The Ethereum Foundation has released an audited version of its ERC-4337 account abstraction standard on Ethereum mainnet. The standard, implemented through the smart contract EntryPoint, is designed to revolutionize how users interact with wallet services.

Currently, most Ethereum wallets are externally owned accounts (EOAs). This includes popular providers like MetaMask and imToken, as well as hardware wallets like Ledger Nano. However, if the key is compromised or lost, any tokens stored in the wallet are also lost.

Account abstraction would make accounts more flexible and user-friendly. For instance, users could add two-factor authentication to spend more than $5,000, use cryptographic signatures of their choosing, and authorize transactions securely through cell phones.

The ERC-4337 proposal was authored by Yoav Weiss, a security fellow at the Ethereum Foundation. He explained that the standard would give users the experience of a bank, where someone can help recover an account even if the password is lost.

The ERC-4337 standard is an opt-in protocol, meaning no one is obligated to use it. One of the first protocols to comply with the standard is Stackup, which will allow developers to build customized Web3 transaction flows and wallets.

The Ethereum Foundation is a nonprofit dedicated to supporting the development of the Ethereum ecosystem, including its native token, ether (ETH). With the release of the ERC-4337 standard, users can now enjoy more secure and user-friendly wallet services.