Ethereum: EIP-2770 (Standardizing Meta Transactions in Ethereum)

EIP-2770 is a proposed Ethereum Improvement Proposal (EIP) aimed at standardizing the way meta transactions are executed within the Ethereum ecosystem. Meta transactions enable users to sign and submit transactions to the blockchain without having to pay the gas fees themselves. This can be beneficial for various reasons, like:

• Reducing barriers to entry: By removing the gas fee burden, EIP-2770 could make it easier for new users to interact with dApps and experience the benefits of blockchain technology.
• Improving accessibility: EIP-2770 can be particularly helpful for users with limited resources, such as those in developing countries or with low computing power.
• Enabling innovative applications: The ability to offload gas fees opens up possibilities for new dApp functionalities, such as micropayments, loyalty programs, and subscription services.

How does EIP-2770 work?

EIP-2770 defines a standard interface for "forwarder contracts." These contracts act as intermediaries between the actual user (signer) and the target smart contract they wish to interact with. When a user wants to initiate a meta transaction:

1. They sign the transaction data and a special permit message using their private key.
2. The signature and permit message are sent to the forwarder contract.
3. The forwarder contract verifies the signature and uses its own funds to pay the gas fees for the transaction.
4. The transaction is submitted to the Ethereum blockchain for execution.

Current status of EIP-2770:

While EIP-2770 was proposed in 2021, it hasn't yet been officially adopted by the Ethereum community. There are ongoing discussions about its technical merits and potential downsides.

Some concerns regarding EIP-2770 include:

• Centralization: Forwarder contracts introduce a centralized point of failure, which could potentially compromise the security and censorship resistance of the Ethereum network.
• Security vulnerabilities: As with any smart contract functionality, there's a risk of bugs or vulnerabilities within the forwarder contracts that could be exploited by attackers.
• Potential for abuse: Malicious actors could potentially use meta transactions to spam the network or engage in other harmful activities.

Despite these concerns, EIP-2770 continues to be a topic of active discussion within the Ethereum community. Its potential benefits for usability and adoption are making it a serious contender for future integration into the Ethereum protocol.

Additional resources:

• EIP-2770 specification: https://github.com/ethereum/EIPs/issues/2585
• Discussion on OpenZeppelin forum: https://ethereum.stackexchange.com/questions/119462/eip-2771-is-it-possible-to-pay-a-function-with-froms-eth-not-the-forwarder-co
• Article on Medium: https://medium.com/biconomy/the-meta-transaction-flow-ed98cd750ef0