Ethereum account abstraction will undergo major changes to save gas fees

Author: Martin Young, Cointelegraph; Compiler: Songxue, Golden Finance

The Ethereum Foundation will promote major changes in the Ethereum account abstraction standard to reduce Gas consumption - especially Layer 2 Gas. consumption.

On January 10, the Ethereum Foundation shared plans for major changes to the ERC-4337 standard specification involving account abstractions, also known as smart accounts.

Developer John Rising said that the new version 0.7 adopts the lessons learned from using ERC-4337 for only nine months.

The biggest change is the structure of the account abstract transaction, which is more complex than regular Ethereum transactions.  

“Users must specify multiple Gas values ​​to take into account the fact that an account can be calculated when checking its signature,” Rising explained.

Rising explained in detail why more gas is needed in an interview.

“With Smart Accounts, users can have many different types of signatures and pay for Gas in a variety of ways. This means that the amount of Gas required will vary, and transactions must Specify how much you are willing to spend for this verification."

This makes gas charges more accurate and reduces gas costs, especially on Layer 2 networks, because these changes reduce the amount of data that needs to be published .

Rising explained: “The main benefit of v0.7 for users is the reduction of gas fees. It uses some tricks to use transaction data more efficiently, which is particularly useful for Layer 2 blockchains. Help."

The new specification will also impose a 10% penalty on all unused Gas in user executions, "This prevents applications from improperly validating transactions. Necessary high Gas limit."

How the account abstraction works. Source: Cointelegraph

Account abstractions, also known as smart accounts, are built on top of basic Ethereum accounts, allowing accounts to have programmable logic and rules, opening up many of today's simple accounts New use cases that would have been impossible.

Today’s Ethereum accounts are somewhat passive and static, but account abstraction makes them active and programmable. It was proposed in EIP-4337 in September 2021 by Vitalik Buterin and other developers.

The Ethereum Foundation has not yet announced an expected adoption date for v0.7, but said that security reviews have now begun.

“My guess is that ETHDenver will have everything done by the end of February,” Rising said.