Vitalik Buterin, founder of Ethereum, proposed a strategy to strengthen the stability of the Ethereum network. He proposed a new Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074.
The proposal seeks to tackle common challenges such as transaction batching, sponsorship, and privilege de-escalation. According to the draft, it “converts the signing account (not necessarily the same as the tx.origin) into a smart contract wallet for the duration of that transaction.”
Vitalik Buterin’s new proposal allows the contract code that users sign to be based on the existing ERC-4337 wallet code without requiring additional operation codes. This effectively enables externally owned accounts (EOAs) to temporarily convert themselves into smart contracts within the ERC-4337 bundle, ensuring compatibility with the current EntryPoint.
Uniswap Founder Hayden Adams highlighted the EIP-7702 proposal, which aims to replace EIP-3074 by improving standard EOA wallets through the addition of smart contract features. Adams also mentioned that Buterin was worried about EIP-3074 because it might not work well with ERC-4337 and could face problems due to quantum computing.
The EIP-7702 proposal addresses compatibility concerns and introduces new features, such as sponsored transactions by third parties. These improvements aim to strengthen the Ethereum ecosystem.
As the Ethereum community evaluates the proposal, EIP-7702 might redefine how account abstraction is implemented in future network upgrades.
