Ethereum Improvement Proposal (EIP)-7702 is generally stirring up quite the buzz among developers, builders, researchers, and enthusiasts, merely hours after Ethereum co-founder Vitalik Buterin and his team floated it. This EIP might just secure a juicy spot in Ethereum’s upcoming hard fork upgrade.
So, what’s the deal with EIP-7702? Well, it’s all about “flash smart wallet accounts,” an attractive concept that lets externally owned accounts (EOAs) temporarily change into smart wallets for a single transaction. According to Jarrod Watts, a developer relations engineer at Polygon, this could be a game-changer for Ethereum, potentially ranking as one of the most significant changes ever.
EOAs, as we know them, are controlled by their owners’ private keys, while smart contract accounts operate based on coded instructions. But why the sudden interest in account abstraction, you may ask? Well, the Ethereum community has been deep in conversation about it, particularly focusing on EIP-3074 and EIP-4337.
EIP-4337, which rolled out on Ethereum’s mainnet back in March 2023, aims to achieve account abstraction without messing with Ethereum’s consensus layer. However, despite its tenure, EOAs still reign supreme, leaving EIP-4337 with a bit of an identity crisis, as noted by Watts.
Enters EIP-3074, swooping in to save the day. This proposal allows EOAs to delegate control to a smart contract, serving as a temporary fix until full account abstraction is achieved on this blockchain. But not everyone’s sold on EIP-3074’s approach, especially the brains behind EIP-7702.
The authors of EIP-7702 argue that while EIP-3074 has good intentions, it’s a tad heavy-handed, introducing unnecessary opcodes and causing fragmentation. Instead, they propose a leaner, meaner version that builds upon EIP-4337, thus avoiding a break in the account abstraction world.
Quantum Storage
And it’s not just about improving the user experience; EIP-7702 also has one eye on the future. With concerns over quantum computing looming large, EIP-7702 aims to future-proof Ethereum by paving the way for stronger cryptographic measures in smart accounts.
So, will EIP-7702 steal the show in Ethereum’s next hard fork upgrade, dubbed “Petra”? The Signs point to yes. With support from both EIP-3074 enthusiasts and EIP-4337 proponents, EIP-7702 is shaping up to be Ethereum’s next big thing. Keep your eyes peeled, folks!
