EIP-3074: Enhance Ethereum account functionality and security

EIP-3074 is an important Ethereum Improvement Proposal aimed at enhancing the functionality of externally owned account (EOA), allowing it to gain execution capabilities comparable to smart contracts. This proposal not only significantly improves user experience but also has the potential to reshape existing authorization mechanisms, increasing security while maintaining convenience.

Main Features of EIP-3074

1. Allow EOA to transfer control to a designated contract, enabling richer operations.
2. Users can perform multiple operations in a single transaction, greatly enhancing efficiency.
3. No need to hold ETH in advance to pay transaction fees, lowering the usage threshold.

Invoker Contract Mechanism

The Invoker contract is a special contract that gains control over an EOA. Users must authorize through a private key signature, clearly specifying the Invoker contract address and the operations allowed to be executed.

The execution process is usually as follows:

1. The user signs and hands the content to the Relayer.
2. The relayer submits the signature to the Invoker contract.
3. After the Invoker verifies the signature, it executes the relevant operations using the user's EOA identity.

It is worth noting that the Invoker contract needs to implement its own nonce mechanism to prevent replay attacks.

Application Scenarios of EIP-3074

1. Batchcall: Combine multiple operations into a single transaction to save on authorization steps and Gas fees.

2. Session Key: Allows third parties to operate the account on behalf of the user under specific conditions.

3. Native ETH Permit: Implement the Permit function for native ETH.

4. Limit Order: Set limit orders without prior authorization.

5. Intent Contract: As long as the preset conditions are met, anyone can perform specific operations as a user.

6. Social Recovery: Transfer assets through a preset authorization mechanism when the private key is lost.

The Impact of EIP-3074 on the Existing Ecosystem

1. Improve asset authorization method

EIP-3074 is expected to replace the current approve and permit models. Users can bind DApp operations with authorization, achieving atomic execution, enhancing security while maintaining a good user experience.

2. EOA nonce handling

In the current design, the EOA nonce value is included in the signature content. This means that once the EOA sends a transaction that changes the nonce value, all previous EIP-3074 authorizations will become invalid. Wallets need to adopt corresponding nonce management strategies for different use cases (such as Session Key, Social Recovery, etc.).

Summary

EIP-3074 brings many innovative possibilities to the Ethereum ecosystem, including batch operations, flexible authorizations, and native ETH Permit features. It not only enhances user experience but also improves security through an enhanced authorization mechanism. As this proposal progresses, we can expect to see safer and more convenient decentralized application scenarios gradually realized.