09 May

Ethereum co-founder Vitalik Buterin has introduced a new Ethereum Improvement Proposal (EIP-7702) to address concerns surrounding account abstraction in upcoming Ethereum updates. This comes in the wake of the contentious EIP-3074, which faced considerable debate among developers regarding its handling of account abstraction—a feature aimed at improving user experience on Ethereum's network. While EIP-3074 was acknowledged as a practical step forward, it encountered criticism for its rigid approach.

Initially criticized as "heavy-handed" by Ansgar Dietrichs of the Ethereum Foundation, EIP-3074 prompted Buterin to draft EIP-7702 in collaboration with Dietrichs, Sam Wilson, and Matt Garnett. This new proposal introduces a temporary transaction type for Externally Owned Accounts (EOAs), enabling them to function as smart contract wallets within a single transaction before reverting to their normal state. By leveraging existing contract codes and avoiding the introduction of new opcodes, EIP-7702 aims to simplify the development process.

EIP-7702 is designed to align with future account abstraction models, particularly EIP-4337 implemented earlier in March 2023. It seeks to utilize established wallet codes and transaction frameworks to minimize duplication and disruption. 

Support for EIP-7702 has gained traction among developers who previously endorsed EIP-3074, including influential figures like Uniswap’s Hayden Adams. The governance structure of Ethereum ensures that proposals undergo thorough public and developer scrutiny before adoption.

Independent teams will integrate agreed-upon specifications into new Ethereum client versions. Successful implementation of these updates requires consensus among all validators, with a tentative hard fork scheduled for the fourth quarter of 2024. This methodical approach ensures that Ethereum evolves through a community-driven and transparent process.

May 2024, Cryptoniteuae

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