While EIP-7702 is not currently live, it has notable support from the community and many believe it could replace the EIP-3074 proposal. If this happens, EIP-7702 might be implemented in the Ethereum Pectra upgrade, scheduled for late 2024.
Imagine that Bob is a delivery driver with a regular car that can only carry small packages. One day, Bob receives a delivery request for a larger package. So, instead of rejecting the order, Bob decides to rent an extra cargo box to attach to their car. They deliver the package and return the cargo box back to the rental shop, going back to their regular car.
In this analogy:
The regular car is the EOA.
The delivery trip is the transaction.
By automatically removing the temporary contract code after the transaction, EIP-7702 would reduce the risk of unauthorized actions. This ensures that the enhancements are only active during the transaction, limiting potential vulnerabilities.
EIP-7702 would allow for various use cases, such as transaction batching, where multiple actions can be combined into a single transaction. It would also support gas sponsorship, enabling one account to pay for another account's transaction fees.
By enabling EOAs to temporarily function as smart contracts, EIP-7702 could encourage the use of smart wallet features without the security risks associated with permanent changes to EOAs.
EIP-7702 is a proposal that addresses the limitations of EOAs by temporarily granting them smart contract capabilities. This can enhance security by limiting the duration of smart contract functionalities to the length of a single transaction. It can also provide more flexibility through transaction batching, gas sponsorship, and other features.
Although its future is not yet certain, the substantial support for EIP-7702 indicates a strong possibility of its inclusion in the upcoming Ethereum Pectra upgrade, scheduled for late 2024.
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