Revolutionizing Ethereum (ETH): Vitalik Buterin’s Groundbreaking Proposal of EIP-7702

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Ethereum co-founder Vitalik Buterin, along with collaborators Sam Wilson, Ansgar Dietrichs, and Matt Garnett, has proposed a new Ethereum Improvement Proposal (EIP) numbered 7702, designed to significantly enhance the functionality of Ethereum’s externally owned accounts (EOAs). EIP-7702 aims to integrate smart contract functionalities temporarily into EOAs, a transformative concept that might redefine user interactions on the Ethereum network.

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Evolution Of Account Abstraction On Ethereum

Ethereum’s account model includes two primary types: externally owned accounts (EOAs) and contract accounts. EOAs are controlled by private keys and have limited capabilities and security features, which restrict their use in more complex transactions typically reserved for smart contracts.

To address these limitations, several EIPs have been introduced:

EIP-4337: Implemented in March 2023, it established a framework allowing smart contracts to act as accounts that can validate and execute transactions, known as User Operations (UserOps). This proposal significantly enhanced user experience by integrating advanced functionalities like biometrics, especially in applications developed by platforms such as Polygon and Coinbase.
EIP-3074: Proposed before EIP-4337, it aimed to empower EOAs by allowing them to delegate their transaction authority to smart contracts temporarily. This proposal included two new opcodes, AUTH and AUTHCALL, to facilitate this delegation, although it raised security concerns regarding potential misuse by malicious contracts.
EIP-5003: Building on EIP-3074, this proposal introduced the AUTHUSURP opcode to enable a permanent transformation of an EOA into a smart contract account, addressing some compatibility issues with EIP-4337 but also creating potential fragmentation in account abstraction methodologies.