Essential has unveiled a new ERC-7521 draft that will transform how web3 wallets operate. This draft introduces a standardized specification aimed at supporting universal usage within smart contract wallets, to set the stage for a new era of intent-based interactions in the Ethereum ecosystem.
Essential is a Web3 project that focuses on building intent-based infrastructure for the industry. Intent-based infrastructure refers to designing and configuring the underlying infrastructure of decentralized applications (dApps) and blockchain networks based on the intentions or objectives of developers and users.
This approach aims to make the infrastructure more adaptive and responsive to the dynamic needs of Web3 applications. It stands in contrast to the imperative paradigm of transacting, where every parameter is explicitly specified by the user, by offering a more flexible and automated alternative.
According to Essential, the goal of ERC-7521 is to transform the way smart contract wallets function, shifting from pure transactions to user-defined intents. This shift will enable users to seamlessly navigate the complexities of DeFi and explore a wide range of emerging use cases.
In this specification, an intent is defined as a set of operations and expectations determined by a user. These operations and expectations can be combined with those of other intents, with the aim of maximizing satisfaction for all participants.
Previously, before the introduction of ERC-7521, individual applications relied on their own unique and often incompatible intent structures. Recognizing the need for a common language, Essential has introduced ERC-7521 as a standardized interface for generalized intents in smart contract wallets.
Proposals on Ethereum
Over the past six months, several proposals and adjustments have been made for implementation on the Ethereum network. In July, the Ethereum community proposed EIP-7281 to address concerns regarding token control, fungibility, and security following a recent exploit on the Multichain protocol.
In August, the Ethereum Execution Layer Specification (EELS) was introduced, providing a user-friendly and programmer-focused approach to understanding Ethereum’s core capabilities. Additionally, Devnet-8 was reviewed, and the launch of Devnet-9 was postponed.
Essential concluded that ERC-7521 will revolutionize smart contract wallets, allowing users to express their intentions more effectively as the blockchain ecosystem evolves. By defining intents as collections of smaller segments, this specification simplifies the signing process, reduces gas usage, and enhances the overall user experience.