EIP 3074 ( Simply Explained)

What is EIP 3074 ?

EIP 3074 is a proposed change to the Ethereum that aims to improve the 😍 user experience (UX) of Ethereum wallets.

Grab a cup of coffee and here's the simplest explanation ever 😌 👇👇

Currently, Ethereum wallets are Externally Owned Accounts (EOAs) which means users directly sign transactions with their 🗝️ private keys.

EIP 3074 introduces two new opcodes, AUTH and AUTHCALL, that allow EOAs to delegate control to 🧑‍💻smart contracts.

Think of it like giving your friend a 🔑temporary key to your apartment. They can use the key to open the door (perform transactions) but they don't have the original key (your private key).

Benefits :-

Batch Transactions: Imagine signing multiple transactions at once, instead of signing them one by one. EIP 3074 allows users to 📦 bundle transactions together and sign them with a single signature from the smart contract.

Sponsored Transactions:Someone else could pay 🤑 the gas fees for your transaction, making it cheaper and easier to use Ethereum.

Example:

Say you want to buy an 🖼️ NFT on a marketplace. Normally, you'd need to sign a transaction to approve the marketplace to take funds from your wallet, and then another transaction to actually buy the NFT. With EIP 3074, your wallet could delegate control to a 🧑‍💻 smart contract that handles both transactions in one go, with a single signature.

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