🎉 Gate Post Content Creators Challenge is Live Now on!
📚 Share Your Crypto Insights, Unleash Your Creativity and Unlock $3,000 in Rewards!
🌟 How to Participate:
Sign up through the event page and then post your crypto insights on Gate Post to successfully participate!
Join now 👉 https://www.gate.io/campaigns/402
📌 You can share content on topics such as crypto news, crypto macro policies, technical analysis of tokens, trending sectors, trading experiences, crypto education, or beginner guides for Gate.io – any crypto-related content is welcome!
🎁 Rewards:
🔹 Creator Leaderboard Prize: Th
What does ERC-7779 mean for the future of Ethereum?
Author: Josh O'Sullivan, CoinTelegraph; Translation: Tao Zhu, Golden Finance
The Ethereum network has recently become a hot topic in the crypto community due to Ethereum co-founder Vitalik Buterin's claim to sole ownership of the Ethereum Foundation and speculation that the Trump family will build a "giant enterprise" on Ethereum. **
In an exclusive interview, members of the Ethereum Foundation, Trust Wallet, Safe, Alchemy, and Rhinestone discussed the new ERC-7779 token standard and its impact on the Ethereum ecosystem.
ERC-7779 is aimed at building upon previous Ethereum Improvement Proposals, such as EIP-7702, which introduced the concept of account abstraction to Ethereum and allowed for the creation of externally-owned accounts (EOAs).
The new standard aims to address the challenges related to the evolving account system in Ethereum, introducing a unified framework to enhance interoperability, secure wallet conversion, and simplified storage management.
ERC-7779: Purpose and Application
Building on the improvements introduced in Ethereum Improvement Proposal (EIP), such as EIP-7702, ERC-7779 allows external owned accounts (EOA) to operate more like smart contracts.
Safe co-founder Richard Meissner pointed out the importance of the new token standard in ensuring that smart accounts remain interoperable.
"Smart accounts bring many benefits. One of them is the possibility of upgradable logic. With the upcoming Pectra upgrade and EIP-7702, now it's also extended to EOA," he said.
Marissa Posnor, the product manager of the Ethereum Foundation, explained the necessity of ERC-7779 and pointed out its role in creating standardized interfaces for managing delegated EOA and securely supporting redelegation.
"ERC-7779 addresses these challenges by defining a standard interface for delegating EOA to manage storage basics and securely and efficiently support redelegation."
"As the Ethereum ecosystem expands and user expectations for wallet functionality and interoperability continue to grow, timing is crucial. In addition, ERC-7779 is not unique to EIP-7702; it also provides value to smart accounts beyond 7702," she added.
Simplifying User Experience through ERC-7779
The new token standard also aims to simplify wallet migration for non-technical users, enabling them to move between wallets without technical barriers or loss of access to assets.
Trust Wallet CTO David Kim said that ERC-777 has achieved a valid balance and created a standard that is truly useful and easy for wallet developers to adopt.
Rhinestone co-founder Konrad Kopp said that the new token standard "does not simplify the end user's user experience," but provides EOA users with the option to securely switch between smart accounts.
Use Cases and Developers Adopt
In addition to the main goal of establishing greater interoperability, ERC-7779 also aims to make advanced features such as transaction batching, automation, and gas abstraction more accessible.
Fangting Liu, the Technical Director of Alchemy, pointed out that the cooperation of the new token standard is 'easy to adopt throughout the ecosystem', allowing developers to access and verify information across smart accounts.
"ERC-7779 introduces a solution to alleviate the risks associated with improper storage management in smart account implementation," said Liu. "It enables developers and users to safely transition between implementations as demand evolves, ensuring a safer and more flexible environment."
These developments could be a turning point for the Ethereum ecosystem, allowing users to access advanced features in a more secure framework and making 'smart account superpowers' mainstream, Meissner said.