The Ethereum Foundation is making significant strides in enhancing the Ethereum network’s efficiency, particularly focusing on reducing gas consumption, a critical issue for both the main Ethereum chain and layer 2 solutions. On January 10, the Foundation previewed substantial updates to the ERC-4337 standard, which is central to the concept of account abstraction, also referred to as smart accounts.
Version 0.7 of ERC-4337, which incorporates insights gained from nine months of its application, marks a notable shift in the approach to account abstraction transactions. John Rising, a developer involved in the update, shared details with Cointelegraph. Unlike standard Ethereum (ETH) transactions, account abstraction transactions are inherently more complex and will now require the specification of five different gas values instead of just one.
Rising explained that this change is necessary due to the diverse nature of smart accounts. These accounts can feature various types of signatures and methods of gas payment, leading to variability in the amount of gas required. By specifying multiple gas values, the transaction can more accurately reflect its gas needs, leading to more precise gas estimation and ultimately reducing gas costs. This improvement is particularly beneficial for layer-2 networks, where efficient use of transaction data is crucial.
The updated specification also introduces a penalty mechanism, where users are charged 10% for any unused gas in a transaction. This measure aims to discourage the practice of setting excessively high gas limits, which can be inefficient and costly.
Account abstraction represents a significant evolution from traditional Ethereum accounts. While current accounts are relatively passive and static, account abstraction allows for programmable logic and rules, enabling a range of new functionalities and use cases that were previously unfeasible.
Initially proposed in September 2021 by Vitalik Buterin and other developers through EIP-4337, account abstraction transforms Ethereum accounts into more dynamic and active entities. This shift opens up possibilities for more complex and tailored interactions on the Ethereum blockchain.
As for the rollout of version v0.7 of ERC-4337, the Ethereum Foundation has not specified a release date. However, Rising anticipates that the finalization could occur around the time of ETHDenver at the end of February, following the commencement of the security audit. This update is a part of the ongoing efforts to enhance the Ethereum network, aligning with its broader goals of scalability, efficiency, and versatility.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up