Vitalik Buterin's EIP-7702: Ethereum Abstraction Refinement

EIP-7702 introduces a new transaction type that enhances account abstraction on the Ethereum network.

May 8, 2024 - 13:13
May 9, 2024 - 11:33
Vitalik Buterin's EIP-7702: Ethereum Abstraction Refinement
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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.