Vitalik Buterin, the co-founder of Ethereum, has introduced a new proposal called EIP-7702, which 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 for inclusion in the future upgrade of Ethereum called Prague-Electra, or “Pectra”.
The complexity of EIP-3074, which focused on improving user experience, received significant criticism due to its prescriptive approach. Ansgar Dietrichs from the Ethereum Foundation initially expressed concerns, describing the proposal as “oppressive”. In response, Buterin, along with Dietrichs, Sam Wilson, and Matt Garnett, developed EIP-7702 in just 22 minutes, showcasing the collaborative effort to refine the proposal.
EIP-7702 introduces an innovative temporary transaction model for externally owned accounts (EOAs), allowing them to function as smart contract wallets through a single transaction before returning to their original state. This method simplifies contract development by utilizing existing codes and avoiding the need for new opcodes, unlike its predecessor.
The proposal also aims for compatibility with future account abstraction models, specifically EIP-4337, which was implemented in early March 2023. The goal is to leverage already established wallet codes and transaction structures to minimize duplication and disruption. EIP-7702 has gained substantial support from developers who previously backed EIP-3074, including notable figures like Hayden Adams from Uniswap.
Ethereum’s governance, characterized by a consensus-driven approach, ensures that proposals undergo public and developer scrutiny before finalization. Independent teams are responsible for incorporating the agreed specifications into new versions of the Ethereum client. For a successful hard fork, tentatively scheduled for Q2 2024, to occur, it is crucial for all validators to agree to install the updates. This methodical process highlights the transparency and community focus that drives Ethereum’s ongoing evolution.
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