Ethereum
Vitalik Buterin Proposes Upgrade to Ethereum Account Abstraction
Ethereum co-creator Vitalik Buterin proposed a joint idea to improve account abstraction for on-chain standard addresses.
Called Ethereum Improvement Proposal (EIP) 7702, the concept would be introduce a new transaction method that allows external accounts (EOA), also known as defacto Ethereum (ETH), to perform smart contract wallet functions.
Once the transactions are completed, the EOAs would revert to the default state. Buterin co-authored EIP-7702 with Ansgar Dietrich, Matt Garnett, and Sam Wilson to provide better synergy with the smart contract capabilities enshrined in EIP-4337.
According to Hayden Adams, founder of Uniswap, EIP-7702 also brings quantum resistance as substitute for EIP-3074, which the developers considered shipping with the next blockchain upgrade after Dencun called Petra.
Vitalik has just offered EIP-7702.
This is one of the most impactful changes Ethereum will have…EVER.
So here’s everything you need to know about how it works and how we got here:
– Jarrod Watts (@jarrodWattsDev) May 8, 2024
Abstraction of Vitalik Buterin’s Ethereum account
Buterin and other proposed developers account abstraction in 2020 and 2021 as a framework to enable advanced features such as wallet recovery and multi-factor authentication for classic ETH addresses.
The abstraction of the account was deployed on the ETH mainnet in March last year, providing greater flexibility for users looking to trade any token and take advantage of better on-chain operability.
Buterin has frequently note that account abstraction will play a major role in the future of blockchain transactions, completing the quintessence”cypherpunk» and reinforcing solutions like zero-knowledge proofs.