It’s no secret that Ethereum leads the blockchain arena when it comes to innovation and implementing trend-setting ideas. Ethereum wallets are no different and might soon be able to offer features, nothing short of magical. Think Batch transactions, sponsored transactions, etc, right out of the box, without any special smart contract taking care of it. What would it mean if Ethereum Improvement Proposal 3074 were implemented?
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Hate Those Approve Functions On Uniswap? Here Comes A Fix!
Remember how you have to approve a token for usage on the Uniswap network before making a trade? EIP-3074 fixes that also. It allows for a person to approve and trade a token in one single transaction, saving more time/money and improving the user experience.
It does so by allowing smart contracts to send transactions as an Externally Owned Account (EOA) or an Ethereum address. There are two Ethereum Virtual Machine (EVM) instructions here – AUTH AND AUTHCALL. The first one approves the token and the second allows it to be traded on the protocol.
Ethereum Wallet Sponsored Transactions? Pay For Your Friend’s Fees!
Do you know those mobile telecommunication networks that allow you to pay for your friends & family call? EIP-3074 is no different and call allow future Ethereum wallets to allow accounts to pay for the transaction fees of other accounts. This allows users to pay for an account, which doesn’t have any Ether.
EIP-3074 can also introduce batched transactions to the Ethereum wallet, allowing multiple transactions to be sent in a single call. This allows for fee saving and execution of multiple transactions in a single block. It might be the most useful function that this proposed improvement suggestion provides.
Future Of EIP-3074
EIP-3074 hasn’t been implemented yet and it’s still under security review. Whilst it opens limitless possibilities for the Ethereum wallets, it also introduces a lot of attack vectors, which need to be patched up, before they can be brought to service. Since it redefines how transactions work on the Ethereum mainnet, it needs a thorough review, before it’s implemented.