Maria Irene
As the world of blockchain technology evolves, developers are continually introducing new standards to enhance user experience and address the shortcomings of existing protocols. One such development is the ERC-4337, a new Ethereum standard that seeks to change how users interact with wallet services and make accounts more flexible to match user needs.
ERC-20, on the other hand, is a well-known Ethereum standard for creating fungible tokens on the Ethereum blockchain. ERC-20 has been widely adopted and has become the foundation for thousands of tokens, including the famous stablecoin Tether (USDT).
In this article, we will compare ERC-20 and ERC-4337 and discuss the unique features that set them apart.
ERC-20: Fungible Tokens Standard
ERC-20 is a widely adopted standard for creating tokens on the Ethereum blockchain. It is a protocol that defines the basic rules that a token should follow to be able to interact with the Ethereum ecosystem. The ERC-20 standard makes it easy for developers to create tokens and for users to interact with them.
ERC-20 tokens are fungible, meaning that they are interchangeable with one another. For example, if you have two ERC-20 tokens of the same type, they are equivalent and can be exchanged for one another without any difference in value or characteristics.
ERC-4337: A Flexible and Customizable Wallet Standard
ERC-4337 is a new Ethereum standard that introduces a flexible and customizable wallet standard. It enables users to use smart contract wallets with arbitrary verification logic. This new standard is designed to change how users interact with wallet services, making accounts more flexible to match user needs.
ERC-4337 introduces a new mempool for user operations, which is serviced by bundlers on an accounts function level. The standard enables users to add and remove devices and include recovery options with a friend or a lawyer, without having to write down 12 words on a piece of paper. It allows users to use the cryptographic signature of their choosing and authorize transactions securely through cell phones.
ERC-4337 also creates a standard for account abstraction, which will enable developers to build customized Web3 transaction flows and wallets using the latest ERC-4337 smart contract. Existing products such as Gnosis Safe and Argent have already implemented features such as social recovery, but in order to maintain them, they would have to connect to a centralized relayer. ERC-4337 eliminates the need for this.
ERC-20 and ERC-4337 are both Ethereum standards with distinct features that address different needs in the blockchain ecosystem. ERC-20 is widely adopted and is the standard for creating fungible tokens, while ERC-4337 introduces a new mempool for user operations and creates a standard for account abstraction, enabling developers to build customized Web3 transaction flows and wallets.
ERC-4337 introduces a flexible and customizable wallet standard, making accounts more flexible to match user needs, with a range of features such as adding and removing devices, and including recovery options. With these unique features, ERC-4337 is poised to become a crucial standard in the blockchain ecosystem.
ERC-4337 vs. ERC-20: Exploring the Differences Between Ethereum Standards
Q: What is ERC-4337?
A: ERC-4337 is a new Ethereum standard that introduces a flexible and customizable wallet standard. It enables users to use smart contract wallets with arbitrary verification logic and makes accounts more flexible to match user needs.
Q: What is ERC-20?
A: ERC-20 is a widely adopted standard for creating tokens on the Ethereum blockchain. It is a protocol that defines the basic rules that a token should follow to be able to interact with the Ethereum ecosystem.
Q: How are ERC-20 and ERC-4337 different?
A: ERC-20 is the standard for creating fungible tokens, while ERC-4337 introduces a new mempool for user operations and creates a standard for account abstraction, enabling developers to build customized Web3 transaction flows and wallets.
Q: What are the unique features of ERC-4337?
A: ERC-4337 introduces a range of unique features, such as adding and removing devices, including recovery options, and allowing users to use the cryptographic signature of their choosing and authorize transactions securely through cell phones.
Q: How does ERC-4337 eliminate the need for a centralized relayer?
A: Existing products such as Gnosis Safe and Argent have already implemented features such as social recovery, but in order to maintain them, they would have to connect to a centralized relayer. ERC-4337 eliminates the need for this.
