π₯Account Abstraction
Account Abstraction with ERC-4337
What is Account Abstraction?
Account Abstraction (AA) is a transformative paradigm in blockchain systems where Smart Contracts solely possess assets instead of Externally-Owned Accounts (EOAs).
Currently, Ethereum operates with two types of accounts:
Contract Accounts,
EOAs (Externally Owned Accounts),
with the latter being the typical user accounts that must initiate and fund any on-chain activity and that's something fraught with challenges.
Traditionally, control over an EOA is asserted through its private key, which when used, provides a signature verifying the ownership and authorization of the action on the blockchain.
However, AA shifts this by decoupling the Account control from its specific private key, enabling smart contracts to oversee an account.
Although certain operations might still demand private key signatures, the associated Smart Contract can govern other actions based on set logic.
This innovation paves the way for developers to craft intricate Decentralized Applications (dApps) allowing Smart Contracts to securely and trustlessly collaborate with other contracts bypassing any central mediation.
AA also introduces new functions such as enabling a Smart Contract to sponsor transaction fees for a user or combine multiple transactions to minimize overall costs.
What is ERC-4337?
ERC-4337 is the Ethereum standard that enables AA on the protocol without changing its consensus layer.
It was proposed by Ethereum co-founder Vitalik Buterin and other developers in 2021.
In March 2023, ERC-4337 was deployed to the Ethereum mainnet, enabling initiation of transactions and contract creation in a single contract account.
π°Million $ Question-
How does Masma use Account Abstraction?
Batch transactions Masma packs multiple transactions into one transaction saving gas, saving user's operation time, and, of course, providing a better user experience.
Flexible gas payments You can choose any token to pay for gas: ETH, USDC, USDT, etc.
Multi-account strategies You can open a number of accounts in Masma and have each account as a different, isolated position. Use different accounts for security, clarity, and prevent any potential overlap or confusion.
Meta User Interface (MUI) Masma will gradually integrate top Web3 apps in a single, intuitive dashboard along with our own proprietary apps.
Social recovery and 2FA Recover your account with a secondary email, third-party KYC, or external guardians.
No need for typical Web3 wallet logins You only need email & password to login to Masma.
π°Another Million $ Question-
Is Account Abstraction Safe?
In 1 word: YES
Beyond any doubt, safety is of paramount consideration when it comes to securing users' funds and, rest asuured, Masma makes absolute Zero compromise on this metric while offering an intuitive User Experience.
Sleep in peace, your money is in safe hands.
AA is highly recommended by Ethereum co-founder Vitalik Buterin himself.
Don't take our word for it. Check out the Audit for yourself.
Masma accounts use ERC-4337 implementation and are completely controlled by a userβs EOA address.
Only the owner can control its wallet. So, as long as the EOA wallet is safe, Masma account is safe.
Still in doubt? π€
In addition to these security policies, we have plans to:
have multiple audits from top-tier security firms,
real-time continuous monitoring,
timelock implementation,
tokenized NFT
and escrow, and more.
Masma is coming up as one of the most secure protocols in the industry as we aim to bring the next billion people into Web3.
Guess what...we don't stop here π
We have further plans to provide Masma with the next level security/protection measures.
Stay tuned, everyone.
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