{"id":297587,"date":"2024-05-08T03:26:08","date_gmt":"2024-05-07T21:56:08","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=297587"},"modified":"2024-05-08T03:26:08","modified_gmt":"2024-05-07T21:56:08","slug":"vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts-crypto-news\/","title":{"rendered":"Vitalk Buterin drafts EIP-7702 to enhance externally owned accounts – Crypto News"},"content":{"rendered":"
\n

In a recent proposal, prominent Ethereum developers, including Vitalik Buterin<\/a>, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, suggested a new transaction type to enhance Externally Owned Accounts (EOAs).<\/p>\n

The proposal, currently in draft status, outlines the creation of a new transaction type that temporarily converts EOAs into smart contract wallets during transaction execution, offering functionalities similar to those outlined in EIP-3074.<\/p>\n

According to the draft proposal<\/a>, EIP-7702 would allow for transaction batching and sponsored transactions paid for by another account. The proposed transaction type would include a contract_code field and a signature, enabling EOAs to adopt smart contract functionalities temporarily.<\/p>\n

The core intention is to provide enhanced usability and security for EOAs, addressing common issues like batching transactions, sponsorship of transactions, and privilege de-escalation.<\/p>\n

The standard would also allow for de-escalated privileges by enabling users to sign subkeys with limited permissions. For example, a wallet administrator could allow subkey holders to spend only ERC-20 tokens, use only part of a wallet balance, or access select applications.<\/p>\n

Alternative to EIP-3074<\/h2>\n

The draft proposal provides an alternative to EIP-3074, an existing standard that offers many of the same capabilities.<\/p>\n

However, EIP-7702 aims to address forward-compatibility issues. Unlike EIP-3074, it does not introduce opcodes, which would supposedly become obsolete in an \u201cendgame account abstraction\u201d where all users use smart contract wallets.<\/p>\n

Buterin and co-proposers believe endgame account abstraction is likely when quantum computing breaks the cryptography used in standard Externally Owned Accounts (EOAs) or standard user-controlled Ethereum wallets.<\/p>\n

EIP-3074 could also create an invoker contract ecosystem separate from the smart contract wallet ecosystem. With EIP-7702, the proposers aim to avoid a division of efforts.<\/p>\n

Despite its potential benefits, Buterin noted that<\/a> EIP-7702 might face similar criticism as its counterpart, as it requires trust in code and may lead to centralization. He believes that any proposal to handle privilege de-escalation faces the same challenge.<\/p>\n

Ongoing developments<\/h2>\n

EIP-7702 is currently in the draft stage, and its future is unclear.<\/p>\n

However, developers intend to include EIP-3074 in Ethereum\u2019s next upgrade, Pectra, in late 2024 or early 2025.<\/p>\n

Another related standard, ERC-4337, provides account abstraction features with similar applications, including group-access wallets and bundled and sponsored transactions. Developers deployed the standard to Ethereum in March 2023<\/a>.<\/p>\n

Together, such standards allow services to administer user wallets without maintaining direct custody of user funds, providing a key alternative to fully centralized services.<\/p>\n

Mentioned in this article<\/h6>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent proposal, prominent Ethereum developers, including Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, suggested a new transaction type to enhance Externally Owned Accounts (EOAs). The proposal, currently in draft status, outlines the creation of a new transaction type that temporarily converts EOAs into smart contract wallets during transaction execution, offering functionalities […]<\/p>\n","protected":false},"author":2,"featured_media":273351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-297587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/297587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=297587"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/297587\/revisions"}],"predecessor-version":[{"id":297588,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/297587\/revisions\/297588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/273351"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=297587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=297587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=297587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}