Ethereum's Pectra upgrade to bring smart contract functionality to wallets as experts debate EIP-3074

After a wait of nearly four years since its initial proposal, Ethereum developers have set their sights on including EIP-3074 in Ethereum's next upgrade, nicknamed Pectra, which is expected later this year.

"All things considered, teams were in agreement about moving forward in the EIP. 3074 will be included in Pectra," wrote Tim Beiko, protocol support lead at the Ethereum Foundation, in a post on X. "I’m not aware of a consumer wallet today that is vulnerable to this . That was an early research audit task," wrote Dan Finlay, co-founder of MetaMask, in a post on X. "All a wallet has to do to eliminate this risk is to disallow blind signing opaque hashes, and also not allow signing with this reserved prefix."

One modification makes it so that the account delegation can be revoked, but also means that any authorization is automatically revoked the next time any other transaction is sent. To give an example, while EIP-3074 may allow a user to sign just one transaction in order to log into a Web3 game and buy and sell in-game items, if they were to pause the game and send some crypto to a friend, they'd have to reauthorize the game.

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