Vitalik Buterin Introduces EIP-7702 Proposal to Improve Ethereum
Vitalik Buterin, co-founder of the Ethereum blockchain, has introduced a proposal to improve Ethereum (EIP) numbered 7702, which is expected to significantly change the way accounts work on the network. The main goal of this proposal is to improve the abstraction of accounts, allowing wallets to perform functions similar to smart contracts, such as multi-factor authentication and social key recovery.
Development and Purpose of EIP-7702
EIP-7702, developed in collaboration with Sam Wilson, Ansgar Dietrichs, and Matt Garnett, is an alternative to the previous proposal EIP-3074. The main idea of EIP-7702 is to introduce a new type of transaction that allows regular Ethereum accounts (EOA) to temporarily function as wallets with smart contracts during transaction execution. This improvement will allow users to use more complex functions without the need for constant use of smart contracts.
EIP-7702 proposes the implementation of a social recovery feature, allowing access to lost funds through trusted contacts instead of traditional seed phrases. This innovation aims to enhance security and convenience for users.
Enhancing Security and Functionality
EIP-7702 will also ensure compatibility with ERC-4337, a standard that supports smart contract functions for wallets. This will allow the integration of new features and improve the user experience on the Ethereum network, making it more functional and secure.
