The upcoming Pectra hard fork for Ethereum introduces a new 'social recovery' feature through EIP-3074, providing users with a solution to safeguard their seed phrases. This upgrade, confirmed by Ethereum core developer Tim Beiko, enhances ordinary Ethereum wallets with smart contract capabilities for asset recovery. To utilize the social recovery tool, users must transfer ownership of their assets to an invoker contract via a digital signature. This delegation allows users to retrieve their assets in case of seed phrase loss. The implementation of 'AUTH' and 'AUTHCALL' opcodes will ensure proper verification and execution of transactions. While concerns about malicious contracts exist, verified invoker contracts are expected post-upgrade. EIP-3074 also eliminates the need for Ether in wallets for transactions, potentially boosting retail adoption. The Pectra hard fork is anticipated in late 2024 or early 2025, offering improved security and convenience for Ethereum users. Read more AI-generated news on: https://app.chaingpt.org/news
