- June 7, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Ethereum developers continue to improve the network, maintaining a tradition that has been ongoing since its launch. Since the first update through Homestead, developers have implemented several hard forks, with the latest ones being Shanghai and Dencun.
Pectra Lays The Foundation For Even More Upgrades In Ethereum
The Ethereum community is eagerly anticipating the next key update, Pectra, scheduled for late Q1 2025. This hard fork, a significant enhancement after Dencun, will integrate 19 key Ethereum Improvement Proposals (EIPs), collectively addressing scalability, security, and user experience concerns.
As mentioned earlier, the Pectra upgrade is part of yet another of Ethereum’s strategic approaches to development. Over the years, developers have introduced incremental improvements while laying the groundwork for bigger updates. As it is, Pectra lays the foundation for the eventual on-chain scaling of the mainnet.
From Account Abstraction To User Experience Enhancement And Security
In a post on X, an Ethereum analyst identified several EIPs that will go live, making the mainnet more performant and secure. One of them is EIP-7702, floated by Vitalik Buterin, the co-founder of Ethereum. The proposal will replace EIP-3074 and introduce account abstraction without compromising security.
The account abstraction feature, a key component of the Pectra upgrade, allows addresses to function temporarily as smart contracts during transactions. This feature significantly enhances user experience and streamlines transactions.
Another proposal that will go live is EIP-7594 or PeerDAS. The Analyst notes that the upgrade will focus on roll-up scalability, further boosting the efficiency of layer-2 platforms like Base and Arbitrum. Once implemented, the network’s layer-2 solutions would process even more transactions, helping drop gas fees.
Pectra will also implement EIP-7251 or MaxEB, a key change for validators. This EIP will make staking easier and more flexible. The maximum effective balance per validator will rise from 32 ETH to 2,048 ETH. This means that validators will be more flexible in their operations.
Other key EIPs that will go live include those related to the EVM Object Format (EOF), and EIP-2537 will enhance security and scalability by implementing cryptographic improvements. The analyst also identified the integration of EIP-7549, which will make Ethereum more efficient by reducing the consensus overhead.
