Vitalik Buterin’s EIP-7702 Proposal To Fine-tune Account Abstraction On Ethereum

The post Vitalik Buterin’s EIP-7702 Proposal To Fine-tune Account Abstraction On Ethereum appeared first on Coinpedia Fintech News

Vitalik Buterin together with co-authors has proposed Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074 to refine account abstraction on the Ethereum network. The account abstraction will enable wallets to work as smart contracts with features like multi-factor authentication, wallet social recovery, and flexibility to transact. EIP-7702 suggests a new transaction type that enables externally owned accounts (EOAs) which can temporarily function as smart wallet contracts. EIP-7702 is a new alternative to EIP-3074 which adds quantum resistance and better compatibility with 4337. It also includes fields for contract code and a signature providing the functionalities of batch and sponsored transactions.