Hello friends, in this article we will take a look at the new cyber account standard that is compatible with ERC 4337. First, we need to know the meaning and concept of EOA and SCA

What is EOA?

It means "foreign account holder". This term is used in the field of blockchain technology and digital currencies. EOA is a type of account used in blockchain networks such as Ethereum. An EOA is usually associated with a private key and allows the owner of that key to make transactions through their account. and its owner can interact with the programs

What is SCA?

It stands for "Smart Contract Account". SCAs are a type of account in the blockchain capable of executing smart contracts. In contrast, EOA (Externally Owned Account) wallets are accounts that are owned by individuals and are unable to execute smart contracts. SCAs are commonly used to execute smart contracts and interact with other contracts and users on the blockchain. They can hold digital currency balances and be able to send and receive transactions

SCA In summary:

• They provide gas cost savings

• They provide payment of fees with stablecoins or other tokens

• They provide transaction categories

• They bring the ability to recover the account

• Enables multifaceted account management

• These accounts or smart contracts can also work with hardware wallets, creating an additional layer of security and privacy. Old projects that use this standard can be called Gnosis Safe

Vitalik also outlined his vision for abstract wallets in late 2018

What are the differences between EOA and smart accounts?

• Control: EOAs are controlled by private keys, while smart contract accounts operate according to rules set in the blockchain.

• The EOA account is created when the private key is linked to the seed term through the intermediary wallet (software or hardware wallet). Smart contract accounts are activated when the smart contract associated with the address is deployed on the blockchain (requires fees).

• Gas Fees: EOAs require Gas Fee to operate on the Ethereum mainnet, while smart contract accounts can have a set of features to reduce or save fees.

• Security: Based on user responsibility for EOAs, it cannot create multiple layers for it, while with smart contract accounts, users can combine multiple layers and actually provide middleware for more security.

• Account recovery: only possible for smart contract accounts because middlewares can help us add more layers to our wallet

In the above, we found that smart contract accounts actually offer us more extensive functionality in the Web 3 space, in fact, we can customize things more, which is not the case with accounts that follow the EOA standard.

For example, let's say you have a wallet that has a lot of assets in it. You want to keep your wallet safe and prevent it from being stolen. With abstract accounts, you can bring Web 2 functionality to Web 3. In other words, we can enable 2FA. In other words, we can provide a feature that requires a two-step verification code to complete each transaction. Or we can enable Multi Signers. And to designate many owners for the wallet so that if the main key of the wallet is lost, the assets are not lost, and for the transfer or execution of any smart contract, 50% of the designated owners approve the transaction

In another feature, this option can be called, let's say you lost 12 words to recover your wallet! This is a disaster, in this case, all your assets will be lost, but with the ability of abstract accounts or Sca, we can press the forget option. Recover the recovery words through another function such as phone or email of your smart wallet.

In all the above steps, we are familiar with the very useful function of account abstraction. I want to mention one more function for you. Suppose you work in a company. This company needs a wallet! The head of the company wants to create limited access for each person when making transactions. With the abstract function of the account, we can determine how much the user x can withdraw from this wallet or what transactions he can perform using the funds of this wallet.All of the above is the account abstraction functionality that CyberConnect has achieved in collaboration with StackUp

I think you are very surprised! I want to think more about the capabilities of smart contract accounts.

Suppose you want to make a transaction in an abstract multi signature Volt and there is not enough balance in your wallet to pay the transaction fee. Instead, other account owners have enough funds, we can transfer the payment of the transaction fee to other owners with an abstract account, or we need more usdc balance in a transaction, by adding middleware capabilities, payment networks can be added to sca accounts.

Smart contract accounts or SCAs improve the user experience and make it possible to set terms and conditions for the account and make it possible for multiple parties to work in one transaction. Simply put, users can do things like interact with dApps without having their native tokens

Executing many tasks in one transaction

We can do a bunch of transactions with one confirmation. For example, the abstraction of accounts in web games 3 enables gamers to do a repetitive task without having to confirm the transaction many times in their wallet. I will definitely talk more about this topic in the next article

Let's take a break! Thanks to alchemy site for its useful content

Hello friends, in this article we will take a look at the new cyber account standard that is compatible with ERC 4337. First, we need to know the meaning and concept of EOA and SCA

What is EOA?

