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ERC-4337 is designed to enable account abstraction without compromising on decentralization and censorship resistance. It strives to be as decentralized as the block production of the underlying chain.
In practical terms, this means enabling access to smart contract wallets without depending on centralized relayers controlled by a single entity.
It aims to abstract as many account properties as possible, including authentication, authorization, replay protection, gas payment, batching & atomicity, etc. These aspects are controlled by the EVM code rather than rigid consensus rules.
In practice, transaction validity must be evaluated through EVM execution, which requires more work and opens up new attack vectors.
Luckily we can build account abstraction without consensus layer changes. A new standard, EIP-4337, is a new approach to account abstraction that relies on higher-level infrastructure that avoids the need for consensus layer changes.