Ethereum co-founder, Vitalik Buterin, and his co-authors have proposed a new Ethereum Improvement Proposal (EIP-7702) as an alternative to EIP-3074. EIP-7702 allows externally owned accounts (EOAs) to temporarily act as smart contract wallets during transactions and then revert back to their original state.
EIP-7702, suggested by Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, aims to enhance account abstraction within the Ethereum network. It introduces a new transaction type that enables EOAs, which are normal Ethereum wallet addresses, to function as smart contract wallets temporarily and then return to their original state.
The proposal aims to be compatible with a broader standard called ERC-4337, which is seen as the “endgame in account abstraction.” By aligning with this standard, EIP-7702 could redefine how account abstraction is implemented in future network updates. It does not delve deeply into the details of ERC-4337 but ensures compatibility with its endgame.
The new transaction type proposed in EIP-7702 includes fields for contract code and signatures, offering similar functionalities to those proposed in EIP-3074, such as batch and sponsored transactions. Additionally, it allows EOAs to transform themselves temporarily into contracts, facilitating their inclusion in ERC-4337 packages in a manner that is compatible with the existing EntryPoint.
Hayden Adams, the founder of Uniswap, has also participated in the discussion surrounding the EIP proposal. He highlighted that EIP-7702 serves as a new alternative to EIP-3074, offering better compatibility with quantum resistance and ERC-4337. Previously, EIP-3074 was considered for the upcoming Pectra update.
Account abstraction refers to the ability of wallet addresses to function as smart contracts, enabling various complex features such as multi-factor authentication, social recovery wallets, and the flexibility for users to transact with any token.
Please note that the information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies, and should conduct their own research.
