Biconomy (@biconomy): What if Ethereum accounts became up to 80% cheaper and more efficient overnight?

What if Ethereum accounts became up to 80% cheaper and more efficient overnight? Biconomy’s PREP method makes it possible, cutting costs, enabling cross-chain functionality, and proving no hidden keys exist. A major breakthrough? Absolutely. This advancement is backed by Biconomy’s latest research. An old EVM cryptographic trick, Nick's Method, served as the inspiration for building PREP accounts. Meanwhile, EIP-7702 brings smart contract capabilities to EOAs. It allows gas payments in any token, batch transactions, and custom execution rules, all while maintaining the same address. Biconomy’s PREP integrates these innovations in Nexus 2.0. However, EIP-7702 has a critical vulnerability: the EOA key can override security features like multisigs and account locks. Biconomy’s PREP method addresses this risk. By combining Nicks’ Method with EIP-7702, PREP ensures secure smart accounts through randomized signatures, recovered addresses, and EIP-based authentication. How does PREP achieve this? 1️⃣ EIP-7702 message: chain ID 0, smart contract code, nonce 0, prefix 0x05. 2️⃣ No key: Uses carefully constructed r, s, v values with intentional design. 3️⃣ r secures the initialization hash. 4️⃣ s signals ‘no key present.’ 5️⃣ Address is derived mathematically and verified on-chain. 6️⃣ The EVM validates via its signature scheme. 7️⃣ Up to 80% cheaper, cross-chain compatible, and multi-sig ready without compromising security. 8️⃣ Nexus 2.0 will introduce this in March 2025 (Pectra upgrade). The PREP Advantage: 🔹 No frontrunning risk: r locks the initialization hash. 🔹 Security-first design: s proves key absence, making it infeasible to brute force. 🔹 Gas-efficient execution: A significant cost reduction for Ethereum users. Big kudos to the Biconomy's fantastic team for coming up with PREP, @ox_shaman, @itxenjoyer, @filmakarov, late contributors such as @optimizoor, @ThogardPvP Acknowledgment goes to the early contributors of EIP-7702, @VitalikButerin, @samwilsn, @ansgar, and @0xmattg. PREP is a step forward in account abstraction, combining the simplicity of EOAs with the power of smart accounts, all while driving down gas costs. Nexus 2.0 will bring PREP alongside ERC-4337 and MEE support, ensuring universal compatibility with r/s/v derivation. Seamless portability, security, and efficiency are the future. 📖 Read our full research here: 👉 blog.biconomy.io/prep-deep-dive…