<img src="https://crypto.news/app/uploads/2024/02/crypto-news-Vitalik-Buterin-option06.webp” />
ethereum co-creator Vitalik Buterin proposed a joint idea to improve account abstraction for standard on-chain addresses.
Dubbed ethereum Improvement Proposal (EIP) 7702, the concept ethereum/EIPs/blob/9e04cf1094eae64172ce04e0a04ec40f1edbdc5d/EIPS/eip-7702.md” target=”_blank” rel=””>introduce a new transaction method that allows externally owned accounts (EOAs), also known as ethereum de facto accounts (eth), to execute smart contract wallet functions.
Once the transactions are completed, the EOAs would return to the default state. Buterin co-authored EIP-7702 with Ansgar Dietrich, Matt Garnett, and Sam Wilson to better synergize with the smart contract capabilities enshrined in EIP-4337.
According to Uniswap founder Hayden Adams, EIP-7702 also provides quantum resistance as twitter.com/jarrodWattsDev/status/1788119041024168385″ target=”_blank” rel=””>substitute for EIP-3074, which the developers considered shipping with the next blockchain update after Dencun called Petra.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter“>
Vitalik Buterin's ethereum Account Abstraction
Buterin and other developers proposed account abstraction in 2020 and 2021 as a framework to enable advanced features such as wallet recovery and multi-factor authentication for regular eth addresses.
The abstraction of accounts was ethereum’s account abstraction journey” target=”_blank” rel=””>deployed on the eth mainnet in March last year, providing greater flexibility to users looking to trade any token and take advantage of better on-chain operability.
Buterin has frequently noted that account abstraction will play an important role in the future of blockchain transactions, complementing the quintessential “cypherpunk” approach and bolstering solutions such as zero-knowledge proofs.
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
