Buterin’s 22-minute Ethereum wallet proposal, EIP-7702, is taking the place of EIP-3074 in the upcoming Pectra upgrade as it attracts broad support.
TakeAway Points:
- Vitalik Buterin’s new Ethereum proposal, EIP-7702 after only 22 minutes of work, receives widespread acceptance as a viable replacement for EIP-3074 for the Pectra upgrade.
- EIP-7702, which demonstrates quick innovation within Ethereum’s governance, seeks to resolve compatibility issues with ERC-4437 and enhance wallet functionality through account abstraction.
- The good response from many parties emphasises how decentralised Ethereum’s development process is and how quickly consensus can be reached.
The Quick Intervention of Vitalik Buterin
Recently, Ethereum co-founder Vitalik Buterin took just 22 minutes to develop an alternative technical proposal, EIP-7702, targeted at enhancing Ethereum wallets. This is an impressive demonstration of Buterin’s quickness and skill. This action was taken in response to the conflicting feedback that the original proposal, EIP-3074, got. EIP-3074 was intended to be a part of Ethereum’s next Pectra hard fork, the network’s next significant update. The technological development known as account abstraction, which aims to upgrade conventional Ethereum externally-owned account (EOA) wallets into more advanced smart-contract wallets, is at the centre of the problem.
Reaction from the Community and Other Ideas
Encounters with an earlier proposal, ERC-4437, which has been running on the mainnet since February 2023, caused opposition to the original plan, EIP-3074. Ansgar Dietrichs, the Ethereum core developer, and Buterin introduced EIP-7702 after realising the community’s worries. Appearing to provide a more palatable answer to the wallet improvement problem, this new idea was met with immediate approval.
“The newest proposal was the result of a week or so of him [Buterin] being involved in the account abstraction research conversation… indeed speedran the process of writing that EIP. I challenged him to do it in 15. It took him 22.” Dietrichs said.
Remarkably, Buterin’s substitute was well-received by all stakeholder groups, as Christine Kim, Vice President of Research at Galaxy, pointed out in a research note on May 20.
“There is positive sentiment among all stakeholder groups for Buterin’s alternative… It can result in constructive dialogue between different stakeholder groups in an open-source project that ultimately results in a new path forward with higher consensus among participants than before.” Kim said.
Effects of EIP-7702
The developer relations engineer at Polygon, Jarrod Watts, has pointed out that EIP-7702 is not simply another proposal but rather one of the most significant modifications to the Ethereum network.
“It’s one of the most impactful changes Ethereum is going to have… ever.” Watts said.
The excitement surrounding EIP-7702 implies that it may take the place of the original EIP-3074 in the next Pectra upgrade, even if EIP-3074 is still scheduled for implementation. EIP-7702’s quick creation and enthusiastic welcome highlight how responsive and active Ethereum’s development community is and how important Buterin is in guiding the blockchain’s ongoing evolution.
About
Vitaly Dmitrievich Buterin,well known as Vitalik Buterin, is a co-founder of Ethereum and a Canadian programmer. Buterin got interested in the world of cryptocurrencies at an early age, helping to launch Bitcoin Magazine in 2011. Along with Joseph Lubin, Gavin Wood, Anthony Di Iorio, and Charles Hoskinson, Buterin deployed the Ethereum blockchain in 2014.
