Ethereum developers introduced the new function of \”EntryPoint\”, which can support wallet accounts as smart contracts

It is reported that the developers of Ethereum introduced the new function of \”EntryPoint\”, allowing the Ethereum user\’s wallet account to run as a smart contract. The encrypted wallet application can automatically process complex tasks with the help of EntryPoint. The wallet application will be able to realize the so-called \”account abstraction\”, which is a mechanism that allows the wallet to automatically process complex tasks without the need for users to interact with the Ethereum blockchain. After a thorough security audit by the security company OpenZeppelin, EntryPoint has been officially launched and can now be accessed on the blockchain network, including Ethereum, Polygon, Optimism, Arbitrum, BNB Chain, Avalanche and Gnosis Chain.

Interpretation of this information:

The message highlights a new development in the Ethereum network known as EntryPoint, which allows users’ wallet accounts to function as smart contracts. This is a significant development for Ethereum as it opens up new possibilities for users to automate complex tasks and functions without the need for constant interaction with the blockchain.

Previously, smart contracts were only accessible through the creation of separate contracts on the blockchain. However, the introduction of EntryPoint allows wallet accounts to function as smart contracts, thus streamlining the process of executing commands on the blockchain. This represents a significant boost in automation and efficiency for Ethereum users.

The use of EntryPoint introduces a mechanism known as “account abstraction”. This means that the wallet app can process complex tasks automatically without any need for interaction by the user. Users will no longer have to rely on interacting with the Ethereum blockchain continually, as the wallet can handle complex operations without human involvement.

To ensure the security of this new development, the security company OpenZeppelin conducted a comprehensive security audit of EntryPoint. Following the successful audit, EntryPoint has been officially launched and integrated into various blockchain networks such as Ethereum, Polygon, Optimism, Arbitrum, BNB Chain, Avalanche, and Gnosis Chain.

Given the added functionality and automation benefits, Ethereum users will undoubtedly benefit from EntryPoint. By enabling users to access smart contracts via their wallet accounts, EntryPoint simplifies the process of interacting with the Ethereum blockchain, making it more accessible to a broader group of users. The reduced need for constant interaction with the blockchain also increases trust and security for users by reducing the likelihood of human error.

Overall, EntryPoint represents a significant development that addresses many of the shortcomings of previous smart contract systems on the Ethereum network. With the increased automation and efficiencies it provides, EntryPoint adds further credibility to Ethereum and other blockchain networks, cementing their position as the go-to solutions for financial inclusion, security, and automation.