The Ethereum community appears to be searching for alternative implementations of account abstraction than ERC-4337, which was launched this year at ETHDenver.
Stateless account abstraction on Ethereum
Developers on the Ethereum Research Forum, under the name, Xtreamly, posted a proposal for a new EIP that would allow for stateless account abstraction at the Ethereum protocol layer. The proposal wants to improve Ethereum by creating a system where accounts can operate ” stateless. ”
Stateless in this context means that nodes validating transactions on the network do not need to keep the blockchain’s entire state (or all account balances) to validate new transactions. This has potential benefits for efficiency and scalability as it reduces the possible size of the blockchain.
Xtreamly, who has yet to submit an EIP officially, argues that current implementations of account abstraction, like ERC-4337, are not efficient enough.
Account abstraction makes web3 accounts programmable, enabling them to define their own transaction validity conditions. In addition, it abstracts the private key away from the account/signer process, allowing each account to behave like a smart contract wallet capable of initiating transactions, threshold signatures, bundled signing, arbitrary verification logic, and paying fees in non-native currencies.
ERC-4337 falls short?
Xtreamly stated that “[ERC-4337] falls short in terms of efficiency around failed transactions, security, easier roll-up transferability, state, and execution bloat, which are some of the longest and still unresolved challenges in the Ethereum protocol.”
Thus, the Xtreamly developers believe that using ERC-4337 will lead to significant challenges in managing a growing network state, basic operation costs, and Ethereum’s scalability due to its stateful nature, resulting in excessive gas fees and inefficient scalability.
Zero Knowledge powering the innovation
One of the critical innovations in the proposed model lies in…
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