According to a report by “The Block”, Vitalik Buterin, co-founder of the Ethereum blockchain, along with several other authors, has proposed a new Ethereum improvement proposal as an alternative 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 to their original state after completion.
Hayden Adams, the founder of decentralized cryptocurrency exchange Uniswap, stated on the X platform that EIP-7702 is a new alternative to EIP-3074 (which was previously considered for inclusion in the upcoming Ethereum Pectra upgrade), now featuring quantum resistance and better compatibility with ERC-4337. He also provided a brief explanation in his tweet response.
The goal of EIP-7702 is to achieve compatibility with ERC-4337, another broader smart contract wallet standard known as the “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 in using any tokens for transactions. With the Ethereum community’s evaluation of this proposal, 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 integrated into ERC-4337 bundles in a manner compatible with existing entry points.
