HomeNewsNew Ethereum Proposal EIP-7702 Introduces Stronger Security for Smart Contract Wallets

New Ethereum Proposal EIP-7702 Introduces Stronger Security for Smart Contract Wallets

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  • Vitalik Buterin proposes EIP-7702 to enhance the quantum resistance of Ethereum wallets.
  • The new EIP-7702 aims to replace EIP-3074 to address compatibility issues.

Ethereum co-founder Vitalik Buterin has submitted a new proposal, EIP-7702, to enhance the sustainability of Ethereum’s smart contract wallets. The proposal has drawn attention due to Buterin’s influence in the Ethereum community.

Proposal Overview and Community Feedback

The new proposal, EIP-7702, was introduced by Uniswap founder Hayden Adams, who clarified its purpose. It aims to replace EIP-3074, an earlier plan intended to improve Externally Owned Account (EOA) wallets by adding smart wallet features. Additionally, EIP-4337 was proposed to establish standards for smart contract wallets.

Adams noted that Buterin had concerns with EIP-3074 because of long-term compatibility issues with EIP-4337 and possible weaknesses in the face of quantum computing. EIP-7702 aims to address these concerns and introduces features like third-party transaction sponsorships and privilege de-escalation. The latter allows users to assign sub-keys with limited permissions.

Implementation Process

Before adoption, the proposal will be vetted by the community, and its advantages are well documented. If approved, existing workflows under EIP-3074 will need to be converted to align with EIP-7702, a process that is relatively straightforward. Similar to previous Ethereum upgrades, the average user should not see a noticeable impact.

Current Ethereum Price Trends

Despite the proposed upgrade, Ethereum’s price remains under pressure. Analyst Michael van de Poppe believes it is still unclear whether ETH has reached its lowest point since the bear market has persisted for around 2.5 years.

At the moment, Ethereum is trading at approximately $3,058, a slight drop of 0.47% over the past day.

Van de Poppe laid out two scenarios using the BTC/ETH chart: a breakout above 0.052 or finding support between 0.042 and 0.046. Once the market fully digests the proposal, the upgrade may help Ethereum’s price recover, but current market conditions remain unpredictable.

Buterin’s EIP-7702 proposal aims to add quantum resistance and improve the functionality of Ethereum’s smart contract wallets.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628