Vitalik Buterin, who helped create the idea for Ethereum, just suggested a way to make the idea of account abstraction better in the Ethereum network. The name of this idea is Ethereum Improvement Proposal (EIP) 7702, and it asks everyone to work together to improve the way regular on-chain addresses work.
Externally owned accounts (EOAs), which are the main Ethereum (ETH) accounts, will be able to do smart contract wallet tasks with EIP-7702. This is the basic idea behind the proposal. After deals concluded, EOAs would be restored to how they were before.
Ethereum’s EIP-7702 Boosts Network Functionality
Buterin and his coworkers Ansgar Dietrich, Matt Garnett, and Sam Wilson made EIP-7702 to make it easier for smart contracts to work with other things, as explained in EIP-4337.
Hayden Adams, the founder of Uniswap, said that EIP-7702 adds quantum resistance as an alternative to EIP-3074. EIP-3074 was a suggestion that was being thought about for the upcoming blockchain upgrade that was planned to happen after the Dencun to Petra transition.
In 2020 and 2021, Buterin and other coders first talked about the idea of account abstraction. They wanted to make a system that would let regular ETH addresses use advanced features like recovering lost wallets and proving their real identities with more than one factor.
Account abstraction performed well on the Ethereum mainnet in March of the previous year, after it had been thought of. This release was a big step forward because it gave people more ways to trade tokens and made things work better on the blockchain.
It’s been said many times by Buterin that account abstraction is going to play a significant part in shaping how blockchain works in the future. His view is that it is an addition to the usual “cypherpunk” way of thinking that makes ideas stronger along the way, like zero-knowledge proofs.
