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What is EIP-7702?

EIP-7702 is an Ethereum Improvement Proposal that introduces account abstraction to externally owned accounts (EOAs). This proposal aims to bridge the gap between EOAs (traditional wallets controlled by private keys) and smart contract wallets, enabling EOAs to adopt functionalities previously exclusive to smart contracts.

Why is EIP-7702 important?

  1. Revolutionizing Wallets: EIP-7702 fundamentally changes how wallets operate on Ethereum by removing the rigid distinction between EOAs and smart contract wallets.
  2. Impact on the Ethereum Ecosystem: The proposal has significant implications for developers, users, and the broader Ethereum ecosystem. It simplifies interactions with decentralized applications (dApps) and improves accessibility for non-technical users.

How does EIP-7702 work?

EIP-7702 helps regular accounts (EOAs) act more like smart accounts. This is called account abstraction. It makes Ethereum easier to use for everyone by:

  1. Letting accounts handle transactions in smarter ways.
  2. Making it safer and more user-friendly for people who aren’t tech experts.

Comparison with ERC-4337

EIP-7702 builds on the ideas introduced by ERC-4337, which also focused on account abstraction. However, EIP-7702 goes further by directly modifying EOAs, whereas ERC-4337 relied on a separate infrastructure layer to achieve similar goals.