EIP 7702 Goals to Enhance Safety and Compatibility
As per the Github abstract, EIP 7702 stands out as a vital different to the present EIP-3074, tackling main vulnerabilities by steering away from opcodes which are anticipated to turn out to be out of date and avoiding fragmentation inside the ecosystem. It’s designed to be forward-compatible with future quantum computing developments and goals for seamless integration with EIP 4337, which is more and more essential as quantum know-how progresses.
Authored by Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, the EIP presents a novel transaction sort that quickly transforms person accounts into sensible contract wallets. This innovation allows complicated operations, corresponding to combining a number of actions right into a single transaction, thereby boosting the community’s effectivity and suppleness.
EIP 7702 claims to streamline person interactions and decrease transaction prices on decentralized alternate (DEX) platforms by eradicating the necessity for a number of transaction steps, representing a big development over current limitations. The group appears extremely on this new proposal.
A key characteristic of EIP 7702 is its deal with enhancing person safety and autonomy. In accordance with the Github abstract, it permits customers to signal transactions with momentary, particular permissions, thereby minimizing dangers associated to key compromises. This side not solely will increase person belief within the system but additionally strengthens the Ethereum community’s functionality to handle each current and future safety challenges successfully.
When Buterin and his co-authors introduced their EIP, it garnered important consideration for its quantum resistance, addressing long-standing considerations within the cryptocurrency group about the specter of quantum computing. This proposal is seen as a proactive measure to mitigate potential quantum threats.
Key Enhancements Launched by EIP-7702
Enhanced Safety
EIP-7702 eliminates the everlasting delegation side seen in EIP-3074, decreasing the danger of funds being stolen by malicious contracts.
Tender Fork Compatibility
Not like EIP-3074, EIP-7702 can probably be applied through a delicate fork, making it a much less disruptive community improve.
Improved Compatibility
EIP-7702 is designed to be appropriate with the ERC-4337 normal, selling a extra unified method to account abstraction.
Quantum Resistance
EIP-7702 is thought to be extra proof against quantum computing threats than EIP-3074, providing higher future-proof safety.
How EIP-7702 Achieves These Enhancements
New Transaction Kind
EIP-7702 introduces a brand new transaction sort with fields for contract code and a signature. Through the transaction, the signer’s account code is quickly changed with the offered contract code, which dictates how the transaction is executed. After the transaction is accomplished, the account code reverts to its unique empty state.
Perform Calls As an alternative of Opcodes
As an alternative of introducing new opcodes like EIP-3074, EIP-7702 defines features to be known as inside the transaction. This method offers extra flexibility and eliminates the necessity for a tough fork.
Built-in Strategy
EIP-7702 proposes a streamlined and extra built-in technique, mixing the safety and ease of EOAs with the flexibleness of sensible contracts. Firstly of the transaction, the EOA’s contract_code area is quickly set to a selected sensible contract required for the transaction. As soon as the transaction is full, the contract_code is cleared, and the EOA reverts to its unique state. This technique avoids the necessity for brand spanking new opcodes and the related onerous forks through the use of callable features that may seamlessly combine with Ethereum’s current infrastructure. Jarrod Watts, developer relations engineer at Polygon, remarked.
Limitations of Externally Owned Accounts (EOAs)
Restricted Capabilities
Presently, Ethereum customers work together with the community by way of externally owned accounts (EOAs), that are easy accounts linked to personal keys. Whereas EOAs present primary performance, they’ve a number of limitations. EOAs can solely carry out easy duties, corresponding to transferring tokens to different EOAs and initiating transactions that set off one other sensible contract transaction.
Safety Vulnerabilities
EOAs depend on personal keys, which function a single level of failure. If the personal key’s compromised, hackers can acquire entry to and steal all of the funds related to the account. This makes EOAs notably weak to safety breaches.
Account Abstraction on Ethereum
Ethereum employs two account fashions: externally owned accounts (EOAs) and contract accounts. EOAs, managed by personal keys, have restricted capabilities and security measures, limiting their use in complicated transactions involving sensible contracts. To handle these limitations, Ethereum launched a number of EIPs, together with EIP-4337, EIP-3074, and EIP-5003.
EIP-4337
Applied in March 2023, EIP-4337 established a framework that permits sensible contracts to perform as accounts, able to validating and executing transactions.
EIP-3074
Proposed previous to EIP-4337, EIP-3074 aimed to reinforce EOAs by quickly delegating their transaction authority to sensible contracts.
EIP-5003
Constructing on EIP-3074, EIP-5003 launched the AUTHUSURP opcode, enabling the everlasting conversion of an EOA into a wise contract account.
