Next Ethereum Upgrade Pectra Is Set To Be ‘The Largest’ In History: Details

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As a researcher with extensive experience in the Ethereum ecosystem, I am excited about the upcoming Ethereum upgrade, Prague-Electra or Pectra, which could potentially be one of the largest upgrades in Ethereum’s history. The integration of several significant Ethereum Improvement Proposals (EIPs) aims to enhance network functionality and security, as well as improve system efficiency.

Christine Kim, a researcher at Galaxy Digital, refers to the upcoming Ethereum upgrade, named Prague-Electra or Pectra, as potentially “one of the most significant upgrades in Ethereum’s history.” In a series of tweets on platform X, Kim explained the underlying code modifications and underscored how Pectra could bring about substantial shifts in Ethereum’s operational and security structures.

Why Ethereum Pectra’s Uprade Is Massive

As an analyst, I’d rephrase it as follows: I’ve observed the successful deployment of the Dencun upgrade in March 2023, which represents Ethereum’s latest major milestone. This upgrade incorporates several Ethereum Improvement Proposals (EIPs), each focusing on enhancing specific aspects of the network’s functionality. Let me delve into the details of these Prague changes:

  • EIP-2537: This EIP aims to add operations for the BLS12-381 curve as a precompile. This move is crucial for performing operations like BLS signature verification, enhancing security through more robust cryptographic proofs, and facilitating better interoperability with the Ethereum Beacon Chain.
  • EIP-2935: Authored by Vitalik Buterin and others, EIP-2935 proposes to store the last 8192 block hashes in storage slots of a system contract. This allows for stateless execution and is a foundational step toward the upcoming Verkle trees upgrade, which aims to drastically reduce state size and improve network scalability.
  • EIP-7685: Authored by Lightclient, this proposal introduces a general-purpose bus for sharing EL triggered requests with the CL. Its implementation is expected to streamline the process of code testing and the deployment of execution-triggered requests, such as those related to consensus layer changes.
  • EOF (Ethereum Object Format): This is a collection of 10 EIPs that revamp how EVM bytecode is processed. The expected result is an improvement in the dapp developer experience by making smart contract code execution more efficient, logically sound, consistent, and upgradeable.
  • EIP-7702: Proposed by Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, this EIP aims to introduce a new transaction type that allows setting the code for an Externally Owned Accounts (EOA) during a transaction. This could significantly enhance user experience by enabling transaction batching, sponsored transactions, and more flexible control over EOAs.

Multiple essential Ethereum Improvement Proposals (EIPs) have been verified for the Electra segment of the update. These EIPs enhance vital functions in validator management and improve overall system performance.

  • EIP-6110: This EIP proposes providing validator deposits as a list of deposit operations added to the Execution Layer block. This change simplifies the validator experience by removing the need for deposit voting, reducing client software complexity, and decreasing the delay between submitting a deposit transaction and its processing on the consensus layer.
  • EIP-7002: Authored by Danny Ryan and others, this allows validators to trigger exits and partial withdrawals using their execution layer withdrawal credentials, enhancing the design of trustless staking pools.
  • EIP-7251 and EIP-7549: These proposals focus on optimizing validator balance configurations and improving the efficiency of attestations within blocks, which could reduce network bandwidth requirements and enhance overall security.

Uncertainties And Timeline

Kim disclosed that in addition to the confirmed Ethereum Improvement Proposals (EIPs) for Pectra, developers are simultaneously working on several other projects such as PeerDAS, history expiry, and light client development. The progress of these initiatives may lead to the inclusion of new EIPs in Pectra at a later stage.

She points out that several Ethereum Improvement Proposals (EIPs) are now being prepared for rollout on test networks (devnets), signifying a change in the Ethereum decision-making framework. By strategically introducing these changes in stages, the community can assess their impact through real-world testing and adjust the implementation plan accordingly, thereby enhancing the upgrades’ resilience and reliability before widespread adoption.

The active role played by the Ethereum developer community is essential, as they engage in continuous talks, trials, and critiques that significantly influence the ultimate design of the Pecta upgrade. Subsequent steps encompass additional devnet deployments and public evaluations. Certain Ethereum Improvement Proposals (EIPs) may be postponed for future upgrades based on their readiness and estimated impact.

As a researcher, I’ve come across the statement that the size of the Pectra upgrade on Ethereum is uncertain due to the indecision among developers regarding which Ethereum Improvement Proposals (EIPs) will be activated in conjunction and which separately. Despite setting a goal to implement Pectra by the first quarter of 2025, the Ethereum core development team has yet to reach a clear consensus on this matter.

At press time, ETH traded at $3,807.

Next Ethereum Upgrade Pectra Is Set To Be ‘The Largest’ In History: Details

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2024-06-07 15:11