Bitrabo Editorial
The co-founder of Ethereum, Vitalik Buterin, accompanied by associates Sam Wilson, Ansgar Dietrichs, and Matt Garnett, made a recommendation for a new version of Ethereum Improvement Proposal (EIP) labeled 7702. This EIP is intended to significantly upscale the functionality of Ethereum’s externally owned accounts (EOAs). EIP-7702’s goal is to embed smart contract features temporarily into EOAs, a disruptive idea that could revolutionize how users interface with the Ethereum network.
The Advancement of Account Abstraction in Ethereum
The account model of Ethereum consists of two primary categories: externally owned accounts (EOAs) and contract accounts. EOAs, controlled by private keys, possess restricted capabilities and security traits, limiting their role in complex transactions usually designated for smart contracts.
To tackle these limitations, the following EIPs were introduced:
- EIP-4337: Activated in March 2023, it created an infrastructure that lets smart contracts perform as accounts that validate and execute transactions, known as User Operations (UserOps). With the adoption of sophisticated features like biometrics, this proposal largely improved user experience, especially in applications produced by platforms like Polygon and Coinbase.
- EIP-3074: Proposed prior to EIP-4337, its objective was to bolster EOAs, permitting them to temporarily delegate their transaction authority to smart contracts. This proposal encompassed two new opcodes, AUTH and AUTHCALL, to enable this delegation, despite triggering security issues about potential misuse by rogue contracts.
- EIP-5003: Expanding on EIP-3074, this recommendation brought the AUTHUSURP opcode into play to facilitate a permanent conversion of an EOA into a smart contract account, rectifying some compatibility problems with EIP-4337, but also possibly resulting in fragmentation in account abstraction strategies.
Innovative Features of EIP-7702
EIP-7702 was initiated in response to the intricate landscape formed by its forerunners. It advocates for a more streamlined, cohesive strategy by allowing EOAs to temporarily adopt smart contract code throughout transactions, thereby merging the security and simplicity of EOAs with the flexibility of smart contracts.
EIP-7702 has risen pic.twitter.com/bwInPdWaE5
— ً (@lightclients) May 7, 2024
This is how EIP-7702 functions: At the outset of a transaction, the contract_code aspect of the EOA is temporarily assigned a specific smart contract code necessary for the transaction. This code carries out the transaction, utilizing smart contract capabilities. When the transaction is completed, the contract_code is erased, restoring the EOA to its original condition.
This method circumvents the need for additional opcodes and corresponding hard forks because it employs callable functions (verify for AUTH and execute for AUTHCALL) instead, which can assimilate seamlessly with the prevailing Ethereum infrastructure.
Jarrod Watts, a developer relations engineer at Polygon, emphasized the significance of EIP-7702, stating, “Vitalik recently suggested EIP-7702. It’s among the most consequential shifts Ethereum will undergo… EVER.” The community’s response showcases the potential transformative nature of EIP-7702 in bridging traditional EOAs and more agile smart contract accounts.
“EIP-7702 signifies a merger of the adaptability of smart contracts with the foundational security model of EOAs,” remarked Watts. “It’s a substantial step towards making Ethereum more user-friendly and secure for regular users.”
Vitalik just suggested EIP-7702.
It’s among the most consequential shifts Ethereum will undergo… EVER.
So, here’s everything you need to comprehend about how it operates and how we arrived here:
— Jarrod Watts (@jarrodWattsDev) May 8, 2024
Should it be accepted, EIP-7702 could revolutionize how users engage with decentralized applications (dApps) and handle digital assets on the Ethereum network. By allowing EOAs to operate temporarily with the advanced attributes of smart contracts, EIP-7702 offers a seamless, more secure user experience that could hasten the adoption of Ethereum’s more advanced capabilities.
However, the success of EIP-7702 relies on extensive testing, community consensus, and a meticulous review of security ramifications, particularly in terms of how temporary smart contract codes are controlled and discontinued.
As of the time of publishing, the price of ETH stood at $2,997.