Vitalik Buterin, co-founder of Ethereum, presented the new EIP-7702 proposal that will change the Blockchain world. This proposal allows Ethereum accounts to temporarily turn into smart contract wallets, allowing users to make more flexible transactions.
Ethereum Accounts Are Redefined with EIP-7702
Vitalik Buterin, one of Ethereum’s co-founders, along with Sam Wilson, Ansgar Dietrichs and Matt Garnett, presented a new proposal aimed at improving the account abstraction features of the Ethereum network. This proposal was developed under the name Ethereum Improvement Proposal (EIP) 7702 as an alternative to the existing EIP-3074.
EIP-7702 proposes a new type of transaction that would allow externally owned accounts (EOA) in Ethereum, i.e. standard Ethereum account addresses, to temporarily act as smart contract wallets during a transaction and revert back to their former state after the transaction. This feature aims to make the use of smart contract wallets more flexible.
Hayden Adams, founder of Uniswap, stated that EIP-7702 offers a new option that increases quantum resistance and compatibility with ERC-4337 over EIP-3074, which was previously planned to be included in the Pectra update. The EIP-7702 was also designed to be compatible with ERC-4337, a broad standard for smart contract wallets called “end-game account abstraction.”
Finally, the new proposal emphasizes that account abstraction is a method that allows users to use complex features such as multi-factor authentication, social recovery, and transacting with any token through smart contracts. The adoption of EIP-7702, while being evaluated by the Ethereum community, has the potential to shape how account abstraction will be handled in future upgrades of the network.
