The founder of Ethereum, Vitalik Buterin, suggested a plan to increase the network’s reliability. He suggested a different kind of transaction to replace Ethereum Improvement Proposal (EIP) 3074. EIP-2930, which adds a signature string and a “sign” field as two new fields.
With Vitalik Buterin’s new proposal, users can sign contracts based on the current ERC-4337 wallet code without needing to obtain additional operation codes. This essentially makes it possible for externally owned accounts (EOAs) to momentarily transform into smart contracts inside the ERC-4337 bundle, guaranteeing interoperability with the EntryPoint as it is.
The suggested substitute is compatible with EIP-3074’s procedures and requires minimal modification.Additionally, EIP-3074 has been acknowledged for its ability to work with the final form of account abstraction without significantly depending on the particulars of RIP-7560 or ERC-4337.
Along with addressing compatibility issues, the EIP-7702 proposal adds additional functionalities like third-party sponsored transactions. The Ethereum ecosystem is intended to be strengthened by these changes.
The EIP-7702 proposal, which intends to replace EIP-3074 by enhancing conventional EOA wallets with the addition of smart contract functionalities, was highlighted by Uniswap Founder Hayden Adams. Adams added that Buterin was concerned about EIP-3074 because of potential issues with quantum computing and potential incompatibilities with ERC-4337.
Also read: Victory Securities Announces Fees For HK Bitcoin Ethereum ETF
