ethereum co-founder Vitalik Buterin, along with collaborators Sam Wilson, Ansgar Dietrichs, and Matt Garnett, have proposed a new ethereum Improvement Proposal (EIP) numbered 7702, designed to significantly improve the functionality of externally owned accounts (EOA). ) of ethereum. EIP-7702 aims to temporarily integrate smart contract functionalities into EOAs, a transformative concept that could redefine user interactions on the ethereum network.
Evolution of account abstraction in ethereum
The ethereum account model includes two main types: externally owned accounts (EOA) and contract accounts. EOAs are controlled by private keys and have limited capabilities and security features, restricting their use in more complex transactions normally reserved for smart contracts.
To address these limitations, several EIPs have been introduced:
- EIP-4337: Implemented in March 2023, it established a framework that allows smart contracts to act as accounts that can validate and execute transactions, known as User Operations (UserOps). This proposal significantly improved the user experience by integrating advanced functionalities such as biometrics, especially in applications developed by platforms such as Polygon and Coinbase.
- EIP-3074: Proposed before EIP-4337, it aimed to empower EOAs by allowing them to temporarily delegate their transaction authority to smart contracts. This proposal included two new opcodes, AUTH and AUTHCALL, to facilitate this delegation, although it raised security concerns regarding potential misuse by malicious contracts.
- EIP-5003: Building on EIP-3074, this proposal introduced the AUTHUSURP opcode to enable a permanent transformation of an EOA into a smart contract account, addressing some compatibility issues with EIP-4337 but also creating potential fragmentation in abstraction methodologies. accounts.
Innovative aspects of EIP-7702
The introduction of EIP-7702 is a response to the complex landscape shaped by its predecessors. It proposes a more agile and integrated approach by allowing EOAs to temporarily adopt smart contract code during transactions, thus combining the security and simplicity of EOAs with the versatility of smart contracts.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
EIP-7702 has increased pic.twitter.com/bwInPdWaE5
– ً (@lightclients) twitter.com/lightclients/status/1787913527782420929?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>May 7, 2024
Here's how EIP-7702 works: At the start of a transaction, the contract_code field of the EOA is temporarily set to a specific smart contract code required for the transaction. This code executes the transaction, taking advantage of smart contract functionalities. Upon completion of the transaction, the contract_code is deleted, reverting the EOA to its original state.
This process avoids the need for new opcodes and associated hard forks as it uses callable functions (check for AUTH and execute for AUTHCALL), which can be seamlessly integrated with existing ethereum infrastructure.
Highlighting the importance of EIP-7702, Jarrod Watts, Developer Relations Engineer at Polygon, commented: “Vitalik just proposed EIP-7702. “It is one of the most impactful changes ethereum will have… EVER.” The community reaction underscores the transformative potential of EIP-7702 to bridge the gap between traditional EOAs and more dynamic smart contract accounts.
“EIP-7702 represents a fusion of the flexibility of smart contracts with the fundamental security model of EOAs,” said Watts. “It is an important step in making ethereum more accessible and secure for everyday users.”
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Vitalik just proposed EIP-7702.
It's one of the most shocking changes ethereum will have… EVER.
So, here's everything you need to know about how it works and how we got here:
– Jarrod Watts (@jarrodWattsDev) twitter.com/jarrodWattsDev/status/1788119041024168385?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>May 8, 2024
If adopted, EIP-7702 could fundamentally change the way users interact with decentralized applications (dApps) and manage digital assets on the ethereum network. By allowing EOAs to temporarily operate the advanced features of smart contracts, EIP-7702 promises a smoother and more secure user experience that could accelerate the adoption of ethereum's most sophisticated capabilities.
However, the success of EIP-7702 depends on extensive testing, community consensus, and careful consideration of security implications, particularly how temporary smart contract codes are managed and revoked.
At the time of this publication, eth was trading at $2,997.
Featured image from Forbes India, chart from TradingView.com
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