Dan Finlay 🦊
@danfinlay
I visited the Ethereum All Core Devs call this morning to speak in favor of EIP-3074. Here's a little thread summarizing what I shared: https://eips.ethereum.org/EIPS/eip-3074
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Dan Finlay 🦊
@danfinlay
EOAs have proven to provide an insufficiently flexible system for authorization for many people, and people are suffering millions of dollars in fund losses every day. This protocol change can give that ~100MM accounts new options for how to manage their authorization.
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Dan Finlay 🦊
@danfinlay
EIP-3074 gives EOA holders to adopt smart contract patterns. This could eventually mean taking fully authorized 1 of 1 private keys off hot machines entirely, and ensuring far more people are using interaction patterns that we continue to refine for safety and usability.
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Dan Finlay 🦊
@danfinlay
3074 has has had criticism for involving a dangerous signature, but wallets have the ability to ensure this signature has the same saliency as exporting a secret recovery phrase.
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Dan Finlay 🦊
@danfinlay
Once an AUTH signature is signed, the wallet will have the opportunity to permanently adopt safer contract-based patterns, including ones where a user never needs to view or export a key, and a single signature can never transfer away all of that account's funds.
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Dan Finlay 🦊
@danfinlay
Contract accounts have many benefits, and 3074 can bring nearly all of them to EOAs: - Batching - Sponsored transactions, - Approve & call - Multisig - Session keys - Delegation ❤️
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Dan Finlay 🦊
@danfinlay
EIP-3074 *doesn’t* bring the ability to revoke its original key. It’s unclear whether that is possible, since an outstanding signature is often enforced by a third party contract that could be unknown to the signer, and so I’m glad that goal is beyond the scope of this EIP.
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