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Vitalik Buterin Advocates for Upgrades on Ethereum Network
Vitalik Buterin demonstrated the interface of depositing into the Ethereum (ETH) blockchain Polymarket, highlighting the need for change. He calls for the implementation of ERC-3770 and ERC-7683 upgrades.
The Ethereum network’s moves to double down on enhancing user experience and fostering developer activity are key strategies for the ecosystem to maintain its industry repute.
Vitalik Buterin Calls for Ethereum Network Upgrades
The Russo-Canadian innovator highlights the need for improvement in the current system, which is expected to streamline transaction processes for users. Implementing this move would mean significant advancements in the field, based on community feedback.
Based on Ethereum’s GitHub channel, ERC-3770 was created in August 2021 but has remained stagnant. It focuses on prepending chain-specific addresses with a human-readable chain identifier. Implementing this upgrade would, therefore, introduce a new address standard for wallets and dApps to adapt.
Also Read: How to Buy Ethereum (ETH) and Everything You Need to Know
This creation drew inspiration from the increasing adoption of non-Ethereum Mainnet chains that use the Ethereum Virtual Machine (EVM). Buterin believes it is already long overdue for implementation, as addresses show ambiguity in their current state. In the current state, the risk of Ethereum users losing funds to human error is high, and several users agree.
“The advantage of ERC-3770 is that because of its simplicity people will be fine to use it. Even if some of the tools do not support ERC-3770 addresses, you can “manually convert” by just removing the prefix. Everything that does not allow you to “manually convert” is much harder to roll out,” Gnosis co-founder Martin Köppelmann added.
Buterin’s push for these upgrades is not new. In June, he discussed the same addresses, presenting them as methods to solve user experience issues.
The advocacy for ERC-3770 would make the chain part of the address, according to the Ethereum executive. For the layperson, this means the address becomes a self-contained ‘how to pay me’ identifier.
He also pushed for the ERC-7683 upgrade, a cross-Layer 2 exchange protocol that enables programmatic sending across chains. This eliminates concerns about which specific intermediaries to trust and which APIs to connect.
These implementations would increase efficiency, enhancing the friendliness of cross-chain exchange markets to liquidity providers.
Ethereum to Boost Protocol Security with $2 Million Attackathon
In a parallel development, the Ethereum network wants to enhance protocol security with a $2 million “Attackathon” ahead of the Pectra Hard Fork. In a Monday announcement, the Ethereum Foundation announced a collaboration with bug bounty platform Immunefi.
Marking the first Ethereum protocol Attackathon, the four-week event’s mission is to enhance the security of the Ethereum protocol. To this end, the Ethereum Protocol Security (EPS) research team will hold a large-scale crowdsourced security audit competition.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
The Foundation has committed a $500,000 seed out of the $2 million target for the reward pool. The community will contribute the remaining $1.5 million, with the deadline being August 1.
“We invite the entire Ethereum community — from projects to individual developers — to participate in this important event. Contributions to the reward pool will directly enhance the security of the Ethereum ecosystem. This will help foster a safer environment for users and developers,” read an excerpt in the blog.
The initiative comes as the Ethereum community prepares for the next upgrade, the Pectra Hard Fork. Slated for launch in late 2024 or early 2025, this upgrade commits to deliver significant improvements for Ethereum user and developer experience, thereby aligning with ERC 3770 and ERC 7683.
Other key developments in the Pectra upgrade include Account Abstraction (EIP-7702), EVM Object Format (EOF) improvements, Maximum Effective Balance (EIP-7251), and PeerDas (EIP-7594) among other proposals.
Upgrades aside, the ETH price continues to show strength as markets focus on the US Securities and Exchange Commission (SEC). This interest comes amid hopes for possible spot ETH ETF (exchange-traded funds) launches.
ETH has shown some positive movement over the past couple of days and holds above the $3,000 threshold. Meanwhile, Bitcoin price remains subdued below $60,000. As altcoins are known to take their cues from the pioneer cryptocurrency, Ethereum trading above $3,000 is a notable feat.
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