Ethereum is gearing up for its highly anticipated Pectra update, which is set to introduce significant improvements to the network.
Details of EIP 7742 and EIP 3074
EIP 7742 aims to give Ethereum’s consensus layer the ability to dynamically adjust the blob gas target and maximum gas limit, creating a more flexible gas management system. This change is expected to increase the number of blobs on the network, improving overall performance. Galaxy Digital Vice President Christine Kim also noted that additional improvements to gas limits and slot times, which could enhance the network’s scalability, are likely to be part of this update.
Key Features of the Pectra Update
The Pectra update is expected to be implemented by the end of 2024 or early 2025. Along with EIP 7742, EIP 3074 will play a crucial role in the update. EIP 3074 introduces 'social recovery,' allowing users to recover lost private keys. This feature also enables Ethereum wallets to integrate smart contract functionalities, allowing users to transfer assets to an 'invoke' contract. Developers are taking extra steps to ensure the security of these invoke contracts, offering users verified and secure options to minimize risks. Additionally, users will no longer need to hold Ethereum in their wallets to send transactions, as invoke contracts can pre-pay transaction fees.
Other Ethereum Updates
In preparation for the Pectra update, one of Ethereum’s most widely used clients, Go Ethereum (Geth), released version 1.14.18 in August, which includes important fixes and performance improvements. Vitalik Buterin, Ethereum’s co-founder, continues to push for scalability enhancements, revisiting the concept of economic finality to strengthen the Proof-of-Stake (PoS) system. Additionally, in late July, the Nimbus client released version 24.7.0, further preparing for the Pectra upgrade.
Ethereum is actively preparing for the Pectra update, promising to enhance the flexibility and performance of the network. Businesses and users can expect significant changes aimed at increasing the network's efficiency and security.