
Please fasten your belts!
Safe pioneers modular smart accounts standard
Safe, formerly Gnosis Safe, is striving to steer the Web3 domain towards modular smart accounts, vital for expanding the blockchain Web3 user base, as emphasized by Ethereum’s co-founder.
These accounts amplify user management of digital assets via smart contracts. However, Richard Meissner, Safe’s co-founder, pointed out the inherent risk of such modules — the more potent they are, the more they expose and can potentially compromise the underlying logic.
With heightened interest in account abstraction and smart contract wallets, Safe recently unveiled a whitepaper for the “Safe Core Protocol.” It proposes strategies to optimize smart account approaches and importantly, offers solutions against ecosystem fragmentation, a prevalent issue with multiple initiatives like Instadapp and MetaMask having distinct nuances.
The whitepaper introduces the “Manager” concept responsible for overseeing “Accounts,” “Registries,” and “Modules,” utilizing an abstraction layer to balance fragmentation, interoperability, and security.
Lukas Schor, Safe’s co-founder, elaborated that their protocol intends to standardize interoperability and security.
1 million ERC4337 UserOps milestone
We’ve witnessed a record-breaking 1 million transactions through ERC4337 Smart Accounts.
The announcement, made on August 18, 2023, has celebrated the combined efforts of core developers, bundlers, and paymasters dedicated to enhancing wallet user experiences.
Leading the pack in bundled transactions are PimlicoHQ with 662,000 UserOps, followed by:
Alchemy at 179,000
Biconomy with 79,000
Stackup standing at 38,000.
Apps utilizing paymasters, which cover transaction gas fees for users, have shown Pimlico dominating with 660,000, Alchemy at 179,000, Biconomy with 79,000, and Stackup closing the ranks with 33,000.
Binance research explores the evolution of Account Abstraction
In a recent study A Primer on Account Abstraction, Binance Research, led by analyst Colin Chan, delves deep into the progression and innovations surrounding Account Abstraction (AA).
Released on August 17th, 2023, the comprehensive report highlights AA’s endeavors to enhance user accessibility within the Ethereum network.
At its core, AA is part of Ethereum’s strategic plan to transition from externally owned accounts (EOA) to more advanced smart accounts embedded with programmable logic. This monumental shift has been made possible without modifying the Ethereum Mainnet’s core consensus, thanks to the introduction of ERC-4337.
Prominent zk-rollup solutions like StarkNet and zkSync are not left behind, having introduced native AA systems. In tandem, emerging wallet providers, Argent and Bravoos are gearing up to present these avant-garde solutions to their user base.
The real-world applications of AA are vast and varied. For instance, global payment giant Visa is at the forefront, experimenting and exploring the potential of AA. Moreover, wallet service providers like Lens Protocol and CyberConnect have also incorporated AA, underscoring its practical advantages, especially in bolstering user integration into the Web3 framework.
For a deeper understanding and more insights on AA’s implications and future trajectory, download the full report here.
Ethereum-France President: Blockchain games to enhance user experience with Account Abstraction
In recent discussions, Web3 game companies have faced criticisms for not providing an experience comparable to industry giants like Activision Blizzard and Ubisoft. One of the most significant challenges lies in managing private keys — a set of unique numbers and digits enabling cryptocurrency transactions. This is a considerable impediment for those who fondly remember gaming in the 80s and 90s, where the joy was all about the actual gameplay.
Jérôme de Tychey, the President of Ethereum-France, emphasized the struggles of Web3 when it comes to usability. He reflected on the early mistakes made by Web3 game developers and highlighted the promising future brought on by advanced key management solutions. A pivotal point made by de Tychey is the potential of account abstraction. This feature allows gamers to handle their addresses, improving their experiences through smart contracts.
De Tychey, who is also the founder and CEO of Cometh, has pointed out that Web3 user management is intricate. Players are first provided a public key, which they must then use to interact with the game. Numerous challenges arise, from paying for gas to relaying transactions and updating game states based on on-chain events.
For game developers, de Tychey suggests that the solution lies in account abstraction. This approach wraps the private key within a smart contract, ensuring security and enhancing usability. The smart contract acts as an identity wrapper, enabling users to define security rules, conduct complex transactions, and even create backup keys.
How to implement Web3 Social Logins — New video by Etherspot
Etherspot has just unveiled a new instructional video titled “Implementing Web3 Social Logins with Etherspot Prime.”
In this detailed guide, our Developer Relations Engineer, Taylor, demonstrates the seamless process of integrating social logins into decentralized applications (dapps).
Etherspot Prime stands out as a pioneering solution that enables dapp users to utilize their Twitter or other social media accounts for hassle-free logins. This eliminates the need for them to be well-versed in Web3, simplifying the onboarding process.
Once logged in via a social account, Etherspot ensures the automatic creation of a dedicated smart contract account for each user.
Watch the full video here: Implementing Web3 Social Logins with Etherspot Prime | Developer Tutorials
Vitalik Buterin discusses Ethereum’s aim to simplify crypto wallets
Ethereum co-founder Vitalik Buterin talked about the significance of Account Abstraction, likening its potential simplicity to managing email accounts.
Since 2015, developers have sought to transition from Externally Owned Wallets to smart contract-based wallets. The new proposal, EIP-4337, would enable users to craft non-custodial wallets as programmable smart contracts, introducing features like wallet recovery and reduced transaction fees.
Buterin views this as a potential catalyst for global Web3 adoption. He highlighted that users could receive any token and cover gas fees without having to hold Ethereum.
The update would introduce “paymasters” for users to pay gas fees in the transacted token. EIP-4337 also proposes signature aggregators to optimize data compression, promising to cut costs significantly.
Buterin underlined its potential to reduce expenses by up to 86 times, especially in rollups.
Etherspot engineer highlights pioneers in ERC-4337 bundling
In an expansive thread, Etherspot’s DevSecOps Engineer delved into the evolving landscape of ERC-4337 bundlers. With a diverse range of tools now available, developers have a multitude of options tailored to specific project needs.
At the forefront is Etherspot’s Skandha, a TypeScript bundler meticulously aligned with ERC-4337 specifications. It’s carved a niche, leading the P2P shared mempool initiative and providing hosted bundler services.
Compliance purists can turn to the Infinitism Bundler, written in TypeScript and birthed by the pioneering minds behind the ERC-4337 spec itself.
Stackup Bundler emerges as a robust Golang-based choice, seamlessly blending with Go Ethereum and standing its ground in testing. Additionally, Stackup provides hosting options.
For a tailored bundling approach, Pimlico’s Alto — a TypeScript solution — stands out. This open-source marvel constantly evolves, ensuring an optimum bundling experience.
Rust devotees can look towards Silius, previously AA-bundler. Fashioned by ETH Protocol Fellow Vid Kersic, it’s poised for seamless integration with Rust tools.
Alchemy’s Rundler adds to the Rust arsenal. Targeting Alchemy clientele, this bundler is one to watch, particularly for those keen on Alchemy’s diverse service offerings.
Finally, for Python enthusiasts, Candide Wallet’s Voltaire is the go-to. This Python bundler is a dream for those building on Candide’s platform.
Start exploring Account Abstraction with Etherspot!
*Learn more about account abstraction here.
*Head to our docs and read all about Etherspot Prime.
*Skandha — developer-friendly Typescript ERC4337 Bundler.
*Explore our TransactionKit, a React library for fast & simple Web3 development.
*For a plug & play integration, review the BUIDLer react component.
*Follow us on Twitter and join our Discord.
❓Is your dApp ready for Account Abstraction? Check it out here: https://eip1271.io/
