Ethereum’s EIP-7702: Transforming Wallets Into Smart Contracts

A new Ethereum proposal, EIP-7702, is set to revolutionize the way users interact with their cryptocurrency. This proposal aims to empower users to leverage smart contract functionalities while retaining direct transaction control, blurring the lines between traditional wallets and the world of decentralized applications (dApps). EIP-7702 introduces a new level of functionality for Externally Owned Accounts (EOAs), enabling programmable operations like multi-signature support, delegated access, and social recovery. This transformation will make EOAs more akin to smart contracts, offering users enhanced control over their assets and on-chain interactions.