Ethereum‘s co-founder Vitalik Buterin and co-authors have proposed the Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074. EIP-7702 permits externally owned accounts (EOAs) to act temporarily as smart contract wallets during a transaction and then revert to their original state.
Key Features of EIP-7702
Buterin and co-authors Sam Wilson, Ansgar Dietrichs, and Matt Garnett, proposed EIP-7702 as an alternative to EIP-3074 aimed at improving account abstraction within the Ethereum network. EIP-7702 introduces a new transaction type that allows EOAs (normal Ethereum wallet addresses) to function temporarily as smart contract wallets and then return to their original states. Access COINTURK FINANCE to get the latest financial and business news.
EIP-7702 aims to be compatible with another broader standard known as ERC-4337, considered the “endgame in account abstraction.” The proposal is designed to be compatible with the endgame in account abstraction without delving deeply into the details of ERC-4337. As the Ethereum community evaluates the proposal, EIP-7702 could redefine how account abstraction is implemented in future network updates.
The new transaction type proposed in EIP-7702 includes fields for contract code and signatures, providing the same functions as those proposed in EIP-3074, such as batch and sponsored transactions. Moreover, it allows EOAs to temporarily transform themselves into contracts, facilitating their inclusion in ERC-4337 packages in a manner compatible with the existing EntryPoint.
Hayden Adams, the founder of Uniswap, also joined the discussion on the EIP proposal, noting that EIP-7702 serves as a new alternative to EIP-3074 (previously considered for the upcoming Pectra update) but now offers better compatibility with quantum resistance and ERC-4337.
What is Account Abstraction?
Account abstraction allows wallet addresses to function as smart contracts and run a variety of complex features such as multi-factor authentication, social recovery wallets, and the flexibility for users to transact with any token.