Ethereum co-founder Vitalik Buterin has introduced a new proposal, EIP-7702, aimed at refining account abstraction and enhancing its functionality. This proposal serves as an alternative to the earlier EIP-3074 and is designed to address its key challenges while allowing Ethereum’s regular account addresses to temporarily act as smart contract wallets during transactions. Notably, these accounts return to their original state post-transaction.
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Gregory Markou, co-founder of ChainSafe Systems, has lauded the new proposal, EIP-7702, for its innovative features which effectively overcome the limitations faced by EIP-3074, particularly its special signing requirements. The ongoing discussions regarding the adoption of EIP-3074 have been overshadowed by concerns about quantum computing’s impact on current cryptographic methods.
James Prestwich, a noted developer, emphasized the urgency of proactive strategies to mitigate quantum risks. He critiqued the superficial discussions on quantum threats that do not accompany active steps towards migration to quantum-resistant Ethereum, suggesting that without such measures, the crypto community could face severe repercussions.
Responses from Vitalik Buterin
In response to these discussions, Vitalik Buterin highlighted his ongoing work since 2017 on developing quantum-resistant account abstraction solutions. He stressed the importance of focusing on the foundational infrastructure, such as recursive STARK protocols, to safeguard Ethereum against quantum vulnerabilities. Buterin believes that enhancing these protocols is more crucial than merely developing additional features like signature aggregation.
Moreover, Buterin noted that while the aggregation feature in EIP-4337 is currently optional, the evolving landscape of cryptographic security might make it indispensable in the future.
Market Impact on Ethereum
Amidst these developments, Ethereum has experienced significant market pressure, with a 14% decrease in its price over the past 30 days, currently trading at around $3,002.
Not a financial advice.