On March 1st at ETHDenver, Ethereum announced its latest upgrade to the NFT token standard – the ERC-4337. This new standard is designed to enhance the interoperability and user-friendliness of NFTs on the Ethereum network, the world’s leading blockchain platform for decentralized applications (dApps), making it more accessible to non-crypto natives.
The rumors are true… ERC-4337 has been deployed on mainnet ?
? Security audit by @OpenZeppelin
?️ Bundlers and paymasters by @stackup_fi, @AlchemyPlatform, @biconomy , @etherspot, @candidewallet, @blocknative & more
?️ $300K in grants by @ethereum pic.twitter.com/WOjMvaZe6M
— erc4337 (@erc4337) March 2, 2023
Proposed by Ethereum co-founder Vitalik Buterin and others in September 2021, the ERC-4337 standard builds on the widely-used ERC-721 and ERC-1155 tokens. Essentially, focusing on improving accessibility by providing benefits like lost key recovery, the ability to opt-out of seed phrases, and gasless transactions. It’s designed to make it easier for buyers and sellers to create wallets, thereby making it more attractive to a mainstream audience. With the new standard’s launch, Ethereum is again demonstrating its commitment to innovation and leadership in the blockchain space.
With the ability to provide a new and easier level of usability for digital collectibles, ERC-4337 is set to become the new standard for high-value NFTs on the Ethereum network. As the NFT market continues to grow and evolve, it is clear that standards like ERC-4337 will play an increasingly important role in integrating mass adoption of this exciting new market.
ERC-4337: What does it bring to Web3?
One of the key features of ERC-4337 is its ability to recover lost private keys through a “social recovery system.” This method significantly improves wallet creation and management by allowing designated users to restore access to a wallet if private keys are lost.
Additionally, ERC-4337 supports secure wallets that don’t rely on seed phrases, which can be challenging for some users to remember and keep safe. This option provides a more user-friendly way of storing tokens, improving the overall usability of NFTs in the general market.
Automated trading is another important feature of ERC-4337, allowing NFT owners to trade their tokens without manual intervention. This is achieved through smart contracts, which can be programmed to execute trades automatically based on predetermined conditions making it more user-friendly and accessible to non-technical users, such as monthly spend limits, AI trading, and yield farming positions
Lastly, ERC-4337 supports gasless transactions, allowing NFT collections and their DAOs to sponsor gas fees for users. This feature reduces the load on the network, increases the speed of transactions, and eliminates the need for users to pay gas fees in ether. This is particularly important for NFTs, as gas fees for executing transactions on the Ethereum blockchain can be prohibitively expensive.
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NFT and Web3 Ambassador. Bullish on all things Blockchain.