ERC-4337 is a technical standard or “Ethereum Request for Comment” (ERC) that was proposed by the Ethereum community in October 2021. The proposal was authored by Jordi Baylina, Jacques Dafflon, and Thomas Shababi, and was submitted for review and feedback from the Ethereum community.
The main goal of ERC-4337 is to provide a standardized set of functions for Ethereum tokens that enhances interoperability and operability. The proposal outlines a set of four functions that tokens can implement to make them more easily and efficiently tradable and interactable with other tokens and smart contracts.
The four functions proposed by ERC-4337 are:
transfer - allows the token to be transferred from one address to another.
transferFrom - allows a third party to transfer tokens on behalf of the token holder.
approve - allows a third party to spend a certain amount of tokens on behalf of the token holder.
allowance - allows a third party to check how much they are approved to spend on behalf of the token holder.
By using these standard functions, ERC-4337 aims to increase the ease of use and interoperability of tokens on the Ethereum network. The proposal also includes guidelines for how these functions should be implemented, as well as recommendations for how tokens can be designed to be more secure and user-friendly.
ERC-4337 is an important development for the Ethereum ecosystem as it helps to standardize token interactions and reduce the friction associated with integrating different tokens and smart contracts. This can ultimately lead to more innovation and adoption of Ethereum-based applications and services.