Crypto.com Joins the World Economic Forum, ERC-4337 Account Abstraction on FuseBox

Crypto.com, one of the leading platforms for buying, selling and trading cryptocurrencies, has announced that it has joined the World Economic Forum (WEF) as a partner. The WEF is an international organization that brings together leaders from business, government, civil society and academia to shape global, regional and industry agendas. Crypto.com will collaborate with the WEF on various initiatives related to blockchain, digital assets and financial inclusion.

According to a press release, Crypto.com will contribute its expertise and insights to the WEF’s Global Future Council on Cryptocurrencies, which is co-chaired by Meltem Demirors, Chief Strategy Officer of CoinShares, and Sheila Warren, Head of Blockchain and Data Policy at the WEF. The council aims to provide a vision for how cryptocurrency can improve the lives of billions of people, while addressing the challenges and risks posed by this emerging technology.

Crypto.com will also participate in the WEF’s Centre for the Fourth Industrial Revolution (C4IR) Network, which is a global hub for multi-stakeholder cooperation on the governance and policy of new technologies. The C4IR Network works on various projects related to blockchain, digital identity, data policy, artificial intelligence, drones, internet of things and autonomous vehicles.

Kris Marszalek, Co-Founder and CEO of Crypto.com, said: “We are honored to join the World Economic Forum as a partner. We share the WEF’s vision of using technology for good and creating a more inclusive and sustainable world. We look forward to working with the WEF and its network of partners to advance the adoption and innovation of blockchain and cryptocurrencies.”

The partnership with the WEF is another milestone for Crypto.com, which has been growing rapidly in the past year. The platform now has over 10 million users worldwide and offers a range of products and services, including a crypto app, a Visa card, an exchange, a DeFi wallet, a lending platform and an NFT marketplace. Crypto.com also recently launched a $200 million fund to invest in crypto startups and projects.

ERC-4337 Account Abstraction on FuseBox

If you are a developer who wants to build decentralized applications (dApps) on Ethereum, you might have encountered some challenges with the current account model. For example, you have to deal with complex gas management, user experience issues, and security risks. Wouldn’t it be nice if you could abstract away these details and focus on your core logic?

That’s where ERC-4337 comes in. ERC-4337 is a standard for account abstraction that allows dApps to pay for their users’ transactions, while giving users full control over their accounts. With ERC-4337, you can create accounts that are smart contracts, and use them to interact with any other contract on the network. This opens up a whole new world of possibilities for dApp development.

But how do you implement ERC-4337 in practice? That’s where FuseBox comes in. FuseBox is a framework that makes it easy to create and use ERC-4337 accounts. With FuseBox, you can:

Generate ERC-4337 accounts on the fly, without deploying any code. Use a simple API to send transactions from your accounts, without worrying about gas fees or signatures. Customize your accounts with hooks and plugins, to add features like meta-transactions, recovery mechanisms, or access control. Integrate your accounts with any existing contract or protocol, without modifying them.

ERC-4337 Account Abstraction is a proposed Ethereum improvement that aims to simplify the user experience of interacting with smart contracts. It allows users to delegate the responsibility of paying gas fees and signing transactions to a third-party service provider, called a sponsor. This way, users can use any wallet or application that supports ERC-4337 without having to worry about the technical details of the Ethereum network.

One of the main barriers to mass adoption of Ethereum and DApps is the complexity and friction of using them. Users have to deal with concepts such as gas fees, gas price, gas limit, nonce, transaction hash, private keys, public keys, signatures, etc. These are unfamiliar and confusing for most people, especially those who are used to traditional web or mobile applications.

Moreover, users have to manage their own funds and keys, which exposes them to the risk of losing access or being hacked. They also have to constantly monitor the network conditions and adjust their gas fees accordingly, which can be costly and time-consuming.

ERC-4337 Account Abstraction aims to solve these problems by abstracting away the low-level details of the Ethereum protocol and providing a more user-friendly interface for interacting with DApps. It enables users to delegate the tasks of paying gas fees and signing transactions to a sponsor, who acts as a proxy between the user and the network.

ERC-4337 Account Abstraction offers several benefits for both users and developers of DApps:

For users, it simplifies the user experience and reduces the cognitive load of using DApps. Users do not need to understand or care about gas fees, signatures, keys, etc. They can simply use any wallet or application that supports ERC-4337 and enjoy a seamless and consistent experience across different DApps.

For developers, it lowers the barrier to entry and increases the reach of DApps. Developers do not need to implement their own custom solutions for handling gas fees and signatures, which can be complex and error prone. They can leverage existing standards and tools that support ERC-4337 and focus on building their core features and logic. They can also attract more users who may otherwise be deterred by the complexity and friction of using DApps.

For sponsors, it creates new business opportunities and incentives for providing value-added services to users and developers. Sponsors can charge fees for their services, such as subsidizing gas costs, providing faster confirmations, offering better security, etc. They can also differentiate themselves by offering various features and options for users and developers to choose from.

ERC-4337 Account Abstraction is not without its challenges and trade-offs. Some of the main ones are:

For users, it introduces a new dependency and trust assumption on the sponsor. Users have to rely on the sponsor to pay gas fees and sign transactions on their behalf. This means that users have to trust that the sponsor will not act maliciously or negligently, such as censoring transactions, stealing funds, compromising privacy, etc. Users also have to accept the terms and conditions of the sponsor, which may vary depending on the service level and quality.

For developers, it requires some changes and adaptations to their existing codebase and infrastructure. Developers have to update their smart contracts to support ERC-4337 Account Abstraction, which may involve some redesign and refactoring. They also have to integrate with different sponsors and handle potential errors or failures from their side.

For sponsors, it imposes new technical and operational challenges and risks. Sponsors have to implement a robust and scalable system that can handle a large number of transactions from different users and DApps. They also have to manage their own funds and keys, which exposes them to the risk of losing access or being hacked. They also have to comply with any legal or regulatory requirements that may apply to their services.

ERC-4337 Account Abstraction is a promising Ethereum improvement that aims to simplify the user experience of interacting with smart contracts. It allows users to delegate the responsibility of paying gas fees and signing transactions to a third-party service provider, called a sponsor. This way, users can use any wallet or application that supports ERC-4337 without having to worry about the technical details of the Ethereum network.

However, ERC-4337 Account Abstraction also comes with its own challenges and trade-offs, such as introducing a new dependency and trust assumption on the sponsor, requiring some changes and adaptations from developers, and imposing new technical and operational challenges and risks for sponsors.

FuseBox is designed to be flexible, modular, and extensible. You can use it as a standalone library, or as a plugin for popular frameworks like Hardhat or Truffle. You can also mix and match different components of FuseBox, depending on your needs.

How ERC-4337 works and why it is useful. What is the difference between ERC-4337 and other standards. How to install and configure FuseBox. How to create and use ERC-4337 accounts with FuseBox. How to customize your accounts with hooks and plugins. How to integrate your accounts with other contracts and protocols.