A design pattern that replaces the rigid externally-owned account (EOA) model with programmable smart contract wallets capable of custom authentication, gas sponsorship, and batched transactions. ERC-4337 implements this on Ethereum via UserOperations, bundlers, an EntryPoint contract, and paymasters. EIP-7702 (Pectra upgrade, May 2025) extends this by allowing EOAs to delegate to smart contract logic.
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A design pattern that replaces the rigid externally-owned account (EOA) model with programmable smart contract wallets capable of custom authentication, gas sponsorship, and batched transactions. ERC-4337 implements this on Ethereum via UserOperations, bundlers, an EntryPoint contract, and paymasters. EIP-7702 (Pectra upgrade, May 2025) extends this by allowing EOAs to delegate to smart contract logic.
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Account Abstraction (account-abstraction) Category: Blockchain General Definition: A design pattern that replaces the rigid externally-owned account (EOA) model with programmable smart contract wallets capable of custom authentication, gas sponsorship, and batched transactions. ERC-4337 implements this on Ethereum via UserOperations, bundlers, an EntryPoint contract, and paymasters. EIP-7702 (Pectra upgrade, May 2025) extends this by allowing EOAs to delegate to smart contract logic. Aliases: AA, ERC-4337, Smart Account Related: Passkey / WebAuthn Wallet, Gas
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A blockchain wallet that uses the WebAuthn/FIDO2 standard for authentication via biometrics (fingerprint, face) or hardware security keys instead of seed phrases. Passkey wallets require smart contract accounts that verify P256 (secp256r1) signatures, as WebAuthn uses a different curve than Ethereum's native secp256k1. Coinbase Smart Wallet and Solana's native secp256r1 precompile are major implementations.
A unit measuring the computational effort required to execute operations on a blockchain. On Ethereum, gas is priced in gwei (10^-9 ETH) and varies with network demand. Users set gas limits and gas prices; unused gas is refunded. Solana uses 'compute units' as its equivalent, with much lower costs (~$0.00025 per transaction vs. $1-100+ on Ethereum).
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An Ethereum standard that assigns a smart contract account (wallet) to every ERC-721 NFT, enabling NFTs to own other tokens, NFTs, and interact with protocols directly. Token-bound accounts (TBAs) are created through a permissionless registry using CREATE2 for deterministic addresses. Use cases include gaming inventories, bundled DeFi positions tradable as single NFTs, and identity-linked portfolios.
Account pooling multiple clients' assets under one custodian name, with internal records tracking individual shares. Exposes clients to comingling risk if custodian fails. Blockchain wallets are inherently segregated — each address holds only its own tokens with no comingling.
Self-executing code deployed on a blockchain that automatically enforces the terms of an agreement when conditions are met. Smart contracts are immutable once deployed (unless upgradeable), transparent, and trustless. On Solana they're called 'programs'; on Ethereum they're written in Solidity and run on the EVM. They enable DeFi, NFTs, DAOs, and other decentralized applications.
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A blockchain wallet that uses the WebAuthn/FIDO2 standard for authentication via biometrics (fingerprint, face) or hardware security keys instead of seed phrases. Passkey wallets require smart contract accounts that verify P256 (secp256r1) signatures, as WebAuthn uses a different curve than Ethereum's native secp256k1. Coinbase Smart Wallet and Solana's native secp256r1 precompile are major implementations.
A unit measuring the computational effort required to execute operations on a blockchain. On Ethereum, gas is priced in gwei (10^-9 ETH) and varies with network demand. Users set gas limits and gas prices; unused gas is refunded. Solana uses 'compute units' as its equivalent, with much lower costs (~$0.00025 per transaction vs. $1-100+ on Ethereum).
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A distributed, append-only ledger that records transactions in cryptographically linked blocks. Each block contains a hash of the previous block, forming an immutable chain. Nodes in the network maintain copies of the ledger and reach agreement through consensus mechanisms. Blockchains enable trustless, decentralized record-keeping without a central authority.
The protocol by which nodes in a distributed network agree on the current state of the ledger. Common mechanisms include Proof of Work (Bitcoin), Proof of Stake (Ethereum, Solana), and BFT variants. Consensus ensures all honest nodes converge on the same transaction history despite potential network delays or malicious actors.
A consensus mechanism where validators are selected to produce blocks based on the amount of cryptocurrency they have staked (locked) as collateral. PoS is energy-efficient compared to Proof of Work. Misbehaving validators risk losing their stake (slashing). Solana, Ethereum (post-Merge), Cosmos, and Cardano use PoS variants.
A consensus mechanism where miners compete to solve computationally expensive puzzles to produce blocks and earn rewards. PoW provides strong security (51% attack resistance) but is energy-intensive. Bitcoin and pre-Merge Ethereum use PoW. The difficulty adjusts to maintain target block times regardless of total network hash power.