Everything About Account Abstraction: VISA & smart wallets, hot Etherspot news, zkSync’s mainnet alpha, DeFi apps and AA, and ERC-4337 explained by Ledger

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Etherspot

5 min readMar 29, 2023

We 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!

Visa turns to smart wallets

Visa is catching the attention of the payments industry as it explores the world of smart wallets.

In a comprehensive report on self-custodial crypto wallets, Visa stated that Ethereum is better suited for push payments, which are manual payments initiated by the account holder. They compared them with automated pull payments, which leave an account automatically, such as student loan payments or monthly mortgage payments.

According to the company, smart wallets could potentially introduce more programmable pull payments to the crypto world, making it more similar to traditional banking methods.

The sixth ERC-4337 Core Devs Call

On March 23, there was another (already 6th) meeting of the ERC-4337 core devs. You can check out a video recording here.

Partha Ramanujam, Yoav Weiss, Dror Tirosh, Shahaf, and Dan Coombs gathered online for the sixth meeting to discuss ERC-4337.

The developers had a productive discussion on the topic. The meeting was a success, with participants exchanging ideas and providing feedback on the proposal.

This collaboration is an important step towards improving the Ethereum network and providing users a better experience.

Hot Etherspot news

Here at Etherspot, we recently published TransactionKit, a set of React components that simplifies Web3 development. With support for 14 blockchains, including Ethereum, Polygon, Gnosis, and Binance, TransactionKit allows developers to create truly “multichain” applications.

This tool includes batching transaction functionality, allowing developers to group and execute transactions simultaneously (even across different blockchains). Moreover, it requires zero configuration, as Etherspot handles all infrastructure requirements.

One of the key features of TransactionKit is its flexibility in design. The tool is a headless collection of React Components, meaning developers can design and build their applications in any way they like without being restricted by any existing user interfaces.

With TransactionKit, Etherspot aims to make Web3 development faster, more productive, and less complex, allowing developers to focus on building innovative, multichain solutions.

zkSync rolls out the public alpha version

Developed by Matter Labs, a veteran of Ethereum, zkSync is the most advanced L2 solution for the largest smart contracts network.

Last week, it launched the alpha mainnet for its network, Era, and the community is buzzing with rumors of an airdrop.

The official announcement by Matter Labs stated that zkSync Era mainnet alpha is available to all crypto enthusiasts, representing a watershed moment for Ethereum scaling. For the first time, users can try out a network with native Account Abstraction, an LLVM compiler, and data compression enabled by default.

Matter Labs also released its zkEVM three days ahead of Polygon, a significant achievement for the zkEVM ecosystem. These technical breakthroughs are the building blocks of a new scaling concept pioneered by the zkSync team.

The alpha mainnet retains some centralization instruments, including delaying and monitoring withdrawals, tracking proof submissions, and ordering new audits. However, the team warns against experimenting with large sums of money on zkSync Era due to the risks involved.

Most non-tech crypto enthusiasts associate the release of zkSync with airdrop expectations, but the token is not mentioned in the alpha release announcement.

Be aware fraudsters have initiated “ZKS airdrop” on recently established web pages and have compromised the Twitter handles of several NFT influencers with hundreds of thousands of followers to advertise the scheme.

DeFi apps prepare for Account Abstraction

DeFi apps are preparing for Ethereum’s biggest update since The Merge — Account Abstraction.

While DeFi may be the initial beneficiary of this update, the gaming industry is also anticipated to reap the rewards. Mint Ventures’ research partner, Alex Xu, suggests that Account Abstraction is crucial for the sustainable growth of web3 games. It streamlines the process of owning a cryptocurrency account and simplifies accessibility for new users who want to engage in these games.

Meanwhile, DeFi apps like Uniswap and 1inch have launched mobile wallets, which could take advantage of EIP-4337. Developers are constantly innovating and are only scraping the surface of this latest update.

ERC-4337 explanation by Ledger

Ledger, a well-known company that produces top-notch hardware wallets, has decided to talk about AA.

Its guide explores the ERC-4337 Smart Wallet standard and its implications for the Ethereum network. The author provides insights into what ERC-4337 smart wallets are, how they work, and what they mean for the Ethereum network.

The guide also explains account abstraction, which allows users to execute commands directly from their wallet. It gives their wallet the “intelligence” to determine how much to pay for a transaction fee and who will pay it. Recovery has become a problem of the past, and it allows for more advanced security features.

According to Ledger, the ERC-4337 Smart Wallet standard is an important step in the right direction, as it allows you to bundle multiple transactions together and perform one transaction with multiple people. Additionally, it offers a more seamless user experience and allows for blockchain subscriptions.

The guide offers a detailed look at the future of the Ethereum network.

One more guide, this time on Medium

ERC4337 and AA are rather hot topics now, so the guides about these two grow like mushrooms after the rain.

After reading this comprehensive Medium guide, you will have a solid understanding of account abstraction and learn about the ERC-4337 standard, which is intended to boost Web3 adoption and make smart accounts available to any Web3 enthusiast.

Also, you will learn about externally owned accounts (EOAs) and smart contract accounts, two different types of accounts in the Ethereum blockchain.

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