Vitalik Buterin's EIP-7702: Ethereum Abstraction Refinement
EIP-7702 introduces a new transaction type that enhances account abstraction on the Ethereum network.
Ethereum's Vitalik Buterin, along with collaborators Sam Wilson, Ansgar Dietrichs, and Matt Garnett, have introduced Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074. Their aim is to enhance account abstraction on the Ethereum network without plagiarizing the original text.
According to EIP-7702, a new transaction type is proposed that allows externally owned accounts (EOAs) — standard Ethereum account addresses — to function temporarily as smart contract wallets during a transaction and then revert to their original state.
EIP-7702 has emerged as an alternative to EIP-3074, which was previously under consideration for inclusion in the upcoming Pectra upgrade. However, EIP-7702 introduces quantum resistance and improved compatibility with ERC-4337, as highlighted by Uniswap founder Hayden Adams. EIP-7702's objective is to align with ERC-4337, a broader standard for smart contract wallets often referred to as "endgame account abstraction."
"This EIP is designed to be very forward-compatible with endgame account abstraction, without over-enshrining any fine-grained details of ERC-4337," stated the proposal.
Account abstraction allows wallets to function as smart contracts, enabling advanced features like multi-factor authentication, wallet social recovery, and the ability for users to transact with various tokens. As the Ethereum community reviews EIP-7702, it could redefine the implementation of account abstraction in future network upgrades.
The proposed new transaction type in EIP-7702 includes fields for contract code and a signature, providing functionalities similar to those proposed in EIP-3074, such as batch and sponsored transactions. EOAs can temporarily transform into contracts, allowing them to be included in ERC-4337 bundles in a manner that aligns with the existing EntryPoint.
