Ethereum's (CRYPTO:ETH) anticipated Pectra upgrade, projected for late 2024 or early 2025, aims to significantly enhance the functionality and user experience (UX) of crypto wallets.
This upgrade includes the Ethereum Improvement Proposal (EIP) 3074, which has been officially approved for integration.
EIP-3074 is set to revolutionise the way regular crypto wallets operate by imbuing them with smart contract-like capabilities, essentially allowing these wallets to perform functions akin to those of a smart contract.
The crux of EIP-3074 is to equip standard externally owned accounts (EOAs), such as those used in popular wallets like MetaMask, with the ability to execute operations typically reserved for smart contracts.
By integrating these new operating instructions, the update seeks to bridge the gap between conventional wallet functionalities and the dynamic capabilities of smart contracts.
This not only enhances the security and efficiency of transactions but also significantly broadens the horizon for decentralised applications (dApps) and user interactions within the Ethereum ecosystem.