About Account Abstraction
EIP-4337 is a major Ethereum Improvement Proposal aimed at enabling account abstraction without making changes to the Ethereum base protocol. Fuse has implemented EIP-4337, offering native account abstraction.
Benefits Of Account Abstraction
AA can be used to power a number of useful features and benefits, making onboarding businesses and users easier by providing a more user-friendly experience.
- Customizable security. AA enables additional security measures, such as multi-signature transactions, daily withdrawal limits, and social recovery mechanisms, which are not possible with standard EOAs. This reduces the risks of theft in the event that an account is compromised.
- Gas payment flexibility. Users can pay network fees in tokens other than the native gas token, FUSE. Alternatively, third parties can be authorized to pay their gas fees, again leading to more user-friendly applications and avoiding adding complexity for new users.
- Simplified UX. AA allows for features such as one-click transactions, batched transactions, and bundling multiple actions in one transaction, making interacting with decentralized applications (dApps) easier and more convenient.
- Social recovery: Users can designate trusted “guardians” to help recover their account if access is lost, providing a backup for private key loss.
- Programmable authentication. AA enables users to move away from relying on a private key to approve transactions. Broader authentication schemes like biometrics, hardware keys, or two-factor authentication can be implemented, potentially making blockchain operations and wallets both more accessible and more secure.