EIP-3074: An Important Proposal to Improve Ethereum Account Experience

EIP-3074 is an important proposal aimed at enhancing the functionality of Ethereum external owned accounts (EOA). It allows EOA to delegate partial control to specific contracts, thereby gaining flexible execution capabilities similar to smart contracts.

Main Advantages

1. Significant improvement in user experience: EOA can complete multiple operations at once without having to send separate transactions each time.

2. Enhanced Security: Reshape the existing authorization model to improve security while maintaining convenience.

3. No need to prepay gas fees: Users can avoid the issue of preparing ETH to pay gas fees by not directly sending transactions on-chain.

Core Mechanism

EIP-3074 introduces the concept of "Invoker contracts". EOA authorizes the Invoker contract to perform specific operations on its behalf through signature. The entire process is as follows:

1. The user signs with the EOA private key, specifying the Invoker contract address and the authorized operation.
2. The signed content is submitted to the Invoker contract.
3. The Invoker contract verifies the signature and then executes the authorization operation as an EOA.

Potential Application Scenarios

1. Batch call: Combine multiple operations into a single transaction execution.

2. Session Key: Allows third parties to operate the account on behalf of the user under specific conditions.

3. Native ETH permit: Implement ETH authorization functionality similar to ERC20 permit.

4. Limit Order: Execute exchange limit orders without prior authorization.

5. Social Recovery: Achieve account asset recovery through preset authorization.

Impact on the Existing Ecosystem

1. Improve asset authorization methods: may replace the existing approve/permit model.

2. Enhance Security: Users can clearly see the specific content and execution results of the authorization operation.

3. Wallet nonce management: Coordination between EOA nonce and EIP-3074 signatures is required.

Summary

EIP-3074 brings tremendous possibilities to the Ethereum ecosystem, not only enhancing user experience but also paving the way for new application scenarios. It is expected to reshape the existing authorization mechanism, significantly increasing security while maintaining convenience. As this proposal progresses, we look forward to seeing more innovative applications emerge, further promoting the development of the Ethereum ecosystem.