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OpenZeppelin Receives Ethernet Foundation Grant to Advance ERC-4337 Account Abstraction Technology

OpenZeppelin Receives Ethernet Foundation Grant to Advance ERC-4337 Account Abstraction Technology

Bitget2024/10/25 07:42

On October 25th, OpenZeppelin, a smart contract security company, announced that it had received significant funding from the Ethernet Foundation. The company plans to use the funding to enhance the ERC-4337-based Account Abstraction feature in its OpenZeppelin Contracts library.

OpenZeppelin has been the go-to choice for smart contract development since 2016 and has secured transactions worth trillions of dollars. This grant will enable OpenZeppelin to accomplish several key goals:

Add a modular ERC-4337 implementation that advances account abstraction technology to help developers build more secure applications and more flexible smart wallets.

Expand cryptographic support by introducing new cryptographic signature schemes such as secp256r1, BLS, and RSA, making it easier to build applications for mobile devices, enterprises, and other scenarios.

Enhancements to ERC-4337-related developer tools, including Foundry, Hardhat, and Contracts Wizard, to simplify the process of creating, customizing, and upgrading accounts and payment entities.

Rolling out these new features in two major releases in 2024 and 2025 to comprehensively improve the security, usability, and scalability of the Ethernet ecosystem.

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