In a latest proposal, distinguished Ethereum builders, together with Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, steered a brand new transaction kind to reinforce Externally Owned Accounts (EOAs).
The proposal, presently in draft standing, outlines the creation of a brand new transaction kind that quickly converts EOAs into sensible contract wallets throughout transaction execution, providing functionalities just like these outlined in EIP-3074.
Based on the draft proposal, EIP-7702 would enable for transaction batching and sponsored transactions paid for by one other account. The proposed transaction kind would come with a contract_code area and a signature, enabling EOAs to undertake sensible contract functionalities quickly.
The core intention is to offer enhanced usability and safety for EOAs, addressing widespread points like batching transactions, sponsorship of transactions, and privilege de-escalation.
The usual would additionally enable for de-escalated privileges by enabling customers to signal subkeys with restricted permissions. For instance, a pockets administrator might enable subkey holders to spend solely ERC-20 tokens, use solely a part of a pockets steadiness, or entry choose functions.
Different to EIP-3074
The draft proposal gives a substitute for EIP-3074, an current commonplace that provides lots of the identical capabilities.
Nevertheless, EIP-7702 goals to handle forward-compatibility points. Not like EIP-3074, it doesn’t introduce opcodes, which might supposedly change into out of date in an “endgame account abstraction” the place all customers use sensible contract wallets.
Buterin and co-proposers consider endgame account abstraction is probably going when quantum computing breaks the cryptography utilized in commonplace Externally Owned Accounts (EOAs) or commonplace user-controlled Ethereum wallets.
EIP-3074 might additionally create an invoker contract ecosystem separate from the sensible contract pockets ecosystem. With EIP-7702, the proposers goal to keep away from a division of efforts.
Regardless of its potential advantages, Buterin famous that EIP-7702 would possibly face related criticism as its counterpart, because it requires belief in code and should result in centralization. He believes that any proposal to deal with privilege de-escalation faces the identical problem.
Ongoing developments
EIP-7702 is presently within the draft stage, and its future is unclear.
Nevertheless, builders intend to incorporate EIP-3074 in Ethereum’s subsequent improve, Pectra, in late 2024 or early 2025.
One other associated commonplace, ERC-4337, gives account abstraction options with related functions, together with group-access wallets and bundled and sponsored transactions. Builders deployed the usual to Ethereum in March 2023.
Collectively, such requirements enable providers to manage person wallets with out sustaining direct custody of person funds, offering a key various to completely centralized providers.
