According to U.Today, the forthcoming Ethereum update, expected to be launched by the end of 2024 or early 2025, is set to revolutionize the use of Ethereum wallets and significantly enhance the user experience. The update, known as EIP-3074, has been approved and is anticipated to unlock several wallet functionalities, including the ability to recover lost keys, according to blockchain developer Tim Beiko and DeFiLIama developer.
The EIP-3074 update will introduce several critical features. Firstly, it will enable batch transactions, allowing users to bundle multiple transactions into one. This feature will simplify the process of sending different tokens to a new address in a single transaction, saving time and reducing complexity. Secondly, the update will streamline approvals and actions. Users will be able to approve and perform an action, such as a deposit or swap, in a single transaction, saving on transaction fees and time spent waiting for one transaction to confirm before initiating another.
Furthermore, EIP-3074 will introduce sponsored transactions, where someone else can cover the gas fees for a user, akin to getting a free ride on the Ethereum network. To utilize these new tools, users will delegate control of their assets to an initiator contract through a digital signature. This contract will then carry out transactions and function calls on behalf of the user.
These advancements in EIP-3074 are expected to make Ethereum more user-friendly, efficient, and flexible. They represent significant steps forward in evolving Ethereum into a more accessible platform for everyday use and complex blockchain interactions. This update is part of a larger plan, referred to as 'The Purge' by Vitalik Buterin, which aims to make Ethereum more lightweight and accessible.