- 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.
#Ethereum continues to show weakness.
Would suggest that we’re close to the low, but the bear market continues and we’re at more than 2.5 years already.
Some important scenarios:
– Breaking 0.052
– Support at 0.042-0.046These are marked. pic.twitter.com/Qottd5n3Hz
— Michaël van de Poppe (@CryptoMichNL) May 7, 2024
Buterin’s EIP-7702 proposal aims to add quantum resistance and improve the functionality of Ethereum’s smart contract wallets.
Register at Binance