Ethereum co-founder Vitalik Buterin has put out a plan to make it easier to separate accounts for standard on-chain addresses. As ETH continues to grow, this could be a turning point.
The idea, which has been given the name Ethereum Improvement Proposal (EIP) 7702, is to create a new way to do transactions that would let externally owned accounts (EOAs), which are also known as Ethereum’s default accounts, carry out smart contract wallet tasks. When deals were over, EOAs would go back to their original state.
Ethereum’s Enhanced Proposal Compatibility and Quantum Resistance
Buterin wrote EIP-7702 with writers Ansgar Dietrich, Matt Garnett, and Sam Wilson. They emphasized that it works with the smart contract features described in EIP-4337.
Hayden Adams, founder of Uniswap, discussed another feature of EIP-7702 and said that it could be used instead of EIP-3074 because it has quantum resistance. EIP-3074 was being considered for inclusion in the next blockchain upgrade after Dencun, which is called Petra.
Buterin and other developers first discussed account abstraction in 2020 and 2021. They wanted to build a framework for advanced features like wallet recovery and multi-factor authentication for standard ETH addresses.
In March of the previous year, account abstraction was successfully implemented on the Ethereum mainnet. This gave users who wanted to trade tokens more options and improved on-chain operability.
Buterin has often said that account abstraction is the most important thing that will determine the future of blockchain operations. He thinks it fits in with the main idea of “cypherpunk” and helps answers like zero-knowledge proofs.
The plan shows that Ethereum wants to keep getting better and coming up with new ideas. This fits with its goal of getting creators and the blockchain community as a whole to be open and work together. Ethereum is strong and flexible in the worlds of decentralized banking and blockchain technology, which change quickly. Projects like EIP-7702 show this.
