EIP-3074: Restructuring Ethereum account authorization to enhance security and user experience

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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.

Detailed Explanation of EIP-3074's Impact on Wallets and DApps

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.

Detailed Explanation of EIP-3074's Impact on Wallets and DApps

The main applications of EIP-3074 include:

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

Detailed Explanation of EIP-3074's Impact on Wallets and DApps

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

Detailed Explanation of EIP-3074's Impact on Wallets and DApps

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

Detailed explanation of EIP-3074's impact on Wallets and DApps

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

Detailed analysis of EIP-3074's impact on Wallet and DApp

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

Detailed explanation of EIP-3074's impact on Wallets and DApps

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.

Detailed Explanation of EIP-3074's Impact on Wallets and DApps

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.

Detailed Analysis of EIP-3074's Impact on Wallets and DApps

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.

Detailed Analysis of EIP-3074's Impact on Wallets and DApps

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MEVSandwichvip
· 07-15 06:10
Blind guessing is about to blow up a wave of Wallets.
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DogeBachelorvip
· 07-13 14:40
Sigh, I'm still not very confident about granting this permission.
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NeverVoteOnDAOvip
· 07-12 08:18
Not sure why, but it feels impressive. Security is indeed quite important.
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LidoStakeAddictvip
· 07-12 08:17
Is that it? The existing authorization model is being criticized again.
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RugResistantvip
· 07-12 08:09
need to audit this extensively tbh... giving control away sounds sketchy af
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CryptoWageSlavevip
· 07-12 08:07
It should have been upgraded a long time ago.
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PerpetualLongervip
· 07-12 07:54
Another wave of opportunity to buy the dip has arrived!
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