We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.
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Toyota Explores On-Chain Automotive Innovations with ERC-4337
Toyota, the automotive giant, is venturing into blockchain technology by exploring how account abstraction could be integrated into vehicles, enabling hardware operations to be executed on-chain. The Toyota Blockchain Lab introduced the concept of Mobility-Oriented Accounts (MOAs) — public blockchain accounts for vehicles.
Toyota envisions a future where each car operates like a blockchain account, connecting it to users and various services. By leveraging the ERC-4337 Account Abstraction standard, MOAs could enhance programmability and provide interfaces for various tokenization utilities.
Integrating MOAs would also comply with the ERC-721 standard for non-fungible tokens, facilitating use cases such as digitally unlocking vehicles and starting engines via NFTs. These operations would be performed by tokenholders through smartphone apps, simplifying the management of vehicle usage rights and enhancing security.
Toyota highlights the benefits of using account abstraction for MOAs, including multisig transaction execution. This feature allows multiple stakeholders, such as car users, owners, manufacturers, and administrative agencies, to approve transactions collaboratively. Additionally, MOAs could play a crucial role in the future of autonomous driving, enabling vehicles to function as independent service entities with on-chain rights management.
The initiative builds on Toyota’s Mobility Concept, revealed last April, which aims to integrate social systems into its vehicles. The company believes that public blockchains, designed to share states with a large audience, could be a powerful tool to realize this vision.
Toyota’s Blockchain Lab, established in 2019, initially focused on blockchain-based traceability initiatives. Recently, it has expanded its scope to explore public chain use cases, including Web3 and innovative finance, demonstrating Toyota’s commitment to advancing automotive technology through blockchain innovations.
Etherspot & Rooba Finance: Transforming Real Estate Tokenization with Account Abstraction
Etherspot and Rooba Finance have joined forces to revolutionize the real estate industry through account abstraction.
Rooba Finance, committed to creating the world’s first on-chain financial institution, aims to bridge the gap between traditional finance and blockchain. With authorization from the International Finance Corporation of India and as a founding member of ERC-3643, Rooba Finance is well-positioned to lead this transformational journey.
User onboarding in Web3 has often been cumbersome. Etherspot is advancing blockchain adoption in real estate by providing a seamless user experience. Through the integration of Etherspot’s AA Prime SDK, Skandha Bundler, and Arka Paymaster, Rooba Finance offers an unparalleled Web3 experience, allowing users to focus entirely on their investments.
“Etherspot has enabled us to rapidly test new MVP with their lightweight and easy-to-use AA infrastructure, which perfectly meets all our needs.” — Sidharth Muraly Nair, Product Manager at Rooba Finance.
This collaboration brings numerous benefits for users, such as Web2-like onboarding via social media accounts, smooth transactions without handling gas fees, and a seamless cross-chain experience.
Report on Fuel Network: Revolutionizing Scalability for Modular Blockchains
Delphi Consulting has published a comprehensive report showcasing how Fuel Network is redefining scalability for modular blockchains.
Fuel Network has built an advanced rollup operating system to address interoperability, state growth, and inefficient blockchain virtual machine architecture. The core of Fuel’s solution is the modular execution layer, FuelVM, which aims to optimize transaction processing through parallel execution, state minimization, and interoperability.
The network leverages account abstraction to simplify user interactions, enabling features like gasless transactions and improved user experience.
FuelVM’s innovative approach includes native support for assets, state rehydration to manage smart contract states efficiently, and the use of predicates and scripts to minimize state bloat. By decoupling computation from verification, Fuel enhances scalability while maintaining security.
The report emphasizes Fuel Network’s efforts to integrate advanced technologies, such as hybrid proving, which combines optimistic and zero-knowledge rollup techniques to enhance scalability and security.
With its focus on efficient computation, state minimization, and user-friendly features, Fuel Network is poised to become a pivotal player in the evolution of modular blockchains.
Finalizing EIP-7702: Key Steps for Inclusion in Ethereum’s Pectra Hard Fork
EIP-7702, scheduled for inclusion in the Pectra hard fork (Q1 2025), is one of the most powerful Account Abstraction proposals for Ethereum. Despite being drafted just three months ago, it has undergone significant changes and attracted heated debate.
A detailed write-up has been compiled to outline the necessary steps to finalize the proposal. This comprehensive analysis takes into account all ongoing discussions and open threads.
Thanks to the proposal authors, the latest version of EIP-7702 addresses nearly all concerns, including in-protocol revocation for delegations. However, counter-proposals have emerged, risking unnecessary delays.
Ethereum’s decentralized nature makes consensus difficult, and new proposals often lead to further fragmentation and delays. With EIP-7702, the community faces two choices: support the current version and address remaining issues, or push for new versions and delay Account Abstraction functionality.
The current version includes in-protocol revocation, mitigating the risks of delegating to malicious contracts. It also addresses potential DoS attacks by limiting pending EIP-7702 transactions. Shared EOA storage concerns are acknowledged, with practical mitigations suggested at the application layer.
Further work is needed to get EIP-7702 ready for the mainnet, including gas scheduling and other minor changes. The community is encouraged to resolve remaining issues and bring this functionality to users.
Start exploring Account Abstraction with Etherspot!
*Learn more about account abstraction here.
*Head to our docs and read all about Etherspot Prime.
*Skandha — developer-friendly Typescript ERC4337 Bundler.
*Arka — an open-source Paymaster Service for gasless & sponsored transactions.
*Explore our TransactionKit, a React library for fast & simple Web3 development.
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