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Author: Macauley Peterson, Blockworks; Compiled by: Wuzhu, Bitchain Vision
It is not clear when Ethereum’s next major upgrade will go online to the mainnet, and the current estimate ranges from November this year to early 2025 – although now it seems the latter is more likely.
The first step in supporting the “Pectra” schedule is to finalize specifications for all Ethereum improvement proposals to include.
While most of the work has been done, Thursday’s Core Developers Conference (ACD) discovered a “No. 1 unresolved specification issue called Pectra”, namely EIP-7702: Setting up EOA account code for a transaction.
The proposal allows externally owned accounts (EOA) — think of a regular wallet like MetaMask — to temporarily act as a smart contract for a single transaction.EOA is an account controlled by a private key, while a smart contract is code that runs on the blockchain (in this case Ethereum).
EIP-7702 is designed to incorporate some of the features of both for enhanced flexibility and security.
An example is a Gas-free transaction, where dapp sets up EOA to allow third parties (such as operators or sponsors) to pay transaction fees.
The EIP was presented in early May by Ethereum developers such as Vitalik Buterin, aims to replace the controversial attempt to enable similar features before.
This upgrade is designed with a future based on account abstraction in mind, avoiding unnecessary complexity and ensuring further improvement of the user experience.
During the ACD conference call, developers discussed the integration challenges and potential risks associated with EIP-7702.
Sudeep Kumar of the Erigon team recommends an account-based revocation system that will “track the template addresses of [user] revoked.”
Geth developer Lightclient suggests that such functionality can be implemented as ERC rather than in the protocol.
Other developers expressed concerns about the complexity and possibility of the scope of EIP-7702, depending on the version that was ultimately adopted.Some developers advocated the introduction of certain features that should have been replaced from earlier EIP-3704.
butSafe Co-founder Richard Meissner praised the simplicity of 7702, noting that it “has no on-chain effect, [so] you can deprecate it more easily.”
FromMarius van der Wijden of Geth for encouragementUsing one account at the same time as a smart account and EOA means reservation, Meissner means agreement.
“When specifying it, it feels very dangerous to have both,” Meissner said.
The consensus reached at the meeting was to resolve these issues through the next ACD call to ensure timely implementation of Devnet 2 (the third of many small developers’ testnets).
The call is scheduled for July 4 (Independence Day), but all U.S. developers in attendance said nothing will hinder Ethereum’s progress.
