What Changes Will Vitalik's Proposed EIP-2938 Bring to Ethereum?

Ethereum has two types of accounts: Externally Owned Accounts (EOA) and Contract Accounts (CA). EOAs are controlled by private keys, while CAs are controlled by smart contract code contained within them. EOAs have always been more privileged than CAs because only EOAs can initiate transaction execution by paying gas. Account Abstraction (AA) is a proposal that would allow contracts to become a "top-level" account like an EOA, capable of paying fees and initiating transaction execution.