Core ethereum (ETH) developers have released a new software feature called EntryPoint that allows wallet accounts to function as smart contracts.
The new feature aims to bring the so-called “account abstraction”. Crypto account abstraction is a mechanism that allows wallets to handle complex tasks automatically without requiring users to interact with the underlying blockchain.
It is an optional feature that crypto wallet providers often offer users in lieu of a protocol level change in cryptocurrencies like ethereum. By abstracting the details from the blockchain, users can implement advanced features like automatic payments and account recovery more quickly.
With account abstraction, wallet apps can achieve “smart wallet” features such as two-factor authentication recovery options and native multi-signatures. It is designed to improve the user experience of crypto wallets, making them more accessible and intuitive to use.
The block reported that after a thorough security audit by OpenZeppelin, EntryPoint has been released and is now accessible on various blockchain networks including Ethereum, Polygon, Arbitrum, and BNB Chain. EntryPoint will enable account abstraction on all those ethereum-based protocols.
EntryPoint is part of ethereum’s much broader request for comment (ERC) 4337 that describes features like automated payments and two-factor authentication recovery options. EntryPoint is nothing more than a fully audited smart contract intended to be used by third parties to ensure that the wallet abstraction can be implemented securely; does not change the base protocol.
The EntryPoint contract allows wallet infrastructure providers to offer more options for smart wallet features, including native multi-signatures, account recovery, and gas fee coverage for users, according to Michael Lewellen, head of solutions architecture at OpenZeppelin. . Ethereum Wizards ERC-4337 page clearly explains that the EntryPoint contract “will need to be heavily audited and formally verified because it will serve as a central point of trust for all EIP-4337.”
In other words, the security of the entire architecture that enables account abstraction in those protocols depends on how securely it is implemented in that contract. The ERC documentation notes that this results in “concentrating the security risk on the entry point contract that needs to be verified to be very robust.”
The development follows a recent report on the implementation of account abstraction using a specialized layer two wallet. BLS Wallet launched an integration with the smart contract layer ethereum layer two protocol Metis (METIS), promising fee-free transactions.
