• Ethereum developers have launched a new software feature called EntryPoint, which allows wallets to operate as smart contracts.
• EntryPoint is an optional feature that enables wallets to handle complex tasks automatically without relying on the blockchain.
• It is designed to improve the user experience of crypto wallets by providing features such as automated payments and account recovery.
Ethereum Update Enables Wallets To Operate As Smart Contracts
Ethereum developers have recently launched a new software feature known as EntryPoint, which allows wallet accounts to be used as smart contracts. This new feature brings so-called „account abstraction,“ whereby users can implement advanced features such as automated payments and account recovery more quickly without having to interact with the underlying blockchain.
Account abstraction is an optional feature offered by crypto wallet providers rather than a protocol-level change in cryptocurrencies like ethereum. By abstracting away the details of the blockchain, users will be able to use their wallets more intuitively while also gaining access to advanced features such as two-factor authentication recovery options and native multi-signatures.
EntryPoint is part of the broader ethereum request for comments (ERC) 4337 that describes additional features such as automated payments and two-factor authentication recovery options. The contract has been thoroughly audited by OpenZeppelin and is now available on various blockchain networks, including Ethereum, Polygon, Arbitrum, and BNB Chain. This will enable account abstraction on all those ethereum-based protocols.
„Smart Wallet“ Features
By using EntryPoint, wallet infrastructure providers are able to offer users more options for ’smart wallet‘ features including native multi-signatures, account recovery; gas fee coverage; and other improved security measures that make it easier for users to manage their funds securely without needing any prior knowledge of how the blockchain works or interacts with other systems.
The safety of this whole architecture relies on how securely it is implemented in one contract – namely EntryPoint – hence its importance when it comes to account abstraction across all those protocols mentioned above. With this update in place, ETH users should be able enjoy improved security measures within their wallets while taking advantage of some exciting new features!