Whereas EIP-3074 affords a potential leap in the Ethereum pockets person expertise by enabling batch transactions and good contract-like options, some consultants have issues about its safety and long-term impression.
Posted April 13, 2024 at 7:28 am EST.
Ethereum Enchancment Proposal (EIP) 3074 will go reside throughout Ethereum’s subsequent arduous fork, dubbed ‘Pectra,’ and plenty of in the Ethereum neighborhood are very excited that it’s lastly coming to fruition.
Initially proposed by Ethereum researchers Sam Wilson, Ansgar Dietrichs, Matt Garnett, and Micah Zoltu in October 2020, EIP-3074 will probably be included in the subsequent fork, as selected Thursday on Ethereum All Core Builders name, and is designed to enhance Ethereum pockets usability. It proposes a new set of code adjustments that may permit customers to batch a number of transactions collectively and ensure them in a single motion, in contrast to now the place customers normally need to signal at the least two transactions to, for instance, swap an asset on a decentralized alternate.
“That is a massive deal. Pockets [user experience] will 10x,” wrote Georgios Konstantopoulos, analysis associate at crypto VC Paradigm, on X.
EIP-3074 suggests a novel technique to lengthen the functionalities of externally owned accounts (EOAs) by delegating management to a good contract. This technique permits customers to get pleasure from among the benefits of good contract wallets whereas protecting the easy method of EOAs. Not like account abstraction (ERC-4337), which focuses on transaction sponsoring and relaying, EIP-3074 lays the muse for these new options to be probably added in future proposals.
— Richard Meissner (@rimeissner) April 12, 2024
By enabling EOAs to work together like good contract wallets, EIP-3074 may redefine how wallets function, easing the transition to superior pockets methods with out requiring customers to undertake advanced migrations. “That is enormous, as a result of it permits EOAs to be magically transformed to Good Accounts,” wrote Ivo Georgiev, CEO of Ambire, on social media.
Be taught extra: What Are Externally Owned Accounts (EOAs) in Ethereum?
The proposal additionally aligns with the broader purpose of guaranteeing a smoother person expertise throughout a number of EVM-compatible chains, sustaining consistency as customers navigate completely different platforms.
The neighborhood’s help for EIP-3074 displays its potential to simplify transaction processes and improve the Ethereum community’s usability, making it a important improve anticipated by each builders and customers alike. Hayden Adams, founding father of outstanding DEX Uniswap, posted on X: “EIP-3074 inclusion will probably be a monumental improve to Ethereum UX.”
In the meantime, Dan Finlay, MetaMask’s cofounder, said: “3074 couldn’t come at a higher time: There’s momentum to outline an onchain permissions system for good contract accounts, and 3074 can permit EOAs to nonetheless get pleasure from a few of its advantages.”
Not Everyone Agrees
Whereas there’s important pleasure round EIP-3074, not everybody in the Ethereum neighborhood is equally enthusiastic.
Martin Köppelmann from Gnosis voiced his issues, saying that the EIP “brings us in a bizarre state with EOAs getting among the advantages however not all, reminiscent of no choice for key rotation.” He defined that as an alternative of transferring in direction of a unified and improved future, EIP-3074 may solidify the division between two various kinds of pockets applied sciences—good contracts and conventional EOAs.
Furthermore, Köppelmann criticized its revocation capabilities, arguing that they supply solely a “pretend sense of safety.” He wrote: “After 3074, an EOA will all the time have the hazard that signing one improper message can imply you lose something this account controls.”
Köppelmann’s criticism was echoed by 0xngmi from DefiLlama, who pointed out that with EIP-3074, “it’ll be doable to totally drain an tackle (all tokens, all nfts, all defi positions…) with just one dangerous signature.”