Please fasten your belts!
Pectra upgrade to enhance wallet functionality and user experience
Ethereum’s upcoming Pectra upgrade, scheduled for late 2024 or early 2025, is set to introduce significant improvements to cryptocurrency wallets and their user experience.
The update includes EIP-3074, which enables standard EOAs to function like smart contracts.
With EIP-3074, users can benefit from:
- transaction bundling (requires only a single signature)
- sponsored transactions (allow wallets to delegate funds for use by another party)
However, some developers have raised concerns about the potential security risks associated with the update, as a single bad signature could drain an entire address.
Despite these concerns, proponents argue that EIP-3074’s benefits outweigh the risks. They cite its usefulness in enabling sponsored transactions and eliminating the need for Ether storage in asset-holding wallets.
The update also introduces a social recovery feature, potentially replacing the traditional 12-to-24-word seed phrase.
EIP-3074 turns wallets into smart contracts by adding two new operating instructions:
- AUTH, which verifies signatures and actions,
- AUTHCALL, which calls target contracts with the originator address as the caller.
The Pectra upgrade follows the recent Dencun update, which reduced layer-2 transaction fees, and precedes the planned “Purge” to simplify the Ethereum network by removing old and excess history.
Safe and Web3Auth partner to simplify Web3 onboarding with SafeAuth wallet solution
Safe, a digital asset custody solutions provider, and Web3Auth, a crypto wallet tooling developer, have collaborated to create SafeAuth, a new wallet solution that simplifies Web3 onboarding for users.
SafeAuth leverages Web3Auth’s technology to enable users to create wallets using their existing social media login information.
The SafeAuth solution also incorporates Safe’s AA technology and MPC capabilities to secure users’ ‘smart accounts.’
With SafeAuth, users can access various crypto apps without the burden of securing a seed phrase.
This is particularly significant in the context of public-key cryptography, which underpins many blockchain networks like Bitcoin.
Losing private keys can result in the permanent loss of assets stored in the associated wallet.
Also, the Co-founder and CEO of Web3Auth highlighted the interoperability that SafeAuth brings.
xRaise utilizes AA for seamless Web3 gaming
According to the article by Altcoinbuzz, AA is transforming the Web3 gaming experience by allowing gamers to handle transactions without interrupting their gameplay.
xRaise, a zkSync wallet designed specifically for gamers, leverages AA to streamline account management and enhance the overall gaming experience.
xRaise utilizes AA to eliminate the need for users to leave their game to sign into a separate wallet, such as MetaMask, for transactions.
By using a “session key,” gamers can pre-approve game-related transactions, so they can enjoy uninterrupted gameplay.
Buying and selling in-game assets becomes a simple process that can be completed with just a few clicks within the game itself.
xRaise supports seamless transactions and social recovery. Its user-friendly interface makes it easier to use than MetaMask.
With over 30,000 gaming transactions facilitated weekly, xRaise demonstrates the potential of AA in revolutionizing Web3 gaming.
AA wallets: A competitive alternative to MetaMask?
As the popularity of cryptocurrencies continues to grow, users are seeking more secure and user-friendly wallet solutions.
MetaMask, a widely adopted browser extension wallet, has long been a go-to choice for managing digital assets and interacting with Ethereum-based dApps. However, Blockchainreporter underscores that the emergence of account abstraction wallets is challenging MetaMask’s dominance by offering enhanced security features and a more intuitive UX.
Account abstraction separates a user’s account from their private key. It provides an additional layer of security and flexibility.
Moreover, AA wallets often include robust account recovery mechanisms so that users can regain access to their accounts even if they lose their credentials.
Some also offer transaction simulation. This way, users can preview the impact of a transaction on their balance before executing it and prevent costly mistakes.
With the projected rise in AA wallet adoption, driven by the growing demand for user-friendly and secure storage solutions, these wallets are well-positioned to compete with established players like MetaMask in the years to come.
ERC-4337 Account Abstraction Core Devs call — Meeting #29
The ERC-4337 Account Abstraction Core Devs recently convened for their 29th meeting to discuss various gas estimation and validation topics.
The group addressed several key challenges, including the difficulty of obtaining accurate Proxy Validator Gas values, particularly on Layer 2 networks.
To mitigate this issue, the devs suggested setting tolerances or ranges for acceptable PVG values and having bundlers accept a range of values while performing calculations to determine the minimum acceptable PVG.
Another significant challenge discussed was the estimation of paymaster post-operation (postop) gas values, which are executed after the main transaction.
The team explored ideas such as using helper contracts for binary searches and reducing execution calls to improve estimation accuracy.
To find out other topics touched on in this meeting you are welcomed to watch the meeting’s recording:
Also, our very own Partha Ramanujam, co-founder and CTO of Etherspot, took part in a podcast on Web3 Galaxy Brain.
On this episode, Partha and Nicholas discussed the Pillar Personal Data Locker and how it led the team to Account Abstraction. They got into the details of the Skandha bundler, React library — TransactionKit, embedded wallet services, and P2P bundler interface.
🎧You can access the full episode here.
🐞Eager to enhance your dApp’s user experience and onboard more users?
Elevate your project’s potential with Etherspot — leverage AA Prime SDK, ERC-4337 Skandha Bundler, and Paymaster Service. Etherspot supports 22+ EVM-compatible rollups and L1/L2 chains.
Start exploring Account Abstraction with Etherspot!
- Learn more about account abstraction here.
- Head to our docs and read all about the Etherspot SDK.
- Skandha - a developer-friendly Typescript ERC4337 Bundler.
- Explore our TransactionKit, a React library for fast & simple Web3 development.
- For a plug & play integration, review the BUIDLer react component.
- Follow us on Twitter and join our Discord.
Is your dApp ready for Account Abstraction? Check it out here: https://eip1271.io/
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