Vitalik Buterin Suggests an Update to Ethereum That Would Make Smart Wallets Easier to Use

Vitalik Buterin, co-founder of Ethereum, has introduced a new Ethereum Improvement Proposal (EIP-7702) to address arguments over account abstraction in future upgrades.

Prague-Electra, or “Pectra,” the next major upgrade to Ethereum, is scheduled to include this proposal and the contentious EIP-3074. Among developers, EIP-3074 sparked heated controversy as it made its way to consideration, particularly over its plans for account abstraction, a feature that aims to improve the Ethereum network’s user experience.

EIP-3074 was initially characterised as “heavy-handed” by Ansgar Dietrichs of the Ethereum Foundation, who also expressed scepticism regarding its methodology. Dietrichs, Sam Wilson, and Matt Garnett all helped Buterin polish EIP-7702, and the fact that he did it in 22 minutes shows that they worked together.

New to the EIP is a transaction type that allows EOAs to temporarily operate as smart contract wallets for a single transaction before going back to their regular selves. Unlike its forerunner, this approach streamlines development by making use of preexisting contract codes and avoiding the introduction of new opcodes.

Future account abstraction models, such as EIP-4337, which was implemented in March 2023, will be compatible with EIP-7702. Reducing duplication and disruption is its goal via the usage of known wallet codes and transaction structures. Notable personalities like Uniswap’s Hayden Adams are among the developers who have been rallying around EIP-7702, having previously supported EIP-3074. The consensus-driven governance of Ethereum makes sure that these suggestions are reviewed thoroughly by both the public and developers before they are finalized.

In order to implement the agreed-upon specs, separate teams will develop new versions of the Ethereum client. A successful hard fork, likely expected for the fourth quarter of 2024, requires all validators to agree to install the changes. This systematic approach guarantees that Ethereum will keep evolving in a way that is transparent and focused on the community.

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