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Unlocking the Future with PillarX: The Power of ERC-7579 Modular Accounts

By Pillar | Pillar Blog | 18 Apr 2024


At the heart of the blockchain’s evolution is the distinction between externally owned accounts (EOAs) and contract accounts. 

While EOAs have been the bedrock for user interactions on the blockchain, their direct linkage to private keys poses significant security risks. Contrastingly, contract accounts introduce programmability and flexibility, albeit in a passive role — dependent on EOAs for activation and transaction initiation.

Account Abstraction: A Paradigm Shift

Account abstraction serves as a bridge, transitioning contract accounts from passive entities to active participants in the blockchain dialogue. This transformation enables smart contracts to not only initiate transactions autonomously but also execute complex, conditional logic and offer enhanced security mechanisms — effectively becoming what we refer to as “smart accounts.”

Technical Breakdown: Enhancing User Experience with Modularity

PillarX leverages the concept of modular account abstraction, conceptualizing smart accounts as composable entities. Each module — akin to a piece of Lego — extends the on-chain functionality of the core account, enabling a bespoke construction of features tailored to user needs. This approach simplifies development, as modules for validation, execution, and hooks can be individually crafted and integrated, enhancing the overall digital wallet experience.

  • Validation Modules allow customization of authorization, enabling transactions to be approved based on defined criteria, such as device-specific passkeys.
  • Execution Modules facilitate the automation of transaction sequences upon specific triggers, streamlining operations and potentially optimizing gas costs.
  • Hooks offer pre- or post-transaction logic, enforcing rules or checks, like blacklisting certain contracts to prevent interactions.

The Divergence: ERC-6900 vs. ERC-7579

While ERC-6900 laid the groundwork for standardizing the modular architecture of smart accounts, its approach was primarily prescriptive, defining rigid standards for module behavior. PillarX’s decision to adopt ERC-7579 stems from a desire to push beyond these constraints, fostering a more open, interoperable ecosystem.

ERC-7579 introduces a minimal, yet versatile, framework that not only allows for the seamless integration of modules but also promotes an environment of innovation where developers can freely create and share new functionalities. This standard champions flexibility and ease of adoption, ensuring that any module designed under its guidelines can effortlessly be incorporated into smart accounts across different platforms.

Why PillarX Chooses ERC-7579

The adoption of ERC-7579 by PillarX is a strategic move towards:

  • Enhancing interoperability: Ensuring that modules and smart accounts can easily communicate and integrate across the blockchain ecosystem, breaking down barriers of vendor lock-in and user fragmentation.
  • Empowering developers: By providing a standardized yet flexible platform for module development, PillarX encourages innovation at the application layer, making it simpler for developers to introduce new features without overhauling entire account implementations.
  • Elevating user experience: Modular account abstraction under ERC-7579 allows for a highly customizable and secure wallet experience. Users can benefit from features like virtual cold storage, automated trading strategies, and improved dapp interactions through session keys, all designed to cater to the specific needs and preferences of the blockchain community.

Practical Examples

The ERC-7579 standard opens up a realm of possibilities for enhancing the functionality, security, and user experience of blockchain accounts through modularization. PillarX’s adoption of this standard not only aligns with the future of decentralized finance but also introduces a plethora of innovative modules that cater to various needs. Let’s explore some of the standout modules made possible by ERC-7579 and their practical applications:

  • Session keys offer a temporary way to authorize transactions, ideal for specific sessions where continuous interaction with the blockchain is necessary, like in gaming or active trading sessions. This reduces the hassle of approving every single transaction, streamlining the user experience without compromising security.
  • Passkeys elevate security by allowing transactions to be authorized through device-specific keys, integrating with secure hardware elements on modern devices. This adds an additional layer of protection and convenience, blending blockchain interactions seamlessly into device security ecosystems.
  • Multi-Sig. The multi-signature module introduces a collaborative security mechanism, requiring approval from multiple parties before executing a transaction. This is crucial for organizations or groups where decisions need to be made collectively, enhancing security and accountability.
  • Recovery. The recovery module provides a safety net for users, allowing the account owner to set up mechanisms for account recovery in case of lost access. This could include appointing trusted individuals or devices that can help regain control of the account, significantly reducing the risk of permanent loss.
  • Dead Man’s Switch. This module activates a predefined action if the account becomes inactive for a certain period, ensuring that assets can be transferred or managed according to the user’s wishes, even if they’re unable to do so themselves. It’s a safety feature for unexpected situations.
  • Dollar Cost Averaging (DCA). The DCA module automates the investment process, allowing users to periodically invest in certain assets, smoothing out the purchase price over time and reducing the impact of volatility on investment portfolios.
  • Multi-Factor Authentication (MFA). By integrating MFA, this module adds an extra layer of security to transactions, requiring additional verification methods beyond the private key, such as a code from a mobile device or a biometric confirmation, before a transaction can be processed.
  • Auto-Saving. The auto-saving module encourages financial prudence by automatically setting aside a specified amount or percentage of assets into a savings mechanism, helping users build their savings effortlessly.
  • Scheduled Payments. This module enables users to set up recurring payments for subscriptions, salaries, or any other regular expenditure, automating the process and ensuring timely payments without manual intervention each time.

In summary, PillarX’s choice for ERC-7579 is the next logical evolution for Pillar’s smart account management. By harnessing the power of modular account abstraction, PillarX not only aims to refine the technical infrastructure of digital wallets but also to redefine the user’s journey on the blockchain — making it more secure, efficient, and tailored to individual needs. This commitment underscores PillarX’s vision for a future where blockchain technology is accessible, user-centric, and ripe for innovation.

Be one of the first to experience PillarX, sign up for the early access list here!


❗️Attention Web3 developers❗If you’re building a project and looking to showcase it, connect with over 100,000 Pillar community members, and join the movement towards a more trustless future using Account Abstraction, please complete this form.


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Pillar
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Pillar Blog
Pillar Blog

Pillar Wallet is a self-custodial smart contract wallet enabling low fees, cross-chain swaps & stablecoin gas payments, all in a unified multichain DeFi experience. Powered by Etherspot - Account Abstraction SDK for frictionless Web3

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