Vitalik Buterin, along with co-authors Matt Garnett, Ansgar Dietrichs, and Sam Wilson, have proposed EIP-7702 as an alternative to EIP-3074 to refine account abstraction on Ethereum.
EIP-7702 aims to temporarily allow Ethereum’s externally owned accounts (normal accounts) to function as smart contract wallets during transactions and revert to their original state once the transaction is done.
EIP-7702
Ethereum Improvement Proposal (EIP) 7702 has been proposed as an alternative to EIP-3074 and suggests a novel transaction type that allows externally owned accounts (EOAs), which are normal Ethereum addresses, to temporarily function as smart contract wallets during transactions. Once the transaction has been completed, they can revert to their original state. EIP-3074 was initially slated for inclusion in the upcoming Pectra upgrade but now adds quantum resistance and better compatibility with EIP-4337, according to Uniswap founder Hayden Adams.
“EIP7702 - a new alternative to 3074 from Vitalik to add quantum resistance and better compatibility with 4337.”
Buterin, in his proposal, stated,
“This EIP is designed to be very forward-compatible with endgame account abstraction without over-enshrining any fine-grained details of ERC-4337.”
Account Abstraction On Ethereum
Ethereum uses two account models: externally owned accounts (EOAs) and contract accounts. EOAs are controlled using private keys and have limited capabilities and security features, which limits their use in complex transactions involving smart contracts. To address these limitations, Ethereum implemented several EIPs, including EIP-4337, EIP-3074, and EIP-5003.
EIP-4337 was implemented in March 2023 and established a framework that allowed smart contracts to act as accounts that could validate and execute transactions. EIP-3074, proposed before EIP-4337, aimed to empower EOAs by temporarily delegating their transaction authority to smart contracts. EIP-5003 was built on EIP-3074 and introduced the AUTHUSURP opcode, which enabled the permanent transformation of an EOA into a smart contract account.
A More Integrated Approach
EIP-7702 proposes a leaner and more integrated approach, combining the security and simplicity of EOAs with the versatility of smart contracts. At the beginning of the transaction, the EAO’s contract_code field will be temporarily set to a specific smart contract necessary for the transaction. Once the transaction is completed, the contract_code is cleared, and the EOA returns to its original state. This process also bypasses the need for new opcodes and associated hard forks because it uses callable functions that can seamlessly integrate with the existing Ethereum infrastructure. Jarrod Watts, developer relations engineer at Polygon, stated,
“Vitalik just proposed EIP-7702. It’s one of the most impactful changes Ethereum is going to have… EVER. “EIP-7702 represents a fusion of the flexibility of smart contracts with the foundational security model of EOAs. It’s a significant stride towards making Ethereum more accessible and secure for everyday users.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
