EthereumEIP-3074 aims to make wallet interaction more unproblematic

With the anticipated rollout of EIP-3074 in the upcoming Pectra update by developers of Ethereum, there arises an opportunity to enhance the convenience of the use of cryptocurrency wallets. This plan features externally owned accounts (EOAs) that will be managed by users through secure private keys, enabling them to execute transactions through smart contract authorization, which is a key enhancement in their programmability.

New Ethereum Update Promises Speed but Risks Security

The upcoming update can play the role of facilitating faster transactions by allowing a batch of transactions and permitting independent parties to cover the fee costs for transactions. However, it has also led to a major discussion pertaining to security threats. Ethereum community leaders have highlighted the problems, and they fear that the increased convenience will ultimately give rise to weaknesses and may be manipulated by hackers for their benefit.

Discourse about the EIP-3074 has shown different opinions from the leaders in the industry. Georgios Konstatonopolous, who holds the position of CTO at Paradigm, hailed this update as something that has the potential to lead to a drastic improvement in the wallet experience. Yet, at the other end of the pole, Lukas Schor from Safe and Itamar Lesuisse of Argent Wallet have raised eyebrows on security aspects of the proposal by which they argue that it can open the floodgates of such extensive permissions to smart contracts that may not be secure.

EIP-3074 is coming in the next Ethereum hard fork.

This is a big deal. Wallet UX will 10x.

Congratulations to Ethereum and the EIP-3074 sponsors.

Reth has already implemented and tested it. We are fans.

Let's go. https://t.co/lUiK2kb3UT

— Georgios Konstantopoulos (@gakonst) April 11, 2024

With Ethereum’s progress through EIP-3074, instead of giving a more clear view, the community stands apart. The increase could result in more effective and convenient situations, though safety issues also arise because of this, so a careful position is thus advised. At this moment, the ongoing talks will most probably result in a plan that will be tailored towards user security.

 

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