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Ethereum Developers Aim to Simplify Crypto Wallet Usage with ‘EIP-3074’

Published 07/05/2024, 11:26
Updated 07/05/2024, 11:45
© Reuters.  Ethereum Developers Aim to Simplify Crypto Wallet Usage with ‘EIP-3074’
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  • EIP-3074 aims to enhance Ethereum wallets by enabling smart contract control.
  • The proposal has received support for improving wallet UX.
  • Despite this, leaders caution against potential vulnerabilities.

With blockchain adoption on the rise, Ethereum developers are reviewing several Ethereum Improvement Proposals (EIPs) for the upcoming major update, Pectra. One such consideration is the EIP-3074 due to its potential to enhance the usability of crypto wallets.

Unlike those managed by smart contract code, the proposal focuses on externally owned accounts (EOAs), which users control through private keys. EIP-3074 seeks to enhance the programmability of these accounts by enabling smart contract authorization for transactions.

Furthermore, this improvement could improve user experience by enabling batching transactions and allowing third parties to cover transaction fees.

“EIP-3074 is coming in the next Ethereum hard fork. This is a big deal. Wallet UX will 10x. Congratulations to Ethereum and the EIP-3074 sponsors. Reth has already implemented and tested it. We are fans. Let’s go,” Paradigm Chief Technology Officer Georgios Konstatonopolous commented on X.

Even though Ethereum’s proposed update, EIP-3074, has garnered significant support for its potential to enhance wallet usability, it has also been met with skepticism within some sections of the Ethereum community.

Certain community participants are expressing doubts regarding the security implications of permitting smart contracts to manage transactions for EOAs. In addition, industry leaders have cautioned that the proposal would allow batch transactions.

Lukas Schor, the co-founder of Safe, has expressed reservations about the proposal, arguing that the project lacks “any clear pathway to full AA and has a net-negative impact on AA adoption.”

Itamar Lesuisse, co-founder of Argent Wallet, highlighted EIP-3074’s potential security risks on social media. Lesuisse noted that it could permit “a scammer to drain your entire wallet with a single off-chain signature.” He added, “I expect this will be a major use case.”Mudit Gupta, Chief Information Security Officer at Polygon Labs, also voiced security concerns, suggesting that wallets individually block the use of EIP-3074’s features, particularly concerning the MAGIC signatures. “For security reasons, I do not want to expose my cold wallets to AA batching,” Gupta stressed.

The post Ethereum Developers Aim to Simplify Crypto Wallet Usage with ‘EIP-3074’ appeared first on Coin Edition.

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