Vitalk Buterin drafts EIP-7702 to enhance externally owned accounts

In a current proposal, distinguished Ethereum builders, together with Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, advised a brand new transaction kind to enhance Externally Owned Accounts (EOAs).

The proposal, presently in draft standing, outlines the creation of a brand new transaction kind that quickly converts EOAs into good contract wallets throughout transaction execution, providing functionalities comparable to these outlined in EIP-3074.

In accordance to the draft proposal, EIP-7702 would permit for transaction batching and sponsored transactions paid for by one other account. The proposed transaction kind would come with a contract_code subject and a signature, enabling EOAs to undertake good contract functionalities quickly.

The core intention is to present enhanced usability and safety for EOAs, addressing frequent points like batching transactions, sponsorship of transactions, and privilege de-escalation.

The usual would additionally permit for de-escalated privileges by enabling 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 part of a pockets steadiness, or entry choose functions.

Various to EIP-3074

The draft proposal supplies another to EIP-3074, an present customary that gives most of the similar capabilities.

Nonetheless, EIP-7702 goals to tackle forward-compatibility points. Not like EIP-3074, it doesn’t introduce opcodes, which might supposedly develop into out of date in an “endgame account abstraction” the place all customers use good contract wallets.

Buterin and co-proposers consider endgame 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 good contract pockets ecosystem. With EIP-7702, the proposers goal to keep away from a division of efforts.

Regardless of its potential advantages, Buterin noted that EIP-7702 would possibly face comparable criticism as its counterpart, because it requires belief in code and will lead to 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.

Nonetheless, builders intend to embody EIP-3074 in Ethereum’s subsequent improve, Pectra, in late 2024 or early 2025.

One other associated customary, ERC-4337, supplies account abstraction options with comparable functions, together with group-access wallets and bundled and sponsored transactions. Builders deployed the usual to Ethereum in March 2023.

Collectively, such requirements permit companies to administer consumer wallets with out sustaining direct custody of consumer funds, offering a key different to absolutely centralized companies.

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