Ethereum co-founder Vitalik Buterin and his co-authors have put forward a new proposal, called 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 a transaction and then revert back to their original state.
The main features of EIP-7702 include the ability for EOAs to function as smart contract wallets temporarily and then return to their original state. This proposal aims to improve account abstraction within the Ethereum network. Buterin, along with Sam Wilson, Ansgar Dietrichs, and Matt Garnett, have designed EIP-7702 to be compatible with a broader standard called ERC-4337, which is considered the “endgame in account abstraction.” The proposal aligns with the goals of ERC-4337 without going into too much detail about its specifications. The Ethereum community is currently evaluating the proposal, and if accepted, EIP-7702 could redefine how account abstraction is implemented in future network updates.
The new transaction type introduced 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 temporarily transform into contracts, making it easier for them to be included in ERC-4337 packages in a way that is compatible with the existing EntryPoint.
Hayden Adams, the founder of Uniswap, has also joined the discussion on the EIP proposal, highlighting that EIP-7702 provides a new alternative to EIP-3074. It offers better compatibility with quantum resistance and ERC-4337. Previously, EIP-3074 was being considered for the upcoming Pectra update, but now EIP-7702 has emerged as a more favorable option.
Account abstraction refers to the ability of wallet addresses to function as smart contracts and perform various complex functions, 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 does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
