Why Is Vitalik Buterin Pushing for ERC-3770 and ERC-7683?

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As a seasoned crypto investor with a deep understanding of Ethereum’s intricacies, I find Vitalik Buterin’s latest push for new standards, ERC-3770 and ERC-7683, to be an exciting development. These protocols aim to enhance the user experience, especially when it comes to cross-chain transactions and interactions with decentralized applications.

Vitalik Buterin, a co-founder of Ethereum, is advocating for the implementation of two new standards, ERC-3770 and ERC-7683, to improve user interaction with decentralized applications (dApps) and facilitate smoother cross-chain transactions and payments over layer-2 networks. He has pointed out drawbacks in the current interfaces that users encounter when dealing with these processes.

Buterin points flaws in Polymarket’s UI

As a crypto investor, I’ve come across various user interfaces (UIs) in the decentralized finance (DeFi) space, and I recently noticed some issues while depositing funds on Polymarket. In an X Post, Vitalik Buterin pointed out these flaws. To put it simply, the current process isn’t as efficient or user-friendly as it should be.

Buterin proposes the ERC-3770 Ethereum Improvement Proposal (EIP), which aims to incorporate chain details into addresses. Consequently, this would create a comprehensive identifier, facilitating streamlined cross-chain transactions.

Ansgar, a researcher at the Ethereum Foundation, emphasized the importance of ensuring that ERC-3770 can work with 32-byte addresses in the future. He pointed out that the primary hurdle with the 32-byte concept is at the contract level, as many contracts employ mod 2**160 to manage addresses. However, ERC-3770 operates at the UI (User Interface) level. Buterin responded by viewing these two aspects as unrelated.

Furthermore, Buterin proposed that the adoption of ERC-7683 would facilitate programmatic cross-chain transactions, eliminating the need for reliance on intermediaries or APIs. Ultimately, this approach prioritizes the user experience.

Buterin, a pioneering figure in Ethereum innovation, frequently proposes fresh ideas to enhance the platform’s security. One such suggestion was introducing “checksummed” Ethereum addresses. According to previous reports, these enhanced addresses contribute significantly to improving user experiences.

Ethereum needs to scale

In our previous analysis, I noted that Buterin has suggested potential solutions for accelerating Ethereum transaction speeds. Given the upcoming Wall Street integration of Ethereum via an ETF, there’s immense pressure on developers to improve its scalability.

As a researcher studying the cryptocurrency market, I believe that in order for Ethereum to effectively compete with Bitcoin‘s success in the ETF market, it is essential for Ethereum to incorporate as many enhancements as possible. To achieve this, I suggest that Vitalik Buterin, the creator of Ethereum, considers implementing new and improved Ethereum Request for Comments (ERCs). By continuously developing and introducing innovative ERCs, Ethereum can remain competitive and attractive to investors.

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2024-07-09 18:44