TLDR
Vitalik Buterin announced “The Splurge” roadmap to optimize Ethereum Virtual Machine (EVM)
Key features include EVM Object Format (EOF), account abstraction, and transaction fee improvements
Ethereum price increased 5.5% to $2,612 following the announcement
Enhanced security measures planned through advanced cryptographic operations
EVM-MAX and SIMD integration aimed at reducing gas costs and improving Layer 2 performance
Ethereum co-founder Vitalik Buterin has unveiled a new technical roadmap called “The Splurge,” designed to enhance the Ethereum Virtual Machine (EVM) and improve network security.
Following the announcement, Ethereum’s price increased by 5.5%, reaching $2,612 with daily trading volumes jumping 93% to $21.69 billion.
The new roadmap introduces several technical improvements aimed at making the Ethereum network more efficient and secure. At the core of these updates is the EVM Object Format (EOF), which will change how the network processes and executes code.
Ethereum Price on CoinGecko
EOF brings three main improvements to the network. First, it separates executable code from data, making the system cleaner and more organized.
Second, it removes dynamic jumps, which helps make code safer and more predictable. Third, it adds a new subroutine system that should make the network run faster.
The updates also include EVM Modular Arithmetic Extensions (EVM-MAX) and Single Instruction Multiple Data (SIMD) features.
These technical additions aim to speed up certain types of calculations, especially those used in cryptography, which could make the whole network more efficient.
Account abstraction represents another key part of the upgrade plan. Currently, Ethereum users rely on ECDSA signatures for transaction verification, which can make managing keys and security complicated.
The planned EIP-7702 update will introduce new features that help all users, including those with externally owned accounts (EOAs), manage their accounts more easily.
Buterin notes that while these changes might make some parts of the system more complex, they will ultimately make it easier for developers to create programs on Ethereum.
The updates should also help Layer 2 solutions, which are systems built on top of Ethereum to handle more transactions.
The announcement comes at a time when some critics have questioned Ethereum’s future. Recent weeks saw the ETH/BTC pair reach multi-year lows, leading to discussions about the platform’s long-term viability. However, market response to “The Splurge” announcement suggests renewed confidence in Ethereum’s direction.
During this period of change, blockchain monitoring service Peckshield reported that Buterin moved 400 ETH to four different addresses, including polymathkids.eth and crystalhearts.eth.
#PeckShieldAlert #VitalikButerin has transferred 400 $ETH to 4 addresses, polymathkids.eth, crystalhearts.eth, 0xbd9b…8c5f & 0xCF344…73F4 pic.twitter.com/q7VqANbee0
— PeckShieldAlert (@PeckShieldAlert) October 29, 2024
Buterin addressed questions about recent Ethereum Foundation selling activity, explaining that it’s part of their regular practice to pay developers, validators, and other contributors.
The planned updates aim to reduce gas costs, which are the fees users pay to perform transactions on the network. By making operations more efficient through EVM-MAX and SIMD integration, the network could become cheaper to use.
The EOF implementation represents the first step in this upgrade process. It creates a foundation for future improvements by making the code structure more organized and secure. This change should help developers better understand and work with the system.
Transaction fee optimization forms another important part of the roadmap. The updates aim to make fees more predictable and manageable for users, addressing one of the common complaints about the Ethereum network.
The upgrade plan includes exploring advanced cryptographic techniques. These could enable new types of applications on the network, particularly in areas requiring enhanced privacy or security features.
Layer 2 solutions, which help Ethereum handle more transactions, should benefit from these changes. The improvements to the base layer could make these scaling solutions work better and more efficiently.
Market data shows increased trading activity following the announcement. Daily trading volumes rose to $21.69 billion, indicating strong interest in the upgrade news.
The price movement pushed Ethereum above the $2,600 mark, with some market participants eyeing the $3,000 level as a potential next target. This represents a notable shift from recent market sentiment.
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