Vitalik Buterin leads proposal for EIP-7702, aiming to enhance Ethereum’s account abstraction
A proposal put forth by the co-founder of Ethereum, Vitalik Buterin, together with developers Sam Wilson, Ansgar Dietrichs, and Matt Garnett, has introduced a new transaction type aimed at improving the functionality of Externally Owned Accounts (EOAs) on the Ethereum blockchain. EIP-7702 is an initiative that is aimed at temporarily converting EOAs into a smart contract wallet upon transactions, thus improving usability and security. The concept of the draft proposal was introduced as a new approach to enable traditional wallet accounts to perform advanced operations usually available for smart contracts. The EIP-7702 is intended to introduce functions like transaction batching and sponsored transactions where a fee can be paid by a third party. The proposed standard involves introducing a contract_code field and a signature to transactions that allows EOAs to temporarily masquerade as smart contracts. These developments are anticipated to address the problems of transaction speed and user convenience on the Ethereum network. Enhanced safety and control with EIP-7702 proposal The proposal pays special attention to the enhancement of safety and utilization possibility of EOAs by simplifying privileged de-escalation. This implies that subkeys can be signed by users with limited rights, which improves the security of operations. To illustrate, the primary holder of




