{"id":417405,"date":"2024-05-07T22:12:52","date_gmt":"2024-05-07T21:12:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=417405"},"modified":"2024-05-07T22:12:52","modified_gmt":"2024-05-07T21:12:52","slug":"vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts\/","title":{"rendered":"Vitalk Buterin drafts EIP-7702 to enhance externally owned accounts"},"content":{"rendered":"

In a recent proposal, prominent Ethereum developers, including Vitalik Buterin<\/a>, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, suggested a new transaction type to enhance Externally Owned Accounts (EOAs).<\/p>\n

The proposal, currently in draft status, outlines the creation of a new transaction type that temporarily converts EOAs into smart contract wallets during transaction execution, offering functionalities similar to those outlined in EIP-3074.<\/p>\n

According to the draft proposal<\/a>, EIP-7702 would allow for transaction batching and sponsored transactions paid for by another account. The proposed transaction type would include a contract_code field and a signature, enabling EOAs to adopt smart contract functionalities temporarily.<\/p>\n

The core intention is to provide enhanced usability and security for EOAs, addressing common issues like batching transactions, sponsorship of transactions, and privilege de-escalation.<\/p>\n

The standard would also allow for de-escalated privileges by enabling users to sign subkeys with limited permissions. For example, a wallet administrator could allow subkey holders to spend only ERC-20 tokens, use only part of a wallet balance, or access select applications.<\/p>\n

Alternative to EIP-3074<\/h2>\n

The draft proposal provides an alternative to EIP-3074, an existing standard that offers many of the same capabilities.<\/p>\n

However, EIP-7702 aims to address forward-compatibility issues. Unlike EIP-3074, it does not introduce opcodes, which would supposedly become obsolete in an “endgame account abstraction” where all users use smart contract wallets.<\/p>\n

Buterin and co-proposers believe endgame account abstraction is likely when quantum computing breaks the cryptography used in standard Externally Owned Accounts (EOAs) or standard user-controlled Ethereum wallets.<\/p>\n

EIP-3074 could also create an invoker contract ecosystem separate from the smart contract wallet ecosystem. With EIP-7702, the proposers aim to avoid a division of efforts.<\/p>\n

Despite its potential benefits, Buterin noted that<\/a> EIP-7702 might face similar criticism as its counterpart, as it requires trust in code and may lead to centralization. He believes that any proposal to handle privilege de-escalation faces the same challenge.<\/p>\n

Ongoing developments<\/h2>\n

EIP-7702 is currently in the draft stage, and its future is unclear.<\/p>\n

However, developers intend to include EIP-3074 in Ethereum's next upgrade, Pectra, in late 2024 or early 2025.<\/p>\n

Another related standard, ERC-4337, provides account abstraction features with similar applications, including group-access wallets and bundled and sponsored transactions. Developers deployed the standard to Ethereum in March 2023<\/a>.<\/p>\n

Together, such standards allow services to administer user wallets without maintaining direct custody of user funds, providing a key alternative to fully centralized services.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent proposal, prominent Ethereum developers, including Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, suggested a new transaction type to enhance Externally Owned Accounts (EOAs). The proposal, currently in draft status, outlines the creation of a new transaction type that temporarily converts EOAs into smart contract wallets during transaction execution, offering functionalities […]<\/p>\n","protected":false},"author":1403,"featured_media":407900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,46940,77968,60206],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nVitalk Buterin drafts EIP-7702 to enhance externally owned accounts<\/title>\n<meta name=\"description\" content=\"Ethereum creator Vitalk Buterin and other developers are developing a new standard to provide greater control over wallets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vitalk Buterin drafts EIP-7702 to enhance externally owned accounts\" \/>\n<meta property=\"og:description\" content=\"Ethereum creator Vitalk Buterin and other developers are developing a new standard to provide greater control over wallets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-07T21:12:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/03\/ethereum-blobscription.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/vitalk-buterin-drafts-eip-7702-to-enhance-externally-owned-accounts\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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