EIP-3074: Improve Wallet User Experience and Security

EIP-3074 allows externally owned accounts ( EOA ) to transfer control to a designated contract, thereby gaining the same rich execution capabilities as the contract. This improvement not only significantly enhances user experience but also reshapes the existing authorization methods, increasing security while maintaining convenience.

With EIP-3074, EOA can perform multiple operations at once, even achieving functionalities that were previously unimaginable. More importantly, EOA no longer needs to send transactions to the chain itself, so there is no need to worry about paying transaction fees.

The contract that can gain control over EOA is called the Invoker contract. The EOA needs to use a private key to sign, clearly specifying the Invoker contract and the allowed operations. After the Invoker verifies the signature, it can execute operations as the EOA, such as authorizing USDC, swapping assets on decentralized exchanges, etc.

The main applications of EIP-3074 include:

1. Batchcall: Combine multiple transactions into one, saving authorization signatures and Gas costs.

2. Session Key: Allows third parties to operate EOA on behalf of under certain conditions.

3. Native ETH Permit: Implement the Permit function for ETH transfers.

4. Limit Order: Users set conditions, and when met, the trade is executed automatically without pre-authorization.

5. Social Recovery: Transfer assets through pre-authorization when the private key is lost.

EIP-3074 will also improve the asset authorization method. Currently, DApps require users to pre-authorize a large amount of assets, which poses security risks. EIP-3074 allows binding DApp operations with authorizations, enabling atomic execution and greatly enhancing security. Users can clearly know the specific purpose of each authorization, and the Wallet can even simulate and display the execution results.

For wallets, it is important to handle the EOA nonce value. Currently, the EIP-3074 design includes the EOA nonce in the signed content, which means that the original authorization will become invalid after the EOA sends a transaction. Wallets need to manage EOA's EIP-3074 transactions to ensure normal usage.

Overall, EIP-3074 brings execution capabilities comparable to smart contracts for EOA, opening up many new application scenarios. It not only enhances user experience but also makes the current authorization methods more secure. EIP-3074 is expected to gradually replace the existing approve and permit models, providing users with a safer asset authorization method.