According to The Block, Vitalik Buterin, co-founder of the Ethereum blockchain, along with several co-authors, has proposed a new Ethereum improvement proposal as an alternative solution to EIP-3074, with the goal of enhancing the account abstraction of the Ethereum network.
EIP-7702, jointly drafted by Vitalik, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, introduces a novel transaction type that allows externally owned accounts (EOAs, regular Ethereum account addresses) to temporarily act as smart contract wallets during transactions and then revert back to their original state after the transaction is completed.
Hayden Adams, the founder of the decentralized cryptocurrency exchange Uniswap, stated on the X platform that EIP-7702 is a new alternative to EIP-3074 (which was previously considered for the upcoming Ethereum Pectra upgrade), now incorporating quantum resistance and having better compatibility with ERC-4337. He also provided a brief explanation in his tweet reply.
The goal of EIP-7702 is to achieve compatibility with ERC-4337, which is another broader standard for smart contract wallets known as “ultimate account abstraction.” The proposal states that account abstraction enables wallets to function like smart contracts and perform a range of complex functionalities, such as multi-factor authentication, wallet social recovery, and flexibility for users to transact with any token. With the evaluation of the Ethereum community, EIP-7702 may redefine the implementation of account abstraction in future network upgrades.
The new transaction type proposed in EIP-7702 includes contract code and signature fields, offering the same functionalities as batch transactions and sponsored transactions proposed in EIP-3074.
By allowing EOAs to temporarily transform themselves into contracts, they can be included in ERC-4337 bundles in a manner compatible with the existing entry point.
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