Vitalik looks for backing of short term wallets on Ethereum

The Co-Founder of Ethereum, Vitalik Buterin, came out with a fresh Ethereum improvement proposal (EIP) that intends to adjust with the builder’s contrasting methods of account takeaway in forthcoming hard forks. 

EIP-7702 comes after EIP-3074, which was appropriate for acceptable in Ethereum’s following scaling called Prague Electra, otherwise Pectra. 

However, 3074’s path toward the CFI condition was difficult, with unending debates around the EIP throughout various core development conversations. 

Builders are looking to offer physical enhancements for end users in the following hard fork. 3074 is looked upon with maximum favor. However, in the opinion of Ansgar Dietrichs, it did not fit the bill. 

Buterin almost took no time to complete the latest proposal. 

A fresh way of carrying out transactions enables EOAs to function as short-term smart contract wallets. When it’s over, they become a casual account. For this, builders are required to utilize contract code and transaction mechanisms.  

In the case of the latest EIP, it is adaptable with the finishing of account takeaway. 

Different from 3074, the latest proposal intends to copy its functions. By taking the code of a smart contract, EOA can carry out complicated functions such as batch transactions and utilizing transaction sponsorship.

7702 has gained the backing of 3074 enforcers, including Gamett and Andrew Ashkhmin, and viable dApp builders like Uniswap’s Hayden Adams. 

The upcoming scaling of Pectra is slated for the fourth quarter of 2024.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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