The Ethereum blockchain has deployed a feature known as “account abstraction,” seen as a key enhancement that could make it easier for users to recover crypto if they lose private keys to an online wallet.

The new standard, formally known as ERC-4337, was deployed via a smart contract called EntryPoint, according to data on the blockchain explorer web site Etherscan and confirmed by Yoav Weiss, a security fellow at the Ethereum Foundation. The contract has already undergone a full security audit, people with knowledge of the matter told CoinDesk.

“We’re narrowing down an actual path for account abstraction, something we’ve always wanted but have not actually managed to have,” – Vitalik Buterin