Vitalik Buterin Warns on EIP-7702 Risks Ahead of Ethereums Pectra Launch
- Vitalik Buterin urges users to delegate only to audited contracts to avoid security risks.
- EIP-7702 lets EOAs act like smart contracts temporarily, boosting functionality.
Ethereum co-founder Vitalik Buterin has responded to growing concerns around EIP-7702, a key part of the upcoming Pectra upgrade. In a Warpcast post, Buterin advised users to delegate only to audited contracts approved by trusted wallet teams.
The response came after user critiques surfaced online, highlighting a serious issue. According to an X user, wallets block harmless websites but still allow potentially malicious delegations. This flaw could expose users to phishing attacks and full portfolio loss from just one signature.
To address the risks, Buterin emphasized using a single, secure contract for delegation. He noted that the contract should be thoroughly audited and only execute logic approved by the community. This advice aims to reduce vulnerabilities introduced by the new upgrade.
EIP-7702: Power Meets Risk
EIP-7702 allows Externally Owned Accounts (EOAs) to act temporarily like smart contracts during a single transaction. This enables advanced functions like batch transactions, gas sponsorships, and custom logic execution. Once the transaction ends, the EOA reverts to its original form.
Critics argue that the systems ability to delegate control without strict checks poses a security threat. If users unknowingly grant access to malicious contracts, they could face severe consequences. Buterins guidance attempts to prevent such outcomes.
Originally planned for May 7, the Pectra upgrade will now launch on April 21. Developers moved the date forward after a recent core developers meeting. The upgrade will integrate EIP-7702 into Ethereums JSON-RPC interface, allowing delegated state features.
Buterin co-authored EIP-7702 with Ansgar Dietrich, Matt Garnett, and Sam Wilson. The proposal aims to improve account abstraction and enhance smart contract functionality. However, the new capability demands extra caution from users.
Meanwhile, Buterin also introduced a privacy-focused roadmap for Ethereum. The plan proposes shielded balances, app-specific addresses, and privacy-by-default features. It focuses on enhancing privacy without altering Ethereums consensus protocol.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
