Everything About Account Abstraction: Worldcoin Partners with Alchemy, Vitalik’s EIP-7702 Faces Scrutiny, Rhinestone’s Security Perks & Zerion’s ZERO Network Testnet

Everything About Account Abstraction: Worldcoin Partners with Alchemy, Vitalik’s EIP-7702 Faces Scrutiny, Rhinestone’s Security Perks & Zerion’s ZERO Network Testnet

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July 3, 2024

We are welcoming you to our weekly digest! Here we discuss the latest trends and advancements in account abstraction.

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Vitalik’s Account Abstraction Proposal: EIP-7702 Faces Scrutiny

The jury is still out on Vitalik’s account abstraction proposal, EIP-7702, which was quickly adopted for the next Ethereum upgrade but hasn’t been fully locked down.

The timeline for the “Pectra” upgrade is uncertain, with estimates ranging from November this year to early 2025.

EIP-7702 allows an Externally Owned Account (EOA) to function as a smart contract for one transaction, merging functionalities for enhanced flexibility and security. Challenges and potential risks were discussed during the All Core Developers (ACD) call, with developers expressing concerns about complexity and scope creep.

Sudeep Kumar from the Erigon team suggested an account-based revocation system, while Geth developer Lightclient proposed implementing such features as an ERC.

Safe co-founder Richard Meissner praised the simplicity of EIP-7702, noting it has no onchain impact.

Developers aim to resolve these issues by the next ACD call on July 4, ensuring timely implementation for Devnet 2. The integration of EIP-7702 is expected to advance Ethereum’s account abstraction capabilities, enhancing both user experience and security.

Worldcoin Partners with Alchemy to Build Blockchain Infrastructure

Worldcoin has revealed a partnership with Alchemy to enhance the infrastructure for its blockchain, World Chain. This collaboration aims to provide developers with access to Alchemy’s comprehensive Web3 platform, including APIs, indexing solutions, and account abstraction tools to improve self-custodial wallet security.

World Chain, introduced in April 2024, is designed for human-centric optimization. It will prioritize real users over bots and offer a free gas allowance for casual transactions. The blockchain will serve as the new home for Worldcoin’s World ID and World App, which will also be integrated with Alchemy’s tools.

Noam Hurwitz from Alchemy believes this partnership will drive significant progress toward bringing a billion users onchain. It aims to increase developers’ opportunities to create human-forward applications by incorporating verified World IDs for priority blockspace.

The integration of World ID will allow millions of developers worldwide to access digital ID technology. Worldcoin’s collaboration with Alchemy is expected to make meaningful advancements in creating scalable and reliable blockchain infrastructure, catering to the growing needs of Web3 development.

Rhinestone’s Security Audit Perks for ERC-7579 & ZK Email Partnership

Rhinestone, known for its infrastructure for modular smart accounts and seamless UX, has announced security audit perks for any developer building ERC-7579-related smart contracts.

According to Rhinestone, incredible momentum is building around ERC-7579. New accounts are emerging, more modules are being built, and teams are exploring innovative use cases such as AI agents, ZKproofs for on-chain privacy, and chain abstraction.

Spearbit, a distributed network of industry-leading security researchers, will offer 50% marketplace fees for any developer building in the ERC-7579 ecosystem. Spearbit has extensive experience with premier protocols like Optimism, Blast, Coinbase, zkSync, and Uniswap.

Ackee, an industry-leading auditor and builder of Wake framework and the Tools For Solidity VS Code extension, will provide free Wake scans with custom detectors for ERC-7579 projects.

Hats Finance, a DeSec platform for Audit Competitions, offers 50% fees and a 2x incentive multiplier for all 7579-related projects, giving developers access to a global network of security researchers.

OtterSec, with extensive experience across various DeFi protocols and L1 ecosystems, will offer priority scheduling and referral discounts for developers working on 7579-related projects.

Rhinestone has also partnered with ZK Email to bring private email recovery to all smart accounts, starting with Safe and ERC-7579-native accounts. The module is under audit and will be available via the ModuleSDK in Q3 2024. This partnership aims to unlock privacy-preserving web2 integrations, providing enhanced security and convenience for users.

Zerion Launches Testnet for ZERO Network

Zerion has launched the test network for its Layer 2 rollup project, ZERO Network, developed using ZKSync’s ZK Stack software package.

This testnet will be part of the growing ZKSync ecosystem, which includes projects like Lens Protocol, GRVT, and Cronos zkEVM. The ZERO mainnet is expected to launch later this year.

Partners such as 1inch, Philand, and Dodo Finance are preparing to deploy on the ZERO testnet and subsequently on the mainnet. Zerion is committed to supporting builders in the ZERO ecosystem by providing free API credits and priority placement within the Zerion Wallet.

Zerion has introduced Onchain DNA, a spam prevention system that differentiates real users from bots to combat potential spam and abuse due to the absence of gas fees. The team plans to open-source Onchain DNA, making it available for anyone on the network to use and improve.

Evgeny Yurtaev, co-founder and CEO of Zerion, stated that building ZERO Network with the ZK Stack offers scalability through zero-knowledge proofs, compatibility within the EVM ecosystem, and an enhanced wallet experience via account abstraction.

This ZK rollup network aims to be generally gasless for users, allowing any token to cover network fees. Zerion has developed a custom paymaster contract to cover transaction costs for its wallet users, subsidizing fees as a business cost that will decrease over time with transaction fee improvements. Network dapps will also be able to sponsor transaction fees for users.

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