Vitalik Buterin, co-founder of Ethereum, recently unveiled a new Ethereum Improvement Proposal (EIP-7702) that aims to enhance the functionality of smart wallets and account abstraction. This proposal follows the heated debates surrounding the previous EIP-3074, both of which were intended to be included in the upcoming Ethereum upgrade known as Prague-Electra or “Pectra.”
The complexity of EIP-3074, which focused on improving user experience on the network, received significant criticism for its prescriptive approach. Ansgar Dietrichs from the Ethereum Foundation initially voiced concerns, describing the proposal as “oppressive.” In response, Buterin collaborated with Dietrichs, Sam Wilson, and Matt Garnett to develop EIP-7702 in just 22 minutes, emphasizing the collective effort to refine the proposal.
EIP-7702 introduces an innovative temporary transaction model for externally owned accounts (EOAs), enabling them to function as smart contract wallets through a single transaction before returning to their original state. This approach simplifies contract development by utilizing existing codes and eliminating the need for new opcodes, unlike its predecessor.
Additionally, the proposal aims for compatibility with future account abstraction models, specifically EIP-4337, which was implemented in March 2023. The goal is to leverage established wallet codes and transaction structures to minimize duplication and disruption. EIP-7702 has gained significant support from developers who previously backed EIP-3074, with notable advocates like Hayden Adams from Uniswap.
Ethereum’s governance, characterized by a consensus-driven approach, ensures that such proposals undergo scrutiny from the public and developers before finalization. Independent teams will be responsible for incorporating the agreed-upon specifications into new versions of the Ethereum client. For a successful hard fork, tentatively scheduled for Q2 2024, it is crucial for all validators to agree to install the updates. This meticulous process underscores the transparency and community focus that drive Ethereum’s ongoing evolution.
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