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Vitalik Buterin Introduces Ethereum Improvement Proposal EIP-7702
The Co-Founder of Ethereum, Vitalik Buterin, recently revealed a new Ethereum improvement proposal (EIP) aimed at harmonizing the developers’ divergent approaches to account removal in future hard forks. EIP-7702 follows the previous EIP-3074, which was envisioned for implementation in Ethereum’s upcoming scaling phase known as Prague Electra or Pectra.
However, the path to achieving consensus on EIP-3074 was arduous, marked by prolonged debates within various core development discussions.
Enhancements for End Users in Future Hard Forks
Developers are keen on providing tangible benefits to end users in the next hard fork, with EIP-3074 receiving considerable support. Despite this, Ansgar Dietrichs expressed reservations about its suitability.
Notably, Vitalik Buterin wasted no time in formulating the latest proposal.
Revolutionizing Transaction Procedures
The novel transaction methodology introduced by EIP-7702 allows Externally Owned Accounts (EOAs) to operate as temporary smart contract wallets, transitioning into standard accounts once transactions are completed. Developers must leverage contract code and transaction mechanisms to achieve this functionality.
Unlike EIP-3074, the recent proposal seeks to mimic its features by enabling EOAs to perform complex tasks like batch transactions and transaction sponsorship through smart contract code.
EIP-7702 has garnered support from proponents of EIP-3074, including Gamett and Andrew Ashkhmin, as well as prominent dApp developers such as Hayden Adams from Uniswap.
The impending scaling upgrade of Pectra is scheduled for the fourth quarter of 2024.
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