HomeEthereumVitalik encourages backing for short-term intelligent wallets on Ethereum

Vitalik encourages backing for short-term intelligent wallets on Ethereum

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Ethereum Improvement Proposal EIP-7702: Reconciling Approaches to Account Abstraction in Hard Forks

Ethereum co-founder Vitalik Buterin has made waves in the cryptocurrency world once again with the publication of a new Ethereum Improvement Proposal (EIP) aimed at reconciling core developers’ differing approaches to account abstraction in upcoming hard forks.

The proposal, known as EIP-7702, comes as a successor to EIP-3074, which had been under consideration for inclusion in Ethereum’s next upgrade, Prague-Electra, or “Pectra.” However, the road to approval for EIP-3074 was not without its challenges, with significant debate and discussion among developers since January.

Buterin’s new proposal, written in just 22 minutes, introduces a new transaction type that allows externally owned accounts (EOAs) to temporarily operate as smart contract wallets, simplifying developers’ tasks by leveraging existing contract code and interaction patterns.

Unlike its predecessor, EIP-7702 aims to replicate functionalities without adding new opcodes, enabling EOAs to perform complex operations like batch transactions and constrained sub-key operations within a single transaction. This approach is seen as a step towards a wallet-centric approach to account abstraction in the future.

The proposal has garnered support from key figures in the Ethereum community, including core developers and prominent dapp developers like Uniswap’s Hayden Adams. However, opposition to the previous improvement had also grown in recent months, leading to a thorough debate within Ethereum’s governance framework.

Ultimately, the success of EIP-7702 and its implementation in the upcoming Pectra upgrade will depend on the consensus-building process within the Ethereum community, with a tentative launch date set for Q4 2024.

Stay tuned for more updates on this evolving story as Ethereum continues to push the boundaries of blockchain technology.

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