📣 Vitalik Buterin Maps Out Ethereum’s Next Moves
posted 29 Oct 2024
In his latest blog post, Vitalik Buterin, the lead architect of Ethereum, expanded on his insights into the network’s long-term development.
Outlined below are the key objectives for the Ethereum Foundation team, as highlighted by Buterin:
Perhaps the most intricate aspect of these initiatives is the EVM optimization, where Vitalik envisions using a new object format, EOF, to bring it to fruition.
*Dynamic jumps within the EVM framework allow smart contract code to shift its execution path, jumping to various lines of code based on execution conditions.
The groundwork is partially laid, especially with EIP-3074, expected to roll out in early 2025. This Ethereum protocol proposal will permit regular Externally Owned Accounts (EOAs) to operate with capabilities similar to those of smart contracts.
This update touches on enhancements to the Ethereum Virtual Machine (EVM), which may be implemented in The Splurge update.
Outlined below are the key objectives for the Ethereum Foundation team, as highlighted by Buterin:
- Optimize the Ethereum Virtual Machine (EVM) to ensure a more stable framework.
- Implement account abstraction for heightened security and a smoother user experience.
- Adjust fee structure, increase network scalability, and lower risk exposure.
Perhaps the most intricate aspect of these initiatives is the EVM optimization, where Vitalik envisions using a new object format, EOF, to bring it to fruition.
OF brings a comprehensive upgrade to Ethereum’s Virtual Machine, boosting its performance and security.
The primary improvements for smart contract execution involve:
The primary improvements for smart contract execution involve:
- Segmenting code and data, refining execution processes;
- Banning dynamic jumps* to simplify the analysis;
- Disabling gas tracking within EVM code for higher efficiency;
- Adding subroutines, enabling faster and better-organized code.
EOF Layout. Source: vitalik.eth.limo
Buterin emphasizes that EOF, anticipated to debut in the next hard fork, will support legacy contracts. This seamless transition will enable EVM to adopt the new contract structure and prepare for ongoing improvements.
This update should roll out without any unexpected bugs, giving third-party developers one less thing to worry about.
EOF has already been successfully integrated into the Ethereum Classic protocol.
Discover more: Ethereum and Ethereum Classic: what is the difference
The Problem Account Abstraction Aims to Solve
Traditionally, Ethereum’s transaction process relied exclusively on ECDSA digital signatures, limiting authentication methods.
Account abstraction expands functionality, enabling smart contracts as signers, which boosts key management security and shields against hacker threats.
Objectives for implementing full account abstraction. Source: vitalik.eth.limo
With account abstraction, smart contracts can autonomously manage transactions, simplifying user experience on Ethereum:
- Broadens the scope for transaction initiation and verification by extending smart contract functionality.
- Reinforces blockchain security by using advanced cryptographic algorithms.
- Brings new user conveniences, such as multi-signature support and the option to pay gas fees in ERC-20 tokens.
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