Vitalik Buterin Suggests EIP-7702 to Enhance Account Abstraction on Ethereum
EIP
7702
Aims
to
Improve
Security
and
Compatibility
As
per
the
Github
summary,
EIP
7702
stands
out
as
a
crucial
alternative
to
the
current
EIP-3074,
tackling
major
vulnerabilities
by
steering
clear
of
opcodes
that
are
expected
to
become
obsolete
and
avoiding
fragmentation
within
the
ecosystem.
It
is
designed
to
be
forward-compatible
with
future
quantum
computing
advancements
and
aims
for
seamless
integration
with
EIP
4337,
which
is
increasingly
important
as
quantum
technology
progresses.
Authored
by
Vitalik
Buterin,
Sam
Wilson,
Ansgar
Dietrichs,
and
Matt
Garnett,
the
EIP
presents
a
novel
transaction
type
that
temporarily
transforms
user
accounts
into
smart
contract
wallets.
This
innovation
enables
complex
operations,
such
as
combining
multiple
actions
into
a
single
transaction,
thereby
boosting
the
network’s
efficiency
and
flexibility.
EIP
7702
claims
to
streamline
user
interactions
and
lower
transaction
costs
on
decentralized
exchange
(DEX)
platforms
by
removing
the
need
for
multiple
transaction
steps,
representing
a
significant
advancement
over
existing
limitations.
The
community
seems
highly
interested
in
this
new
proposal.
A
key
feature
of
EIP
7702
is
its
focus
on
enhancing
user
security
and
autonomy.
According
to
the
Github
summary,
it
permits
users
to
sign
transactions
with
temporary,
specific
permissions,
thereby
minimizing
risks
related
to
key
compromises.
This
aspect
not
only
increases
user
trust
in
the
system
but
also
strengthens
the
Ethereum
network’s
capability
to
address
both
present
and
future
security
challenges
effectively.
When
Buterin
and
his
co-authors
presented
their
EIP,
it
garnered
significant
attention
for
its
quantum
resistance,
addressing
long-standing
concerns
in
the
cryptocurrency
community
about
the
threat
of
quantum
computing.
This
proposal
is
seen
as
a
proactive
measure
to
mitigate
potential
quantum
threats.
Key
Improvements
Introduced
by
EIP-7702
Enhanced
Security
EIP-7702
eliminates
the
permanent
delegation
aspect
seen
in
EIP-3074,
reducing
the
risk
of
funds
being
stolen
by
malicious
contracts.
Soft
Fork
Compatibility
Unlike
EIP-3074,
EIP-7702
can
potentially
be
implemented
via
a
soft
fork,
making
it
a
less
disruptive
network
upgrade.
Improved
Compatibility
EIP-7702
is
designed
to
be
compatible
with
the
ERC-4337
standard,
promoting
a
more
unified
approach
to
account
abstraction.
Quantum
Resistance
EIP-7702
is
regarded
as
more
resistant
to
quantum
computing
threats
than
EIP-3074,
offering
better
future-proof
protection.
How
EIP-7702
Achieves
These
Improvements
New
Transaction
Type
EIP-7702
introduces
a
new
transaction
type
with
fields
for
contract
code
and
a
signature.
During
the
transaction,
the
signer’s
account
code
is
temporarily
replaced
with
the
provided
contract
code,
which
dictates
how
the
transaction
is
executed.
After
the
transaction
is
completed,
the
account
code
reverts
to
its
original
empty
state.
Function
Calls
Instead
of
Opcodes
Instead
of
introducing
new
opcodes
like
EIP-3074,
EIP-7702
defines
functions
to
be
called
within
the
transaction.
This
approach
provides
more
flexibility
and
eliminates
the
need
for
a
hard
fork.
Integrated
Approach
EIP-7702
proposes
a
streamlined
and
more
integrated
method,
blending
the
security
and
simplicity
of
EOAs
with
the
flexibility
of
smart
contracts.
At
the
start
of
the
transaction,
the
EOA’s
contract_code
field
is
temporarily
set
to
a
specific
smart
contract
required
for
the
transaction.
Once
the
transaction
is
complete,
the
contract_code
is
cleared,
and
the
EOA
reverts
to
its
original
state.
This
method
avoids
the
need
for
new
opcodes
and
the
associated
hard
forks
by
using
callable
functions
that
can
seamlessly
integrate
with
Ethereum’s
existing
infrastructure.
Jarrod
Watts,
developer
relations
engineer
at
Polygon,
remarked.
Limitations
of
Externally
Owned
Accounts
(EOAs)
Limited
Capabilities
Currently,
Ethereum
users
interact
with
the
network
through
externally
owned
accounts
(EOAs),
which
are
simple
accounts
linked
to
private
keys.
While
EOAs
provide
basic
functionality,
they
have
several
limitations.
EOAs
can
only
perform
simple
tasks,
such
as
transferring
tokens
to
other
EOAs
and
initiating
transactions
that
trigger
another
smart
contract
transaction.
Security
Vulnerabilities
EOAs
rely
on
private
keys,
which
serve
as
a
single
point
of
failure.
If
the
private
key
is
compromised,
hackers
can
gain
access
to
and
steal
all
the
funds
associated
with
the
account.
This
makes
EOAs
particularly
vulnerable
to
security
breaches.
Account
Abstraction
on
Ethereum
Ethereum
employs
two
account
models:
externally
owned
accounts
(EOAs)
and
contract
accounts.
EOAs,
controlled
by
private
keys,
have
limited
capabilities
and
security
features,
restricting
their
use
in
complex
transactions
involving
smart
contracts.
To
address
these
limitations,
Ethereum
introduced
several
EIPs,
including
EIP-4337,
EIP-3074,
and
EIP-5003.
EIP-4337
Implemented
in
March
2023,
EIP-4337
established
a
framework
that
allows
smart
contracts
to
function
as
accounts,
capable
of
validating
and
executing
transactions.
EIP-3074
Proposed
prior
to
EIP-4337,
EIP-3074
aimed
to
enhance
EOAs
by
temporarily
delegating
their
transaction
authority
to
smart
contracts.
EIP-5003
Building
on
EIP-3074,
EIP-5003
introduced
the
AUTHUSURP
opcode,
enabling
the
permanent
conversion
of
an
EOA
into
a
smart
contract
account.
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