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Author: Josh O’Sullivan, CoinTelegraph; Compiled by: Tao Zhu, Bitchain Vision
The Ethereum network has recently become a hot topic in the crypto community due to the sole ownership of the Ethereum Foundation, and speculation from outside the Trump family will build a “giant enterprise” on Ethereum.
In an exclusive interview, members of the Ethereum Foundation, Trust Wallet, Safe, Alchemy and Rhinestone discussed the new ERC-7779 token standard and its impact on the Ethereum ecosystem.
ERC-7779 is intended to build on previous Ethereum Improvement Proposals (EIP) such as EIP-7702, which introduces execution abstractions for Ethereum accounts and allows the creation of externally owned accounts (EOAs).
The new standard aims to address challenges associated with Ethereum’s evolving account system, introducing a unified framework to enhance interoperability, secure wallet conversions and simplify storage management.
ERC-7779: Purpose and Application
ERC-7779 builds on improvements introduced in the Ethereum Improvement Proposal (EIP), such as EIP-7702, which enables externally owned accounts (EOAs) to run more like smart accounts.
Safe co-founder Richard Meissner notedThe importance of the new token standard is that it ensures that smart accounts remain interoperable.
“Smart accounts bring a lot of benefits. One of them is the possibility of upgrading logic. With EIP-7702 in the upcoming Pectra upgrade, it now also expands to EOA,” he said.
Marissa Posnor, product manager at the Ethereum Foundation, explained the need for ERC-7779 and pointed out that it plays a role in creating standardized interfaces for managing delegated EOA and safely supporting redelegated:
“ERC-7779 solves these challenges by defining a standard interface for delegate EOA to manage storage bases and securely and efficiently support redelegates.”
“Starting is critical as the Ethereum ecosystem expands and user expectations for wallet functionality and interoperability grow. Additionally, ERC-7779 is not unique to EIP-7702; it also provides smart accounts outside of 7702Value,”she added.
Simplify user experience with ERC-7779
The new token standard is also designed to simplify wallet migration for non-technical users, allowing them to move between wallets without technical barriers or loss of access to assets.
David Kim, technical director of Trust Wallet, saidERC-7779 “has achieved an effective balance”, creating a standard that is “really useful and easy for wallet developers to adopt.”
Rhinestone co-founder Konrad Kopp said the new token standard “didn’t simplify the user experience for the end user” but instead provides EOA users with the option to switch safely between smart account implementations.
Use cases and developer adoption
In addition to the main goal of establishing greater interoperability, ERC-7779 is also designed to make advanced features such as transaction batching, automation, and gas abstraction more accessible.
Fangting Liu, technical director of Alchemy, noted thatThe collaboration of the new token standard is “easy to adopt throughout the ecosystem”, allowing developers to access and verify information across smart accounts.
“ERC-7779 introduces a solution that mitigates the risks of improper storage management in smart account implementations,” Liu said.“It enables developers and users to safely transition between implementations as demand evolves, ensuring a safer and more flexible environment.”
These developments could be a turning point in the Ethereum ecosystem, enabling users to access advanced features within a safer framework and making “smart account superpower mainstream,” Meissner said.
