The Ethereum Foundation has announced the completion of its grants program to finance projects related to implementing ERC-4337, the account abstraction standard. 18 projects were selected to be part of this batch of grants, which feature different functionalities, including creating educational material on the issue and software that can design operations based on the requirements of other apps.
Ethereum Foundation Announces 18 Grants for Projects Implementing Account Abstraction Features
The Ethereum Foundation, a nonprofit organization in charge of funding and expanding the Ethereum ecosystem, has announced that it will issue grants to 18 teams developing projects built around the ERC-4337 standard, also known as account abstraction. The initiative seeks to empower these projects to grow and become a significant part of the Ethereum ecosystem in the future.
About the significance of these grants and the projects that received help from them, the Ethereum Foundation stated:
Each team’s project uniquely aligns with the goals of the ERC-4337 AA grant, and we believe that the outcomes of these endeavors will ripple through the ecosystem, inspiring new ideas and opportunities for collaboration.
The 18 projects are Zerodev Kernel, Etherspot’s Skandha Bundler, Mynawallet, Blocto, Silius, Schnorrkel.js, Ambire, Iotex, Sixdegreelab, Jam, Tokensight, ZK-Team, Rhinestone, AAA, Unpacking 4337, Hexlink, UniPass, and Clave. Each offers different functionalities like batching transactions, making educational articles and videos on the subject, designing decentralized finance transactions for other apps, and even bundling biometric authentication for already existing wallets.
Account Abstraction Paradigm
ERC-4337, or the account abstraction standard, aims to upgrade the feature set of externally owned accounts (regular wallets like Metamask) to become contract accounts, handled directly by smart contracts. These offer flexibility to implement user-oriented features, making managing security and moving funds easier.
Vitalik Buterin, a co-founder of Ethereum, has referred before to the importance of speeding up the adoption of this standard. Back in July, at the Ethereum Community Conference held in France, Buterin declared that he envisioned full usage of this kind of wallet in the future due to the advantages compared to externally owned accounts.
Buterin stressed the significance of the upgrade, explaining that if this move is successful, managing a cryptocurrency wallet will be as simple as using an email account, opening the doors for less tech-savvy people to enter and become part of the cryptocurrency community.
What do you think about ERC-4337 and the possibilities of account abstraction? Tell us in the comments section below.