Biconomy is excited to announce a groundbreaking new account standard that combines the best features of EOAs (Externally Owned Accounts) and Smart Contract Accounts. Deployed by the "PREP Method" (Provably Rootless EIP-7702 Proxy), these accounts leverage EIP-7702, Nick's method and a verifiable cryptographic derivation to make the deployment of Smart Accounts on EVMs up to 80% cheaper while making sure that no EOA key can override the EIP-7702 authorization.
What is the PREP Method?
PREP is a novel method for deploying smart contract proxies. It uses EIP-7702 delegations, "Keyless Execution" (Nick's Method) and a special signature derivation to prove that nobody knows what the "root" EOA is for an EIP-7702 powered account. The PREP method can be used to deploy a proxy to any type of smart contract. In this context, we'll explore using PREP to deploy Smart Contract Accounts!
Key Benefits:
- Up to 80% Gas Savings:
Deploying an account with the PREP method costs significantly less than deploying a smart account withCREATE2 - Universal Addresses:
Same address on all (standard) EVM chains - Fully Featured:
Regular EIP-7702 accounts - either authorized or deployed through Nicks' method cannot be used with Resource Locks, Multi-Sig Accounts or Time-Locked Accounts due to the existence of a private key which can override the EIP-7702 delegation. PREP accounts support all of those features. - Multi-chain Ready:
Can be safely deployed across all chains, without fear of being frontrun - Future-Ready:
Potential for portable smart accounts where users can migrate between wallets
How It Works
PREP combines Nick's method (which enables "keyless execution") with EIP-7702 authorizations. The technical innovation comes from:
- Using the hash of account initialization data within the
rparameter of the authorization signature - Embedding a magic value prefix in the
sparameter to prove no private key exists - Creating a cryptographically secure account that cannot be overridden by an EOA
This approach prevents frontrunning, eliminates the need for additional initialization signatures, and creates truly "rootless" accounts.
Availability
Biconomy's Nexus 2.0 will be the first implementation of PREP accounts, scheduled for release on day one of the Pectra merge on Ethereum mainnet (planned for March 2025). As EIP-7702 gains wider adoption across EVM chains, developers can begin leveraging these benefits immediately.
Vision for the Future
Biconomy sees PREP as potentially becoming the default method for creating new EVM accounts, combining the portability and consistency of EOAs with the programmability and security of Smart Accounts. We're committed to standardizing this approach through a future EIP and collaborating with wallet providers and developer tooling teams.
With EIP-7702 implementation just around the corner, PREP accounts represent a significant step forward in Ethereum's account architecture. Stay tuned for more details as we approach the launch of Nexus 2.0.