In a current proposal, outstanding Ethereum builders together with Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett proposed a brand new transaction kind that may enhance Externally Owned Accounts (EOAs).
The proposal, which is presently in idea standing, outlines the creation of a brand new transaction kind that quickly converts EOAs to sensible contract wallets throughout transaction execution and presents performance just like that of EIP-3074.
In response to the draft proposal, EIP-7702 would permit batching of transactions and sponsored transactions paid from one other account. The proposed transaction kind would come with a contract_code discipline and a signature, permitting the EOA to quickly undertake sensible contract performance.
The principle intent is to offer higher usability and safety for EOA, addressing frequent points corresponding to batch transactions, sponsoring transactions, and privilege de-escalation.
The usual would additionally permit permissions to be de-escalated by permitting customers to signal subkeys with restricted permissions. For instance, a pockets administrator might permit subkey holders to spend solely ERC-20 tokens, use solely a portion of the pockets stability, or entry chosen functions.
Different to EIP-3074
The preliminary draft gives an alternative choice to EIP-3074, the present customary, which presents lots of the similar options.
Nevertheless, EIP-7702 goals to unravel the ahead compatibility points. Not like EIP-3074, it doesn’t introduce opcodes that may allegedly change into out of date in “finish account abstraction” the place all customers use sensible contract wallets.
Buterin and co-proponents consider that finish account abstraction is probably going when quantum computing breaks the cryptography utilized in customary Externally Owned Accounts (EOAs) or customary user-controlled Ethereum wallets.
EIP-3074 might additionally create an invoker contract ecosystem separate from the sensible contract pockets ecosystem. With EIP-7702, the proponents try to keep away from splitting efforts.
Regardless of its potential benefits, Buterin famous that EIP-7702 could face comparable criticisms as its counterpart, because it requires belief within the code and will result in centralization. He believes any proposal to deal with privilege de-escalation faces the identical problem.
Ongoing growth
The EIP-7702 is presently within the design part and its future is unclear.
Nevertheless, the builders intend to incorporate EIP-3074 within the subsequent Ethereum improve, Pectra, in late 2024 or early 2025.
One other associated customary, ERC-4337, gives account abstraction options with comparable functions, together with group entry wallets and pooled and sponsored transactions. Builders deployed the usual to Ethereum in March 2023.
Collectively, these requirements permit companies to handle person wallets with out sustaining direct custody of person funds, a key various to totally centralized companies.
