Ethereum co-founder Vitalik Buterin proposed a joint idea to improve account abstraction to standard on-chain addresses.
This concept, called Ethereum Improvement Proposal (EIP) 7702, introduces a new transaction method that allows Externally Owned Accounts (EOAs), also known as Ethereum (ETH) accounts, to run smart contract wallet functions.
After the transaction is completed, the EOA reverts to its default state. Buterin co-authored EIP-7702 with Ansgar Dietrich, Matt Garnett, and Sam Wilson to provide better synergy with the smart contract functionality contained in EIP-4337.
According to Uniswap founder Hayden Adams, EIP-7702 also offers quantum resistance. delegate For EIP-3074, the developers were concerned about shipping as the next blockchain upgrade after Dencun called Petra.
Ethereum Account Abstraction by Vitalik Buterin
Buterin and other developers proposed account abstraction in 2020 and 2021 as a framework to enable advanced features such as wallet recovery and multi-factor authentication for regular ETH addresses.
Account abstraction was deployed on the ETH mainnet in March last year, providing greater flexibility for users looking to exchange tokens and take advantage of better on-chain operability.
Buterin has frequently stated that account abstraction will play an important role in the future of blockchain transactions, complementing typical “cypherpunk” approaches and enhancing solutions such as zero-knowledge proofs.