The co-founder of Ethereum, Vitalik Buterin, has called for the implementation of ERC-3770 and ERC-7683 upgrades to improve and boost the Ethereum network’s user experience and developer activity. These Ethereum ERC updates are seen as vital steps for the ecosystem to maintain its industry reputation. Ethereum (ETH), unlike Bitcoin (BTC), is known for its unique utility and applicability; experts believe that this crypto update may lead to increased adoption of Ethereum (ETH) by the broader market.
Vitalik Buterin Calls for Ethereum ERC updates
Vitalik Buterin is a progressive thinker in the crypto space. The Russo-Canadian blockchain innovator has stressed the need for enhancements in the current system to boost transactional speed and the whole process for users. Implementing these Ethereum ERC updates would lead to substantial growth in the field, driven by community feedback.
ERC-3770 Upgrade
As indicated in the latest crypto news, Ethereum’s GitHub channel, ERC-3770, was created in August 2021. Experts believe that the project has remained stagnant regardless of the hype and expectations. The upgrade is geared towards prepending chain identifiers. This will introduce a new address standard for dApps and wallets to adapt.
Vitalik Buterin suggests that the implementation of ERC-3770 is overdue. The current developments of the addresses are a bit ambiguous, which could lead to a high risk of users losing funding due to human error. Martin Köppelmann, the Gnosis co-founder, stands behind this upgrade, suggesting its simplicity and ease of manual conversation if needed.
Vitalik’s support for Ethereum ERC updates like ERC-3770 shows the need for improvements that will lead to more participation on the Ethereum network. A recent crypto update points out that the update aims to make the chain part of the address, turning it into a self-contained ‘how to pay me’ identifier. This development would make it easier for user interactions with Ethereum (ETH) addresses and step-down errors.
ERC-7683 Upgrade
Another improvement supported by Buterin is for a cross-layer 2 exchange protocol that enables strategic sending across chains: the ERC-7683 upgrade. This upgrade would eliminate concerns about specific third parties and APIs, boost efficiency, and enhance cross-chain exchange markets for liquidity providers. This support for Ethereum ERC updates is part of a broader strategy to improve the Ethereum network.
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Ethereum to Boost Protocol Security with $2 Million Attackathon
In another crypto update, the Ethereum network aims to boost protocol security with a $2 million “Attackathon ” ahead of the Pectra Hard Fork. The Ethereum Foundation declared a collaboration with bug bounty platform Immunefi for this initiative. This focuses on security features and the ongoing Ethereum ERC updates.
In the latest crypto news, the first Ethereum protocol Attackathon was a four-week event aimed at improving the Ethereum protocol’s security. The Ethereum Protocol Security (EPS) research committee will hold a large-scale crowdsourced security audit competition, with the community contributing $1.5 million of the $2 million incentive pool.
Future Upgrades and Developments
The Ethereum (ETH) community expects the launch of Pectra Hard Fork in late 2024 or early 2025. The upgrade is meant to lead to significant developments that will enable Ethereum users to enjoy better developer and user experience. These Ethereum ERC updates include ERC-3770 and ERC-7683. Some other pivotal developments in the Pectra project include Account Abstraction (EIP-7702), EVM Object Format (EOF) improvements, Maximum Effective Balance (EIP-7251), and PeerDas (EIP-7594) among other proposals.
Ethereum Price Movements
The price of ETH indicates strength, holding above the $3,000 mark amid market focus on the US Securities and Exchange Commission (SEC) and potential spot ETH ETF launches. This positive price movement is notable as Bitcoin (BTC) remains dominant below $60,000. Ethereum proves to be resilient, holding above $3,000. This is a significant achievement in the current market conditions. These price movements reflect the market’s sentiment on the ongoing Ethereum ERC updates.
Conclusion
Vitalik Buterin’s full support for the ERC-3770 and ERC-7683 upgrades shows a critical leap forward for the Ethereum network. These Ethereum ERC updates strive to improve user experience, streamline transaction processes, and enhance security. This has the potential to affect Bitcoin (BTC) as well. As the Ethereum community sets forward to develop the Pectra Hard Fork and other future developments, the ecosystem continues to change, ensuring its place as a leading blockchain platform. The BIT Journal captures all these events, enabling users to make the best decisions.
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