Tools & Resources

More Than Account Abstraction: How ERC-4337 Makes Web3 Safer and Easier

By The Fire Team
Image depicting how ERC-4337 makes Web3 Simple and Safe

If you’re reading this, you've probably traded a few NFTs, dipped your toe into DeFi and maybe even done some yield farming. You’ve probably signed more transactions than most people.

That can be exhausting. Not just because of the gas fees, but also because you’re constantly  on edge, making sure you don’t get rugged, drained or otherwise scammed.

ERC-4337 is an Ethereum update that promises better safety and simpler interactions with web3. The crypto landscape is evolving quickly, even in this bear market.

The recent ERC-4337 standard (known as account abstraction to many) is just one example of this rapid evolution. Let's delve into this new standard and understand how it can bolster your wallet security and make web3 simpler.

Highlighting the ERC-4337 Standard

ERC-4337 is a smart wallet standard for the Ethereum Blockchain. Propelled into the limelight by Ethereum Foundation developer Yoav Weiss in March 2023, this standard is poised to be a game changer.

Many believe ERC-4337 simply creates Ethereum account abstraction, but it's a bit more nuanced than that. While the ERC does create account abstraction, it does more than that. So, what makes ERC-4337 such a standout? The answer lies in its unique features and benefits:

  • Performing Multiple Actions in One Transaction: ERC-4337 allows you to bundle multiple transactions together, meaning you can set approval for, initiate, and execute a trade all in one go.
  • Transaction Sharing: The standard lets you set up a transaction that requires multiple signatures, allowing for shared transactions with friends or family. Moreover, sponsored transactions are now possible, enabling entities like dApps or wallet providers to pick up the transaction fee for you.
  • Seamless User Experience: Blockchain subscriptions are possible with ERC-4337. You can now set up recurring payments, pre-approval, and auto-approve transactions, leading to a more seamless user experience, especially beneficial for players of blockchain games.
  • Improved Security Measures: The standard gives you more flexibility with their security, allowing them to define rules regarding spending or approval. For instance, you could limit the amount you can spend in a single transaction, within a single day, or even over a whole month.

This makes many Ethereum transactions easier than they’ve ever been. Account abstraction makes it easier for web3 newbies to join the space and simplifies complex transactions for veterans.

General Wallet Safety Practices

While ERC-4337 offers a host of benefits, it's crucial not to overlook the basics for Ethereum wallet security, so let’s discuss a few essential measures you should always keep in mind:

  • Keep your private keys secure: Your private keys are the gateway to your wallet. Keep them safe and ensure they're stored in a secure location.
  • Beware of phishing attempts: Cybercriminals often disguise themselves as trustworthy entities to trick you into sharing sensitive information. Always double-check the source before clicking any link or sharing your details.
  • Consider using a hardware wallet: Hardware wallets offer an added layer of security, storing your private keys offline.
  • Check your token approvals: Regularly check which smart contracts have which access to your funds—and revoke approvals when you identify a malicious one.

If you’re exploring Ethereum, check out Fire!

We’re a trusted chrome extension that simulates transactions before you sign any potentially malicious smart contract.
Check it out
To Summarize

ERC-4337 and account abstraction promise to make life easier and web3 safer for everyone involved, they won’t change human nature: Scammers will always be there and try to find a way to get your assets. To keep your assets safe, make sure you simulate transactions with Fire.

Our extension sits in your browser and simulates a transaction before you sign it with your wallet, providing visibility into exactly what you're signing. With Fire, you can preview what will enter and exit your wallet before you sign a transaction, adding an additional layer of security to your Ethereum wallet​.