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Ethereum developers are constantly working to improve the crypto platform. Among the promising innovative designs is EIP-7702. It aims to simplify crypto-transactions and strengthen external account security (EOA) on Ethereum. Enough to pave the way for a better user experience and wider adoption of cryptocurrencies.
EIP-7702: Innovation for crypto transactions?
EIP-7702 represents a new type revolutionary crypto transactions. Goal: to allow EOAs to temporarily behave like smart contracts. This innovation opens up a number of practical possibilities, such as:
- consolidation of crypto transactions,
- sponsorship,
- privilege de-escalation.
Crypto transaction pooling significantly reduces transaction fees. THE sponsorship provides the user with the ability to assume fees for another user’s cryptographic transactions. Sponsorship thus supports financial inclusion and accessibility of the platform.
Privilege escalation, on the other hand, allows you to limit account permissions for a specific crypto transaction.
Strengthen the security of external accounts for crypto transactions
The EIP-7702 does more than simplify crypto transactions on the Ethereum crypto platform. It also addresses the key issue of external account security. In fact, the proposal establishes strengthened authentication mechanisms which allow users to better control their crypto accounts and transactions.
This measure aims to protect users from phishing attacks and fraudulent crypto transactions.
A promising future for Ethereum and cryptocurrencies?
EIP-7702 is currently in the discussion phase. Its adoption within Ethereum is not yet final. If approved, EIP-7702 will have a significant impact on the Ethereum ecosystem and the use of cryptocurrencies in general.
In summary, EIP-7702 is a promising proposal to improve EOA on Ethereum. However, there are still several shortcomings that need to be addressed before Ethereum can be widely adopted.
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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago. But it’s the universe that interests me a lot. And the topics covered within the platform allow me to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.