Ethereum's Buterin Outlines Key Goals of Revolutionary Standard

During a recent keynote speech at the Web3 Transitions Summit, which is taking place alongside Token2049 in Singapore, Ethereum co-founder Vitalik Buterin spoke in great detail about the main goals of the revolutionary ERC-4337 standard. 

The new standard introduced the concept of account abstraction, which is supposed to substantially simplify the process of recovering one's crypto account. 

The new standard was deployed last March after undergoing a security audit. 

The ERC-4337 enhancement was originally proposed by Buterin back in September 2021. 

During a Q&A session, Buterin also described his ideal crypto wallet. It would allow restoring wallets with the help of additional metadata via guardians (e.g. email addresses).

In his keynote speech, Buterin outlined the main goals of the ERC-4337 standard, which include allowing users to specify custom validation functions, being decentralized-mempool-friendly, and supporting paymasters. 

The security goals of account abstraction include allowing changing keys and account recovery. Sponsored transactions, parallelizable nonces, and automation are among the convenience goals of the enhancement. 

The Ethereum co-founder also outlined the history of the new standard, which has been a whole decade in the making. 

Buterin also stressed the security and convenience of account abstraction during at the BUIDL Asia conference earlier this year, highlighting the importance of improving the ecosystem at the user level.  

Meanwhile, HackenProof, a Web3 bug bounty platform, announced that bounty hunters can earn up to $250,000 with the ERC-4337 team from the Ethereum foundation.