The Ethereum network has recently undergone an upgrade that could have significant implications for the future of web 3. Although it has gone somewhat under the radar, the ERC 4337 smart contract, also known as account abstraction, is a major development that has been in the works for years.

The focus of this upgrade is on improving the user experience for Ethereum wallets and the network as a whole. With ERC 4337 is also known as account abstraction and its focus is on the user experience basically making it easier for people to use ethereum wallets and interact with the ethereum network. Ethereum wallets will be able to function as smart contracts or so-called smart accounts.

Smart accounts will enable users to enjoy the kind of services and user experience they currently receive from traditional banks. Two-factor authentication or biometric authentication such as fingerprint scans can be used to secure wallets, and scheduled payments and spending limits can be set. Moreover, dapps can be used without the need to pay gas fees for every transaction, as bundlers can group smaller transactions together to be paid by the dapp user later on.

Perhaps coolest of all , users who do lose their private keys will be able to recover them through a process known as the social recovery system a group of trusted individuals or a commercial service could be used to let people regain control of their smart account even if the private keys are lost or stolen now the benefits of all of the above should be obvious and when it comes to mass adoption these are precisely the sort of features that crypto users of the future are going to want consider how easy and convenient.