On March 1 at ETHDenver, Ethereal announced its latest update to the NFT token standard: ERC-4337. This new standard is designed to improve the interoperability and ease of use of NFTs on the Ethereum network, the world’s leading blockchain platform for decentralized applications (dApps), by making it more accessible to non-crypto natives.
The rumors are true… ERC-4337 has been deployed to the mainnet 🚀
🔍 Security audit by @OpenZeppelin
🛠️ Bundlers and paymasters for @stackup_fi, @AlchemyPlatform, @biconomy , @etherspot, @candidewallet, @blocknative & further
🏗️ $300K in grants for @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 is based 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 gas-free transactions. It is designed to make it easier for buyers and sellers to create portfolios, making it more appealing to a mainstream audience. With the release of the new standard, Ethereum once again demonstrates 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 will 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 bringing mass adoption to 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 do not rely on seed phrases, which can be difficult for some users to remember and keep secure. This option provides a more user-friendly way to store tokens, improving the overall usability of NFTs in the general market.
Automated trading is another important feature of ERC-4337, which allows NFT owners to trade their tokens without manual intervention. This is accomplished through smart contracts, which can be programmed to automatically execute transactions based on predetermined conditions. making it easier to use and accessible to non-technical users, such as monthly spending limits, AI trading, and yield farming positions
Lastly, ERC-4337 supports off-gas transactions, allowing NFT charges 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 the gas fees to execute transactions on the Ethereum blockchain can be prohibitively expensive.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
NFT and Web3 Ambassador. Bullish on everything related to Blockchain.
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