Ethereum’s co-founder, Vitalik Buterin, along with co-authors Sam Wilson, Ansgar Dietrichs, and Matt Garnett, have put forward the Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074. EIP-7702 introduces a new transaction type that allows externally owned accounts (EOAs) to temporarily function as smart contract wallets and then revert back to their original state. The proposal aims to improve account abstraction within the Ethereum network and is designed to be compatible with the broader standard known as ERC-4337, which is considered the “endgame in account abstraction.” By including fields for contract code and signatures, the new transaction type in EIP-7702 offers similar functions as those proposed in EIP-3074, such as batch and sponsored transactions. Additionally, it allows EOAs to transform themselves into contracts temporarily, enabling their inclusion in ERC-4337 packages. Hayden Adams, the founder of Uniswap, has also expressed support for EIP-7702, highlighting its compatibility with quantum resistance and ERC-4337. Account abstraction allows wallet addresses to act as smart contracts and provides various advanced features, such as multi-factor authentication and social recovery wallets. It offers users the flexibility to transact with any token. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
