Vitalik Buterin proposes Enhancing Account Abstraction with EIP-7702

Vitalik Buterin is proposing EIP-7702 to enhance account abstraction on the Ethereum platform. Together with co-authors Sam Wilson, Ansgar Dietrichs, and Matt Garnett, Buterin has introduced Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074. The goal is to refine the concept of account abstraction within the Ethereum network.

EIP-7702 suggests a new transaction type that allows externally owned accounts (EOAs), which are standard Ethereum account addresses, to temporarily function as smart contract wallets during a transaction. These accounts would retain their original state once the transaction is complete.

By implementing account abstraction, wallets can take on the functionality of smart contracts, granting them access to advanced features such as multi-factor authentication, wallet social recovery, and the ability for users to transact with any token.