Ethereum mainnet introduces ERC-4337 account abstraction standard

An audited version of the Ethereum [ETH] Foundation’s ERC-4337 account abstraction standard is now live on Ethereum mainnet.

The standard has been implemented via the smart contract EntryPoint. This smart contract will reportedly alter how users interact with wallet services.

Most Ethereum’s existing wallets are owned by third parties (EOA). The list, which includes providers such as MetaMask and imToken, represents the vast majority of wallets available in the ecosystem. It even extends to hardware wallets like the Ledger Nano, where only one key controls an account. If a user loses their key, or it is compromised, tokens within the wallet are compromised as well.