Built-in Multi-Sig Wallets, a Simplified Update Process, and More are All Part of the New Ethereum Update

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The latest upgrade modifies the transaction logic, giving Ethereum developers new options.

Vitalik Buterin has introduced the new ERC-4337 update proposal. The new features that will be introduced with the update, as well as the potential that the new ERC brings to the network, have been discussed by the Ethereum developer.

Account Abstraction, which has been eagerly anticipated by both the developer and user groups, will be the most significant improvement for the Ethereum network. For individual users’ wallets, the upgrade introduces new verification mechanisms. It adds new features to wallet developers, allowing them to integrate future features such as new signature algorithms, multiple signatures, and social recovery. 

The aforementioned functions are already present in the modern wallet, but in order to use them, developers have to use additional transactions and spend excessive amounts of gas. Users have to hold some Ethereum (ETH) on an external account or use relay systems that usually work in a centralized manner.

While the functions mentioned above are already part of the modern wallet, additional transactions and expenditures of excessive gas have to be made in order for the developers to have access.

Either the usage of relay systems that work in a centralized fashion or holding Ethereum (ETH) on an external account is usually what users do. 

EIP-2938 was supposed to resolve the problem but there was a scalability issue that called for changes in the Ethereum protocol that would not turn out in line with the current developer focus. This update will reach the same milestone without having to do consensus-layer changes in protocol. 

The transaction logic is the key function of this update which enables new user implementation without having to change the protocol of Ethereum. EIP-4339 prompted developers to create a whole new layer containing the commands of the user and a new queue would be created and would then be sent as a transaction to the block. 

Because everything is done through a P2P mempool, simplified user-side wallet setup, full EIP-1559 support, and DoS attack protection, actors on the chain will be decentralized.

An early prototype of the upgrade should be available shortly. The proposal will then undergo safety assessments before being launched on the testnet.

Also read: Paul Oakenfold Working with Charles Hoskinson to Launch New Album on Cardano

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