It means "foreign account holder". This term is used in the field of blockchain technology and digital currencies. EOA is a type of account used in blockchain networks such as Ethereum. An EOA is usually associated with a private key and allows the owner of that key to make transactions through their account. and its owner can interact with the programs

What is SCA?

It stands for "Smart Contract Account". SCAs are a type of account in the blockchain capable of executing smart contracts. In contrast, EOA (Externally Owned Account) wallets are accounts that are owned by individuals and are unable to execute smart contracts. SCAs are commonly used to execute smart contracts and interact with other contracts and users on the blockchain. They can hold digital currency balances and be able to send and receive transactions

SCA In summary:

• They provide gas cost savings

• They provide payment of fees with stablecoins or other tokens

• They provide transaction categories

• They bring the ability to recover the account

• Enables multifaceted account management

• These accounts or smart contracts can also work with hardware wallets, creating an additional layer of security and privacy. Old projects that use this standard can be called Gnosis Safe

Vitalik also outlined his vision for abstract wallets in late 2018

What are the differences between EOA and smart accounts?

• Control: EOAs are controlled by private keys, while smart contract accounts operate according to rules set in the blockchain.

• The EOA account is created when the private key is linked to the seed term through the intermediary wallet (software or hardware wallet). Smart contract accounts are activated when the smart contract associated with the address is deployed on the blockchain (requires fees).

• Gas Fees: EOAs require Gas Fee to operate on the Ethereum mainnet, while smart contract accounts can have a set of features to reduce or save fees.

• Security: Based on user responsibility for EOAs, it cannot create multiple layers for it, while with smart contract accounts, users can combine multiple layers and actually provide middleware for more security.

• Account recovery: only possible for smart contract accounts because middlewares can help us add more layers to our wallet

In the above, we found that smart contract accounts actually offer us more extensive functionality in the Web 3 space, in fact, we can customize things more, which is not the case with accounts that follow the EOA standard.

For example, let's say you have a wallet that has a lot of assets in it. You want to keep your wallet safe and prevent it from being stolen. With abstract accounts, you can bring Web 2 functionality to Web 3. In other words, we can enable 2FA. In other words, we can provide a feature that requires a two-step verification code to complete each transaction. Or we can enable Multi Signers. And to designate many owners for the wallet so that if the main key of the wallet is lost, the assets are not lost, and for the transfer or execution of any smart contract, 50% of the designated owners approve the transaction

In another feature, this option can be called, let's say you lost 12 words to recover your wallet! This is a disaster, in this case, all your assets will be lost, but with the ability of abstract accounts or Sca, we can press the forget option. Recover the recovery words through another function such as phone or email of your smart wallet.

In all the above steps, we are familiar with the very useful function of account abstraction. I want to mention one more function for you. Suppose you work in a company. This company needs a wallet! The head of the company wants to create limited access for each person when making transactions. With the abstract function of the account, we can determine how much the user x can withdraw from this wallet or what transactions he can perform using the funds of this wallet.All of the above is the account abstraction functionality that CyberConnect has achieved in collaboration with StackUp

I think you are very surprised! I want to think more about the capabilities of smart contract accounts.

Suppose you want to make a transaction in an abstract multi signature Volt and there is not enough balance in your wallet to pay the transaction fee. Instead, other account owners have enough funds, we can transfer the payment of the transaction fee to other owners with an abstract account, or we need more usdc balance in a transaction, by adding middleware capabilities, payment networks can be added to sca accounts.

Smart contract accounts or SCAs improve the user experience and make it possible to set terms and conditions for the account and make it possible for multiple parties to work in one transaction. Simply put, users can do things like interact with dApps without having their native tokens

Executing many tasks in one transaction

We can do a bunch of transactions with one confirmation. For example, the abstraction of accounts in web games 3 enables gamers to do a repetitive task without having to confirm the transaction many times in their wallet. I will definitely talk more about this topic in the next article

Let's take a break! Thanks to alchemy site for its useful content