EIP-4337 In a Nutshell

Overview

So Basically the new EIP 4337 is a new concepts of Implementing Wallet in the EVM Blockchains.
As we know there are two types of the Wallets

1. EOA (External Owned Account)
2. SC (Smart Contract Wallets)

So EIP 4337 is new way of Implementing Smart Contract Wallet. With this many problems like Like Approving 2 transaction for 1 token transfer or Worrying about loss of the assets in wallet due loss of Private Key.

This is a Smart Contract Based Wallet so we can write logic to save and Recover wallets. More over this wallet implementation can bring end to user using EOA wallets.

How do EIP-4337 Works?

SO EIP- 4337 basically it skips the need of the Consensus layer protocol and instead of it they are introducing the new higher-layer pseudo-transaction object called UserOperation.
UserOperation is a structure that do transaction on be half of the users. It uses a ALT Mempool where it store unconfirmed Transactions. It is a Waiting Room for the Transactions.

Now a new Special Actor is Introduced Called Bundler (either block builders, or users that can send transactions to block builders through a bundle)
Nodes of ETH Network can works as Bundler.

The work Bundler is suggested by the name it Bundles Multiple UserOperation and Make it into One Transaction Known as bundle transaction. After Bundling the Transaction they Send it to singleton. Understand it as the main entry gate to blockchain network.

There will only 1 singleton smart contract on a Blockchain Network known as EntryPoint. And Bundler calls a function of it called handleOps()

The Function handedlOps() calls a function called validateUserOp for each account in bundle transaction.

validateUserOp() must be present in the each account to complete the transaction. this function verify the signature of and pay the fees if it is valid transaction.

Each account must have one more function known as execute() to perform operation as requested in Bundled transaction Coming Via EntryPoint Contract

This is The Basic of what is EIP-4337 and how it works.
I will be writing an another blog in which we will talk in depth of the EIP 4337.