Smart contract wallets represent a significant upgrade for Web3 wallets, and it’s all thanks to the ERC-4337 token standard. As its name implies, a smart contract wallet relies on smart contracts to automatically execute transactions once certain conditions are met. It usually boasts greater security, customisability, and decentralisation.
If you think a smart contract wallet is a huge improvement over ‘regular’ Web3 crypto wallets, the ERC-6900 Ethereum Improvement Proposal (EIP) takes it even further. It aims to make smart contract wallets even more flexible and compatible with Web3 dApps.
Read on to learn more about ERC-6900 and how this proposal stands to benefit smart contract wallet owners.
What Is ERC-6900?
As alluded to above, ERC-6900 refers to an EIP titled ‘Modular Smart Contract Accounts’. The proposal was created in April 2023 and specifically aimed to build upon the ERC-4337 token standard. It wanted to “standardise smart contract accounts and account modules” and maximise how interoperable wallets are.
One motivation the creators of ERC-6900 mentioned is the poor user experience that comes from having to manage several account implementations at once. ERC-6900 proposes that smart contract wallet owners can freely install and uninstall features as and when they need to, transforming their account into a modular one.
At the same time, this eliminates the issue of smart contract wallets only being compatible with specific dApps.
Key Features of ERC-6900 and How They Impact Web3 Wallets
The ERC-6900 EIP has five key features. Here’s how they impact smart contract wallets:
1. Smart Contract Wallet Architecture Becomes Modular
ERC-6900 suggests that smart contract wallet functions be broken down into three distinct categories (validation, execution, and hook), allowing unique plugins to be created. The former two are self-explanatory, while the latter refers to smart contract functions carried out either before or after another is complete.
2. ERC-6900 Grants Composability Advantages
Because Web3 developers can create unique plugins for smart contract wallets, it’s in everyone’s interest to maximise their compatibility. In an ideal world, smart contract wallet developers can integrate any feature they need, as long as the plugin is available.
3. Smart Contract Wallets Become Customisable and Easily Upgradeable
If you’re worried about ERC-6900 creating a fragmented ecosystem, fret not. This EIP comes with a standard for how smart contract wallets and plugins work together. It means that crypto wallets are truly customisable, and you can replace outdated plugins with the latest and greatest out there.
4. ERC-6900 Is Compatible With ERC-4337
The crux of the ERC-6900 EIP is to improve on ERC-4337. Therefore, this proposal is designed specially for smart contract wallets compatible with ERC-4337. It’s a smooth integration through and through.
5. ERC-6900 Boasts a Slew of Security Improvements
In the ERC-6900 proposal, the team lays out a full list of security considerations for Web3 crypto wallet developers, plugin developers, and users. Furthermore, this EIP also boasts validation checks and it enforces a permissioning system to be built in when developers are creating a smart contract wallet.
How Does ERC-6900 Benefit Wallet Users?
With ERC-6900, smart contract wallet users can customise their accounts to fit their unique – and changing – needs. They can add and remove plugins anytime, just like how they would for the apps on their mobile devices. Furthermore, ERC-6900 removes the compatibility issues of ERC-4337 accounts.
This means that you only need one Web3 wallet for any dApp out there. You no longer have to experience the hassle of having one ERC-4337-compatible wallet for each dApp you wish to access.
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Portkey + ERC-6900 = Perfection?
aelf’s account abstraction (AA) wallet, Portkey, is built to streamline the transition from Web2 to Web3 for newbies and experts alike. With a clean and intuitive user interface, you’ll be managing your digital assets and identities in no time. Connecting to your favourite dApps via the in-app browser is just as simple. One tap is all it takes.
There’s no doubt that Portkey will be able to take full advantage of ERC-6900’s benefits, especially for users who need a highly customisable solution. Keep an eye on the Portkey website and social media channels for all the latest updates.
For now, you can still take the leap into Web3 the easy way and at no cost with your very own Portkey wallet.
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How Does ERC-6900 Benefit DApp Developers?
The creators of ERC-6900 have excellent foresight, building in a standardised framework to prevent errant or stray plugins. It sets the groundwork for a thriving ecosystem of plugin developers. As for dApp developers specifically, they don’t have to worry about new features or functions not being compatible with certain smart contract wallets.
DApp developers can customise the transaction fees they implement as well, reducing the costs for users. This incentivises them to utilise their software more. Win-win.
Lastly, dapp developers can breathe easy knowing that ERC-6900 smart contract wallets are interoperable with other token standards.
Potential Use Cases of ERC-6900 in Web3 Wallets
1. On-the-Fly Security Upgrades
As ERC-6900 introduces the concept of modularity for Web3 wallets, developers can release bug fixes or security upgrades without redeploying the smart contract. They can even create a security plugin for their wallet, much like how you would for your CMS or web browser.
2. Custom Transaction Validation Mechanisms
With ERC-6900 breaking down smart contract wallet functions into distinct categories, developers can create custom transaction validation mechanisms. Imagine wallet users being able to verify transactions through facial recognition or other biometric data. This is much more secure than tapping a button in a dApp.
3. Plugins for New Wallet Features
ERC-6900 presents a blank canvas for smart contract wallet developers and software developers in general. A world of features can now be implemented for Web3 crypto wallets due to plugins. For example, you could have a plugin that lets you set up recurring asset transfers. Or how about a plugin that implements a daily spending limit?
In Conclusion
The potential of smart contract wallets is set to exponentially increase once ERC-6900 gets approved. It’s a major factor in bringing a Web2 experience that everyone’s familiar with to the Web3 world. And perhaps more importantly, this EIP retains ERC-4337’s advantages while shoring up its weaknesses.
Ethereum users, and the Web3 community as a whole, are eagerly waiting for the refined version of ERC-6900 to launch. Because when it does, there’ll no doubt be a renewed and larger wave of interest in the Internet’s evolution.
*Disclaimer: The information provided on this blog does not constitute investment advice, financial advice, trading advice, or any other form of professional advice. aelf makes no guarantees or warranties about the accuracy, completeness, or timeliness of the information on this blog. You should not make any investment decisions based solely on the information provided on this blog. You should always consult with a qualified financial or legal advisor before making any investment decisions.
About Portkey
Portkey: Zero-Barrier Entry Into Web3
Portkey simplifies your connection to the Web3 world with its cutting-edge ZK social logins and ZK social recovery, offering a zero-barrier entry for users. Integrating into the Telegram ecosystem, Portkey seamlessly bridges Web2 users to Web3 through blockchain, leveraging advanced zero-knowledge technologies for privacy and security without compromising convenience.
Built on the high-performance AI layer 1 blockchain platform aelf, Portkey provides a smooth transition and an enhanced user experience, setting new standards in the realm of Web3 digital wallets.
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