On Monday, June 5, the OKX cryptocurrency exchange announced that the branded multi-chain wallet will support the user account abstraction standard (ERC-4337). This is a new concept of the mechanism of social recovery, which also has a number of significant advantages.
The company did not specify when exactly the innovation will be introduced. However, OKX promised to provide all the details in the near future.
Support for the standard was added to the Ethereum mainnet in early March.
Note that the use of ERC-4337 has certain advantages, including:
- flexibility in programming personal security measures;
- the ability to restore an account with the help of trusted persons;
- subsidizing fees;
- payment of transaction costs with derivative tokens based on ERC-20.
But there are also disadvantages:
- complication of the ecosystem and its centralization;
- increase in gas prices.
Note that Ethereum co-founder Vitalik Buterin considers ERC-4337 to be the future of cryptography. It is this concept that he sees as the basis of a reliable and fully secure cryptocurrency wallet. However, so far it is not widespread enough for this.
Source: Cryptocurrency
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