A new update is now available for Ethereum Pectra Upgrade. According to Galaxy Vice President and Researcher Christine Kim, developers discussed the upgrade at the recently held 144th All Core Developer Consensus Call (ACDC). In particular, the developers decided to include EIP 7742 in the Pectra upgrade.
Updates to Pectra's EIP 7742 and EIP 3074
This EIP 7742 creates a mechanism for the consensus layer (CL) to dynamically set blob gas targets and maximum values.
Apart from this EIP, an increase in the number of blobs is also likely to be included in the Pectra update. However, Kim noted that other changes to increase scalability are also likely, such as changing gas limits and slot times.
Before finally deciding to add EIP to the next upgrade, Ethereum core developers had already added EIP-7742 to Pectra's CFI list.
The long-awaited Pectra update Apart from EIP 7742, it contains several other implementations. The main component of this update is EIP-3074, an update that introduces an innovative “Social Recovery” feature. This could eliminate the problem of private keys being lost for Ethereum users.
This EIP-3074 gives a wide range of smart contract capabilities to a simple Ethereum wallet, commonly known as an Externally Owned Account (EOA). Social recovery functionality allows users to delegate ownership of their assets to a “doer” contract. This will perform future transactions and function calls on your behalf.
Pectra is also important for addressing delegation risk, a challenge that has plagued users for years. To achieve this, formally verified and fully audited executor contracts must be available after a Pectra upgrade. These agreements play an important role in connecting users with reliable options to mitigate potential security concerns.
The social recovery feature also tackles the challenge of users forgetting or losing their private keys. Users may also not need to have Ethereum in their wallets to send transactions. This is because the principal of the executor contract can pay transaction fees upfront.
EIP-3074 allows multiple actions to be completed in one transaction.
Other Ethereum updates
In August, Go Ethereum (Geth), one of the most widely used Ether clients, released version 1.14.18 in preparation for the launch of Pectra.
This update resolves bug issues And important changes are introduced to improve network performance. It is worth noting that version 24.7.0 was introduced in late July by Nimbus, another prominent Ether client.
Ethereum co-founder Vitalik Buterin is currently seeking to improve the scalability of Ethereum. He recently revisited the subject of merging, focusing on proposals to improve the network's proof-of-stake (PoS) system, despite its stability over the past two years.
As a result, He suggested “economic finality” (or single slot finality), democratizing the staking process.
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