What is Account Abstraction
Account Abstraction is a blockchain technology that allows users to use smart contracts as their Externally Owned Accounts, rather than depending only on private keys.
Previously, blockchain networks used private keys to trigger transactions but the old model requires users to understand the complexities of blockchain technology and manage their private keys, which can be difficult and insecure.
Account abstraction is an important concept in blockchain, as it can substantially improve the users’ experience and security, without relinquishing full access to your wallet.
How Account Abstraction works?
ERC-4337 is a proposal for implementing Account Abstraction on Ethereum without requiring any consensus-layer changes. Here are the main components of ERC-4337:
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UserOperation Objects: These are the core of the ERC-4337 proposal, representing all transaction objects that users submit.
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EntryPoint Contract: It verifies and processes the validity of UserOperations, aggregates them, and ensures they are included in blocks.
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Bundlers: Responsible for collecting multiple UserOperations from the mempool and bundling them into a single transaction.
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Aggregators: They collect multiple UserOperations, package them, and submit them to the EntryPoint contract.
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Paymasters: They are special contracts that sponsor the gas fees for UserOperations.