Use-cases
Account abstraction use-cases
ERC 4337 account abstraction would also enable a number of new and innovative features, such as:
Automation: With Account Abstraction you can automate transctions to trigger based on any On-Chain and Off-Chain triggers, like Time Scheduling a transaction or Sending a transaction when ETH price reaches 2000$.
Bundling: Account Abstraction also let you to bundle several transactions together together, to save gas fee while sending a large number of transactions.
Pay gas fees with ERC-20 tokens: Currently, gas fees must be paid in ETH. This can be expensive and inconvenient for users, especially when gas prices are high. ERC 4337 account abstraction would allow users to pay gas fees using any ERC-20 token. This would make gas fees more affordable and more predictable.
Social recovery: Social recovery is a mechanism that allows users to recover their accounts if they lose their private keys. ERC 4337 account abstraction would make it easier to implement social recovery mechanisms for Ethereum wallets.
Account recovery: Account recovery is a mechanism that allows users to recover their accounts if they are lost or stolen. ERC 4337 account abstraction would make it easier to implement account recovery mechanisms for Ethereum wallets.
Multi-signature authorization: Smart contract wallets can be configured so that transactions require the signatures of multiple users. This can help to protect users' funds from theft, even if one user's account is compromised.
Account freezing: Smart contract wallets can be frozen if a device is lost or compromised. This prevents unauthorized users from accessing the wallet's funds.
Transaction limits: Smart contract wallets can be configured to limit the amount of money that can be transferred from the wallet in a given period of time. This can help to protect users from losing all of their funds if their account is hacked.
Whitelists: Smart contract wallets can be configured to only allow transactions to certain addresses. This can help to protect users from sending money to fraudulent addresses.
Last updated